My understanding is that while in Residency, policy or law states one can place their student loans into forbearance at any time. Can anybody point me towards the statute or policy document that states this in black and white? Any help you can provide would be greatly appreciated.
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Loan Forbearance Statute
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I have 95k in high interest private loans I want to pay off during my 5 year residency/fellowship. Therefore I plan to forbear ALL of my federal loans during my training. I was hoping for some reassurance that this is still possible. With all the talk about IBR and new loan policies, I'm getting confused. Plus if I'm moonlighting and I'm making 60-70k/yr is it harder to forbear? Oh and my husband will probably add to our household income (although not significantly ~15/yr).
I'm not an expert on this but my wife was able to forbear her loans for the first two years of residency. Some of her co-residents were not able to, probably because they owed less money (I think they use loan balance-to-salary). I'm not sure how they factor in your other loans (if at all). If you moonlight it will probably make you ineligible the year after you start moonlighting.
Your husband's salary should not matter--they don't take it into account.
This page explains the deferment and forbearance rules as they pertain to medical residents/fellows:
2/3 down the page
http://www.aamc.org/advocacy/library/educ/ed0004.htm
2/3 down the page
http://www.aamc.org/advocacy/library/educ/ed0004.htm
It would definitely be challenging to make 60-70k/year moonlighting as an upper level resident, IMHO.
