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Deferment of Loans

The following is a model of the types of deferments available. Please check your loan agreement form for specific information. If you have any further questions contact the financial aid office.

Stafford Loan Deferments

There are three most common types of deferment options:

Residency Deferment, Economic Deferment, and the Graduate Fellowship Deferment. If you are a "new Stafford borrower" (those students who began borrowing in the GSL Program after July 1, 1993) you are not eligible to receive the two-year residency deferment on these loans. However, you may be eligible for an economic hardship deferment. Described below are the different types of deferment options:

Residency Deferment

Based solely on a borrower's status as a resident in an accredited internship and residency program; Must be applied for annually; Is available only for old Stafford borrower's (those who borrowed before July 1, 1993)

Economic Hardship

To qualify, the borrower must meet two conditions: The borrower's total monthly loan payments on Federal loans amortized over 10 years, must equal or exceed 20% of his/her monthly salary; and The borrower's monthly gross income, minus total monthly loan payments as described above, must be less than $1,989.17* (*220% of the greater of the monthly minimum wage or the monthly living standard for a family of two living at poverty level).

Graduate Fellowship Deferment

Residents who enter a graduate fellowship program following the completion of their residency program should contact their loan servicer.