Lender refuses deferrement

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Wonder if any of you have had this experience...

The lender with whom I have all my med school loans has been refusing to grant me a residnecy deferral. Here is a quote from a recent piece of correspondence

"OUr records indicate that your first loan was taken out Aug 18, 1999. Unforutnately, since your first loan was taken out after July 1, 1993, your account is not eligible for an Internship/Residnecy deferment"

HuH? WTF? What are they trying to pull? Certainly residents have been taking out residency deferrals over the past 10 years!! My classmates all have been granted residency deferrals!

Any suggestions as to what to do next?

 

[OSUdoc08]

Wonder if any of you have had this experience...

The lender with whom I have all my med school loans has been refusing to grant me a residnecy deferral. Here is a quote from a recent piece of correspondence

"OUr records indicate that your first loan was taken out Aug 18, 1999. Unforutnately, since your first loan was taken out after July 1, 1993, your account is not eligible for an Internship/Residnecy deferment"

HuH? WTF? What are they trying to pull? Certainly residents have been taking out residency deferrals over the past 10 years!! My classmates all have been granted residency deferrals!

Any suggestions as to what to do next?

what lender did you use?

are all of the loans public or are some private?

 

[DrB]

Gotta love that fine print!!!!!!

Is there any way for you to consolidate into a federal loan program? This may allow you a deferral for a few more years... also I read about economic hardship that will allow you to take an extra deferral beyond residency.

I am just about to begin med school in the fall, may I ask you about how much you had to take out in loans? I am also wondering what you do for money at internship.

-Thanks

 

[edmadison]

You probably are not eligible for a defferment, which has strict criterea. What you may need to claim is forebarance. This difference is that during the forebarance the interest builds up.

Ed

 

[mpp]

There is no such thing as a residency deferment any longer. There is a hardship deferment available for those eligible (there are income vs. loan payment considerations).

You may be eligible for forbearance but the lender likely would have told you this already.

 

[WatchingWaiting]

As has been mentioned, you need to ask for an "economic hardship deferrment," NOT a residency deferment. The EHD is based on your income not being adequate to make the payments of your student loans, and is available to everyone with subsidized federal student loans. If you have $100K or more in student loans, you should be able to qualify for the EHD based on your lowly resident salary. Anyway, try asking about that or ask them to send you the documents about different types of deferral/forebearance and their requirements/benefits.

 

[cytoborg]

There is no such thing as a residency deferment any longer.

Nooooooo......I was counting on this! Forbearance sounds scary if the interest keeps accruing.