Do we choose a payment plan and then opt for deferment later or just ask for deferment outright?
If you are eligible for a deferment or a forbearance when going into a residency or internship, ask for that first. We would suggest calling the lender or servicer well in advance so that there is plenty of time for the paper work to be completed. As a note to Sallie Mae borrowers, you can download the needed form from “Manage Your Loans” but it cannot be submitted online. Once you download the form and complete your part, you MUST take the form to the school to complete sections 2 and 3. When the deferment period or forbearance is ending, you can then select one of the five repayment plans that best meets your situation. We would suggest having the discussion with the lender or servicer no less than 45 days prior to the end of the deferment or forbearance.
