The first step toward managing your educational debt is to be aware of the repayment terms of each loan in your portfolio, including deferment or forbearance options. You must apply annually for a deferment with your loan servicer. Subsidized loans will not accrue interest during a deferment period. Unsubsidized loans will accrue interest during deferments. You must request forbearance from your loan servicer, and it may be granted for up to 12 months at a time.
Interest accrues on all loans during a forbearance.
The most common federal loan programs, and the provisions in them that directly affect medical residents, are listed below. Refer to your promissory note for the specific terms of the loan. Your loan servicer should also be able to answer questions and help you determine if you qualify for a deferment or forbearance. Check with your loan servicer to see how often interest is capitalized on your loan. Your gross monthly income minus total monthly payments on federal debt must be less than a specified amount.