Loan payments during gap between medical school and residency

[Tappat]

I am a fourth year, will graduate May 14 and will start residency July 3. I have a consolidated loan, so my grace period is nonexistant. I will get a residency forbearance starting in July. However, that still leaves me responsible for two payments in May and June (totaling something like $3000 -- I just DON'T have this right now -- we're already going heavily into credit cards to make it to when I actually earn anything and my husband's pay raise kicks in). I can get a "voluntary forbearance" for these two months; however, that makes me ineligible for the .25% off on-time payment incentive that I had been hoping to take advantage of. Given that I have $200,000 in loans, that .25% off every year during my assuredly long repayment period will probably be worth about $10,000 in total interest repayment.

Does anyone know of any mechanism to retain this incentive, given my limitations? I can't be the only one in this situation.

Thanks.

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[heech]

However, that still leaves me responsible for two payments in May and June (totaling something like $3000 -- I just DON'T have this right now -- we're already going heavily into credit cards to make it to when I actually earn anything and my husband's pay raise kicks in).

Does anyone know of any mechanism to retain this incentive, given my limitations? I can't be the only one in this situation.

Thanks.

Hi there,

It's kinda funny... up until 3 days ago, I never even stepped foot in this forum. And now I find myself posting all the time.

You really do sound like the *ideal* candidate for prosper.com. I've mentioned it in a few other threads already, but it's basically a platform for you to borrow money (on a short-term basis) from other private individuals... who're looking to lend money off of your interest!

With your guaranteed income and your overall status, I'm sure you'd be a very, very attractive target... any loan that you fund through prosper.com will be 3-year, fixed rate. $1k-$10k loans are the typical range you see on there all the time, and your situation... depends on credit, but I'd expect it to be 8-12% range. I'd really encourage you to stay away from credit cards and their predatory rates. Give Prosper a chance instead.

Let me encourage you to join a group on Prosper I just created for medical students... with the idea that med students are a very special class of people who are far less risky than your credit history might otherwise show.

https://www.prosper.com/public/groups/group_home.aspx?group_short_name=doctors2be

And again, just for disclosure sake: I don't work for Prosper (although I'd like them to work for me); I'm not affiliated with them in any way except as just an average member.