A deferment period begins on the date the qualifying condition, such as unemployment or military service, begins. However, it cannot be granted retroactively to begin more than six months before the date the lender receives the request and supporting documentation.
The following deferments apply to "new" FFEL borrowers (Stafford Loan, PLUS Loan, and Consolidation Loan borrowers).
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As always, monitor your account to make sure that the deferment or forbearance is in place. I am wondering if I will have six months after I complete my residency where I won't need to make payments and if the interest on my subsidized loans will be taken care of for me?
You do not have a grace period after you complete your residency.
You should note that if you are delinquent in your payments, your deferment will be backdated to the date you became delinquent, not on the day you receive the written or verbal deferment from the lender.
Deferments usually last six-months, but you can apply for another one after the original expires of your situation hasn’t changed.
See if you qualify or what your payments would be at 5. You can qualify based on your income if you are working full-time and your monthly income does not exceed the larger of A) The federal minimum wage rate or B) 150% of the poverty line income for your family size and state.
(In 2012, the poverty line for a family of two living in the 48 contiguous states is ,130). An economic hardship calculator that will help you determine if you may be eligible is online at: . Should we wait until after grace period to get deferment? Remember that different types of loans have different grace periods so you will need to track these by loan type.
A new borrower for deferment purposes is one whose first loan disbursement was made on or after July 1, 1993 and who, at the time the loan application was certified, had no outstanding balance on any FFEL made before that date.