Loan repayment/mandatory forebearance??

[giantswing]

I submitted a mandatory forbearance form again last fall as usual for the last 4 years. My residency start date was 2015. It was denied saying the start date was too far in the past, however the form clearly states that it needs the residency start date.

Is there a limit as to how many times you can request forbearance before switching to a different plan? Or as long as you are in residency you can have mandatory forbearnce even if you're in neurosurgery for 7 years?

What are all you surgery PGY 4s and up doing? Most of the people I work with are doing the Repaye in hopes of getting forgiveness in 10 years but I wanted the flexibility of forbearance while making payments on my own...

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[LucidSplash]

I submitted a mandatory forbearance form again last fall as usual for the last 4 years. My residency start date was 2015. It was denied saying the start date was too far in the past, however the form clearly states that it needs the residency start date.

Is there a limit as to how many times you can request forbearance before switching to a different plan? Or as long as you are in residency you can have mandatory forbearnce even if you're in neurosurgery for 7 years?

What are all you surgery PGY 4s and up doing? Most of the people I work with are doing the Repaye in hopes of getting forgiveness in 10 years but I wanted the flexibility of forbearance while making payments on my own...

Forebearance in many cases has a maximum eligibility of 3 years total. I’m a PGY9, I’ve been doing IBR since the beginning.

 

[RangerBob]

I haven’t heard of anyone using mandatory forbearance anymore. I have no idea if there’s a limit to it or not. But I believe interest keeps capitalizing so in my opinion it’s a poor option-REPAYE makes much more sense. Payments are quite low and you get an interest subsidy (plus your interest never capitalizes)

But there are genuine reasons to defer payments, even if it means a larger payment in the end. I believe you also get an additional two years of hardship forbearance, so if you can’t do mandatory forbearance, try that.

First step is to call you loan services and ask why you can’t submit your form.

 

[Dr.LeoSpaceman]

I submitted a mandatory forbearance form again last fall as usual for the last 4 years. My residency start date was 2015. It was denied saying the start date was too far in the past, however the form clearly states that it needs the residency start date.

Is there a limit as to how many times you can request forbearance before switching to a different plan? Or as long as you are in residency you can have mandatory forbearnce even if you're in neurosurgery for 7 years?

What are all you surgery PGY 4s and up doing? Most of the people I work with are doing the Repaye in hopes of getting forgiveness in 10 years but I wanted the flexibility of forbearance while making payments on my own...

There is no limit to forbearance as long as you are in an accredited residency/fellowship program. That is the case with Federal loans, at least. You'll need have your PD/coordinator sign the form every year to renew. That being said, you should get onto an income-based plan as possible.