Question about Loan Deferment

[Ladybug122]

So, right now DH's med school loans are deferred (b/c Lord knows we can't pay them). Anyway, am I correct that loans can only be deferred for 5 years? He's planning on doing a fellowship (applying for cardiology fellowship now), so he's going to be a fellow for 1-2 years after the deferment is over. Do we bite the bullet and pay the loans back for this period of time (we might have to start saving now!) or do you get a loan to pay the loans until the much anticipated PAYCHECK comes?
His monthly repayment is a big chunk of change for us to factor into our budget, so if we need to do this, I seriously think we need to start putting cash away now...

Re: Question about Loan Deferment

My husband was able to put his loans into forebearance for longer than 5 years. I'll put a few disclaimers on this -- forebearance is different than deferment, different loan programs have different rules and those can change over time.

He has usually had a reasonable experience calling the loan programs or better yet, checking with the financial aid department of his med school.

[medpedspouse]

Re: Question about Loan Deferment

We did deferment until we were no longer eligible and then went ot forbearance. My understanding is that we did not accrue interest during deferment but did during forbearance. :huh: Regardless, we made it through med school, 2 residencies and a fellowship without having to pay. We made the first payment this month.

Re: Question about Loan Deferment

Completely disregarding the loan question you asked...

I am so excited to have a another cardiology fellow spouse around here! ...and for future use...I am so sorry, get your support plan in order NOW!

[Ladybug122]

Re: Question about Loan Deferment

Well, that makes me feel better! I was starting to get panicky about the thought of repaying loans while we he was still making a PG salary. Ugh.

And about the cardiology fellowship...yes, I am glad DH has finally settled on a specialty. He entered med school thinking he was going to do cards, but then we went through urology, nephrology, and critical care, now we're back to cardiology. I had a feeling that we would end up going with that. He's still not sure if he wants to sub-specialize into interventional or EP (ugh, more training...). We'll see... I am hoping he gets a fellowship here in Providence, but I know that it's a competitive program, so no guarantees whatsoever. I just cringe at the thought of moving again (and this time we have a house to sell). Oh well, can't worry about it now, can I?