Quick question about loans and residency

[MahlerROCKS]

When one enrolls in a residency program, since they are no longer technically in school, do they have to start repaying their loans, or do loan companies consider residency programs to be a form of school and don't require med students to start paying off their loans until after they finish their residency?

Thanks

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[nvshelat]

When one enrolls in a residency program, since they are no longer technically in school, do they have to start repaying their loans, or do loan companies consider residency programs to be a form of school and don't require med students to start paying off their loans until after they finish their residency?

Thanks

Only the government allows you to postpone paying off loans until you graduate, to my knowledge. Since you're in a full-time job, I'm sure you're expected to begin paying off your loans at that point. That being said, I'm also sure you can work into the repayment schedule the fact that your salary skyrockets after 3 or 4 yrs.

 

[ShyRem]

You can get a hardship deferment while in residency if you qualify.

 

[Andrew_Doan]

If you're an old borrower... i.e., first loan taken out more than 10 years ago... like me, then you get 2 years deferment where interest does not accrue on subsidized student loans.

For residents today, you can get a hardship deferment OR a forbearance (interest accrues but you don't have to pay back).