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Lives of Doctor Wives: Residency Forbearance

Friday, March 20, 2009

Residency Forbearance

I noticed in a post by Melisa that she mentioned that loans can be deferred for three years. This somewhat alarms me because I thought there was forbearance during residency (meaning interest still aquires but you don't have to make payments).
I am running off to work so I don't have time to rehash my worries but I had worried about this before see this post of mine please to help explain. And then I thought I had read somewhere about forebearance and my worries were calmed. Now I am freaking out again - do we seriously have to make those ginormous payments in residency? (My DH's residency will be 6-8 years).



Blogger Melisa said...

Good question. My understanding was that you could only defer for 3 years. I hope I'm wrong though because we are in a 5 year program...

March 20, 2009 at 8:23 AM  
Blogger Bea said...

Unfortunately, you guys aren't wrong. :( It's only for 3 years. J says it's because the typical residency lasts 3 years. We're in a 5 year program too and we'll have to figure something out after our 3 years of deferral are up.

I'm pretty sure most hospitals increase pay each year. J's hospital slightly increases his pay each year, so perhaps that's a tiny solution. For example, we get paid about $1,000 more next year. If we save it and live as if he was still making the same as PGY-1, by year 3, we'd have a bit saved up for those payments.

Now, this is all very hypothetical because honestly our budget is so tight I doubt we could do that! But there's one humble suggestion.

March 20, 2009 at 9:33 AM  
Blogger Melisa said...

Bea, sometimes I hate being right. ;o)

My hope is that the PD sometimes allows moonlighting during 4th and 5th year. It is my only hope though...

It almost doesn't seem fair that they don't allow people still in residency to continue the deferrment after year 3. It isn't like we will be making 6 figures and just don't feel like paying. Sheesh.

March 20, 2009 at 11:14 AM  
Blogger Married to a med student - Marissa Nicole said...

Ugh this is really bothering me! I have no idea how we are going to make those payments - they are going to be huge! I will be working but how would you ever make those payments if the only income you had was the residency salary?

March 20, 2009 at 11:28 AM  
Blogger --Leann-- said...

I just asked Brian about his loans. I just assumed we wouldnt have topay them until after residency. woah.

He said that some loans are only deferrable for 3yrs, but that you can apply for a 'harship forebearance'.

He has one loan that does that, and will be applying for a forebearance. If we do not qualify, then we will have to start paying for it.


B's salary does increase *slightly* each year. It works out to be about $80/month raise. woopty freakin do. He does moonlight, but it barely covers everything. We've had a couple of 'emergency' big-ticket purchases (cant live without a furnace in the winter when there is a baby in the house) and lots of medical bills. It all just barely evens out.

Dont know how we would find extra money each month to pay on loans.

Maybe I need to start making Ramen a normal menu item?

March 20, 2009 at 12:30 PM  
Blogger Melisa said...

Who knew that meatballs and rice covered in a sauce would be so extravagent? I should start buying Ramen in bulk.

March 20, 2009 at 10:13 PM  
OpenID joz1234 said...

My husband is in 3rd year...we had private loans. We picked only those private loans that could be defered...(apparently there were some that were immediate paybacks--YIKES!). We are in Hardship forbearance. So far, so good. To my knowledge we will still be in it next year as a 4th year resident. He was able to get this even when I worked as a teacher because the loans are only in his name and they don't take into account my financial situation. Now I stay home and work from home part time and we are still in forbearance. Hope this helps.

March 25, 2009 at 10:33 PM  
Blogger Dion said...

Our loans were on deferment this year (PGY1). We have applied for next years' deferment (PGY2), but it appears that our time is up in the third year of residency. At that time, we must begin to make payments or apply for a hardship forbearance. I think the reason our timeline is shorter is because our residency is only 3 years.?

April 2, 2009 at 9:31 PM  

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