Getting a medical degree is becoming more and more expensive, and can run up crushing student loan debt. But it doesn't stop after four years of medical school! There's your internship and residency as well, which can really put a crimp in your ability to pay your CLASS student loan's from New Jersey's Higher Education Student Assistance Authority (HESAA).
Wouldn't it be great if you could defer payment until after your internship and/or residency has been completed? Luckily, you can! Medical students can get a deferment while an intern or resident, but there are some conditions that need to be met.
- You must be currently participating in an eligible internship or residency program of supervised training that is required by a State licensing agency prior to certification for professional practice or service.
- You must provide certification from the appropriate State licensing agency attesting to the necessity of the internship or residency.
- You must provide certification from the organization with which the internship or residency is being undertaken which specifies:
- Acceptance of the borrower into the internship or residency program; and
- Anticipated beginning and completion dates of the program.
Just remember that a deferment or forbearance is just a short term solution to your situation, a bandage on the wound. You will need to find a more permanent solution at some point.
Looking for a long term solution? Then check out the information in my free book, Paying for Your Classes with a CLASS Loan: A Survival Guide to HESAA. It will tell you about all of your options and which one might work for you!
If you live in the southern New Jersey area and need more personalized assistance with your situation, then feel free to call my office at 856-432-4113 to schedule an appointment or contact me by e-mail. You need to act now; the longer you wait, the fewer options are available!
