I have undergraduate and some of the graduate loans with Sallie mae. Last year I was able to defer using Economic Hardship Deferment. This year the law and rules have changed. The requestor must be a full-time employee with low income. I am a 3rd year med student. It is my understanding that Economic hardship is the best option because fed govt pays interest on subsidized loans.
I have submitted Income-Based Repayment Plan (it is new option) and I have not yet heard from them. I have talked with them 2 or 3 times and I think they answer from India and are not clear as to the new requirements and conditions.
The last option appears to be Forbearance and it is my understanding that this is the least desirable of the above two.
If any of you have dealt with this issue lately, I would appreciate your input. Additional information would help me resolve the postponement issue. I will call them again in a few days to finalize the option that I will be eligible to take.
I appreciate your input.