Find a contact person with each lender and deal with that person whenever possible. As a borrower you will receive several important documents with each loan. The loan application generally includes a student copy for your records. It is important that you read each of these documents and keep copies for future reference. The rate of interest and the manner in which interest is assessed will affect your monthly payment and your total payback Deferment is a period during which the borrower is not required to make loan payments while engaging in specified activities or meeting certain criteria.
Specific deferrals vary among loan programs.
You should fill out and return all deferment forms as soon as you receive them, even if you receive multiple copies. A lender may send out a deferment form for each of your loans even though they may currently hold all of your loans. Contact your lender or Financial Aid Office to find out what types of deferments you may be eligible for Forbearance is available for borrowers who are still in a residency program and who have exhausted deferral options. Forbearance is granted in 12-month increments and must be renegotiated in writing each year Some of your loans may be sold to another lender. You will be notified in writing when this occurs.