Loan Deferment Questions

[Greene]

Hey all,

After getting licensed last August, I have had trouble finding a job.
With the 6 month grace period ending within two weeks, I was considering deferring my loans.

Would anyone have any experience deferring their loans?
Is it a quick process? I went on my loan service's website and filled out an "Unemployment Deferment Request Form". However, it asked for the date of which I was considered unemployed or less than full-time. I wasn't too sure what date to put since I did not work throughout pharmacy school, so ended up putting the date I received my license.

---

Members don't see this ad.

 

[rxkrafted]

LAST august???? its been over a year already

 

[PharmtoCS]

LAST august???? its been over a year already

‘tis the new normal for recent grads.

 

[mentos]

LAST august???? its been over a year already

OP said the 6 month grace period is ending so he probably meant August of 2019.

 

[pharmBear]

Dont defer, do income based repayment. It would end up zero but it still counts (correct me if im wrong) for eventual forgiveness whether that is 30 or 25 years from now.

 

[sozetone]

Hey all,

After getting licensed last August, I have had trouble finding a job.
With the 6 month grace period ending within two weeks, I was considering deferring my loans.

Would anyone have any experience deferring their loans?
Is it a quick process? I went on my loan service's website and filled out an "Unemployment Deferment Request Form". However, it asked for the date of which I was considered unemployed or less than full-time. I wasn't too sure what date to put since I did not work throughout pharmacy school, so ended up putting the date I received my license.

File for INCOME DRIVEN REPAYMENT. Then state the facts... you earn Zero dollars.....ok? you will have a monthly payment of 0$ for one year.... then you re-certify after the year is up. you DO NOT have to advise them if you find a job and start earning money during the IDR period either, only when you re-certify. That is per my student loan lawyer, who helped me tremendously with some private loans that were getting out of control. look into it yourself if your nervous...keep in mind they are so swamped and over-whelmed with this stuff all day, every day... your just another number and they shuffle you right through....promise.

 

[Greene]

File for INCOME DRIVEN REPAYMENT. Then state the facts... you earn Zero dollars.....ok? you will have a monthly payment of 0$ for one year.... then you re-certify after the year is up. you DO NOT have to advise them if you find a job and start earning money during the IDR period either, only when you re-certify. That is per my student loan lawyer, who helped me tremendously with some private loans that were getting out of control. look into it yourself if your nervous...keep in mind they are so swamped and over-whelmed with this stuff all day, every day... your just another number and they shuffle you right through....promise.

Oh shoot. I already submitted the paperwork to defer. I need to check if I can cancel it.

Also, would it make a difference if my wife is a full time pharmacist? We file joint. Sorry, that seems like a major detail I should have added.

 

[JustFillIt]

Oh shoot. I already submitted the paperwork to defer. I need to check if I can cancel it.

Also, would it make a difference if my wife is a full time pharmacist?

Haha sugar mama! And yes it does make a difference

 

[mentos]

Oh shoot. I already submitted the paperwork to defer. I need to check if I can cancel it.

Also, would it make a difference if my wife is a full time pharmacist? We file joint. Sorry, that seems like a major detail I should have added.

Too bad you are married. Now your wife has to pay your loans.

 

[Greene]

Too bad you are married. Now your wife has to pay your loans.

That seems like the case. I’m this situation, I believe deferment may be my best option. Alternatively, I could do income-driven which would come out to be $400/month.

 

[VictorOfHungerGames]

That seems like the case. I’m this situation, I believe deferment may be my best option. Alternatively, I could do income-driven which would come out to be $400/month.

I'm paying that much right now b/c it's based on what I made while I lost my job and worked part time prn.

 

[sozetone]

I'm paying that much right now b/c it's based on what I made while I lost my job and worked part time prn.

are you paying on a loan while your not employed? or paying a rate which was for an "older" job you no longer have? you can adjust everything as you go. If you lose your job, you can and should immediately get online and set it to zero.