Loan Deferment during a Pharmacy Residency. Has anyone done this? Help!

[PharmaTope]

i have been trying to find info online i keep seeing info on medical residency loan deferment but nothing on pharmacy. Does anyone have any info on this at all?

I hear you can defer, then I hear you cannot defer. Does anyone have a real answer? Other residents I have met do not have any loans, but I do.

If anyone knows how the process works and whatnot, posting here would be appreciated.👍

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[Priapism321]

i have been trying to find info online i keep seeing info on medical residency loan deferment but nothing on pharmacy. Does anyone have any info on this at all?

I hear you can defer, then I hear you cannot defer. Does anyone have a real answer? Other residents I have met do not have any loans, but I do.

If anyone knows how the process works and whatnot, posting here would be appreciated.👍

First year, I just called and told them I could not pay. They looked at my loan debt, looked at my upcoming annual stipend, and allowed me to defer for the year.

Second year, the smarter way perhaps, I just had my program director sign the form for medical/dental residents and shipped it on in. So this year will be interest free I guess. This year it helps that I am officially employed under the Graduate Medical Training Department of the institution, or something to that effect.

 

[Hels2007]

Call your lender, most of the big ones have the deferment forms. Get the appropriate one (either download from their website or they probably could mail them to you), and take it to your residency program's secretary. Unless they have never had residents before, they should know what to do.

 

[PharmaTope]

as far as my "lender" goes. i got all stafford loans through a state school. they were all from the federal government. it seems a lot of schools go through sallie mae and junk, i never did.

should i just call my old school? is it better to get a deferment based on my income or based on the residency? i know one will have the gov pay interest while in the program as if you were in school.

 

[Priapism321]

as far as my "lender" goes. i got all stafford loans through a state school. they were all from the federal government. it seems a lot of schools go through sallie mae and junk, i never did.

should i just call my old school? is it better to get a deferment based on my income or based on the residency? i know one will have the gov pay interest while in the program as if you were in school.

My loan situation is similar to yours. I owe the Department of Education for money borrowed to attend a state school. During my deferment based on income year, I was paying interest, for my deferment based on residency year, no interest.

 

[PharmaTope]

My loan situation is similar to yours. I owe the Department of Education for money borrowed to attend a state school. During my deferment based on income year, I was paying interest, for my deferment based on residency year, no interest.

must i do a deferment based on income before i can do a deferment based on residency?

are we only allowed 1 yr of deferement based on residency?

 

[Priapism321]

must i do a deferment based on income before i can do a deferment based on residency?

are we only allowed 1 yr of deferement based on residency?

My co-resident has done it based on residency both years (two different institutions). I just didn't think about it my first year. And honestly, I do not at all profess to know what we are "allowed" to do, I am just describing my experience. You should do whatever you feel is prudent.

 

[KUMoose]

One thing to remember is that if you're still taking classes you can educationally defer your loans. For example I know a couple of residencies where you are able to take education theory classes online in addition to your work as a resident (and at a reduced or no cost to you). If you are looking to go into academia and you don't do a fellowship first, this could be a way to avoid the brunt of the loan payments and allow you to pay interest on loans you currently have.

 

[PharmaTope]

One thing to remember is that if you're still taking classes you can educationally defer your loans. For example I know a couple of residencies where you are able to take education theory classes online in addition to your work as a resident (and at a reduced or no cost to you). If you are looking to go into academia and you don't do a fellowship first, this could be a way to avoid the brunt of the loan payments and allow you to pay interest on loans you currently have.

i know our hospital will pay for certain classes pertaining to your degree and whatnot. can you explain the education theory classes? that is a really good idea.

i would definitely like to do academia stuff too.

 

[PharmaSynergy]

Since you only have Stafford loans, here's the link to the deferment forms for Federal Student Loans:

https://www.dl.ed.gov/borrower/DefermentFormList.do?cmd=initializeContext (the home page is www.dl.ed.gov) If you're a registered user, you can use the interactive form to submit online; otherwise, you can print out the PDF blank form and mail it in.

From what I understand, the subsidized portion of your Stafford loans are interest-free (paid by the government) during the deferment, while the unsubsidized portion *does* accrue interest, which is capitalized to the loan at the end of the deferment period.

There doesn't appear to be a specified time limit for the residency deferment option, but for the economic hardship deferment, the maximum time limit is 36 months. In any case, you'd be covered no matter which option you choose.

Good luck with your residency! 🙂

 

[KUMoose]

i know our hospital will pay for certain classes pertaining to your degree and whatnot. can you explain the education theory classes? that is a really good idea.

i would definitely like to do academia stuff too.

This is UMBC's program, tool around in there. In brief, it's how to design a course from the initial hey I want to teach X through the course and into the collecting feedback. While the course covers some "how do I teach" it's largely focused on how do I set up a course and the theory behind teaching and learning methods.

 

[spacecowgirl]

I deferred my govt loans last year and paid on my private loan. There was no way I could have afforded to pay with what I was making as a resident.

It was pretty painful when that first payment was drafted June 1st, before I started my "real" job.

 

[PharmaTope]

Since you only have Stafford loans, here's the link to the deferment forms for Federal Student Loans:

https://www.dl.ed.gov/borrower/DefermentFormList.do?cmd=initializeContext (the home page is www.dl.ed.gov) If you're a registered user, you can use the interactive form to submit online; otherwise, you can print out the PDF blank form and mail it in.

From what I understand, the subsidized portion of your Stafford loans are interest-free (paid by the government) during the deferment, while the unsubsidized portion *does* accrue interest, which is capitalized to the loan at the end of the deferment period.

There doesn't appear to be a specified time limit for the residency deferment option, but for the economic hardship deferment, the maximum time limit is 36 months. In any case, you'd be covered no matter which option you choose.

Good luck with your residency! 🙂

thank you so much, i really really appreciate your help! i will do this this week.