residency consolidation

[lucas]

If I consolidate my Federal loan during residency then claim defement or forbearence, how long can I go without paying anything or just the interest? The full five years of my surgical residency?

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[paean]

Generally the longest you can get a hardship deferment is 3 years, assuming your loans are post 1993 or 94 (somewhere around there the rules changed). 5 years isn't really possible, but you can sign up for income dependant repayment, so your payment will be low for the remaining 2 years of residency.

 

[Brewster]

You get 6 months of grace period afterwhich you can apply for up to 3 years of economic hardship deferment. When your deferment is used up, you can forbear for the remainder of residency.

During grace/deferment the interest rate is lower than during forbearance/repayment. Also, during grace/deferment only the unsibsidized portion accrues interest.

Also look into consolidation for locking in low interest rates. I believe you can also apply for an additional 3 years of deferment after consolidating.