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I thought for sure by now that the wolf would've been knocking at the door to collect DH's loans, but we haven't heard anything! I finally jumped online to look only to discover his loans have been sold/transferred and now we're dealing with two seperate servicers. After calling one of the servicers I discovered both have DH's status as "in school". One of them updated it based only on the information I provided. Is this typical? Should I call and update his status with the other servicer or would this only be jumping the gun on his grace period? I figured we'd be getting notices as soon as he graduated notifying us of his grace period and to select a payment method.
The one servicer I spoke with mentioned they do not do any sort of loan for service program which I thought was one of the benefits of choosing IBR. After a little online research, I'm having a hard time determining the pros/cons of IBR vs. ICR. It seems like with ICR if the payment amount does not cover the accrued interest, the interest then capitalizes. Is this the case with IBR? Does ICR offer any loan for service forgiveness program? At the financial aid exit seminar, I recall hearing that residency counted towards the 10 year loan forgiveness program since most teaching hospitals are considered not for profit. I really hate the idea of the debt, so I want to make some sort of payment during residency but without me working I doubt we can afford much.
Another couple questions: I'd prefer to have one servicer for all the loans. All of DH's loans are federal stafford loans (some subsidized, some not). With the exception of a two loans totaling around 14K at an interest rate of 1.76%, the remaining 71K is at 6.8%. Would it be wise to consolidate the higher interest ones to one servicer? Each servicer has one of the low interest loans, is there a way to put those separate so they are the last to be paid off?
Has anyone had their loans forgiven as a result of IBR or post training job contract negotiations?
The one servicer I spoke with mentioned they do not do any sort of loan for service program which I thought was one of the benefits of choosing IBR. After a little online research, I'm having a hard time determining the pros/cons of IBR vs. ICR. It seems like with ICR if the payment amount does not cover the accrued interest, the interest then capitalizes. Is this the case with IBR? Does ICR offer any loan for service forgiveness program? At the financial aid exit seminar, I recall hearing that residency counted towards the 10 year loan forgiveness program since most teaching hospitals are considered not for profit. I really hate the idea of the debt, so I want to make some sort of payment during residency but without me working I doubt we can afford much.
Another couple questions: I'd prefer to have one servicer for all the loans. All of DH's loans are federal stafford loans (some subsidized, some not). With the exception of a two loans totaling around 14K at an interest rate of 1.76%, the remaining 71K is at 6.8%. Would it be wise to consolidate the higher interest ones to one servicer? Each servicer has one of the low interest loans, is there a way to put those separate so they are the last to be paid off?
Has anyone had their loans forgiven as a result of IBR or post training job contract negotiations?
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