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PSLF "Forgiveness Day"

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  • PSLF "Forgiveness Day"

    If you received an email last month that due to the limited PSLF waiver "your Direct Consolidation Loan's payments count for PSLF should go up by X qualifying payments" you might want to check your FedLoans account ASAP.

    This morning I saw the PSLF Reddit thread about today being "Forgiveness Day" then logged in at 06:30 to find no change to my account, despite the email from 10/16 that suggested I'd be well over the 120 payments due to the waiver counting pre-consolidation payments. My 10/15 email said that my payment count would be going by "at least 25 payments." Well, after a long day in clinic I just logged back in to find that my FedLoans balance went from $100k with 106 qualifying payments to a bracketed number of several thousand dollars presumably indicating I will get a small refund.

    This feels amazing. I'm texting all my med school classmates to check their status!

  • #2
    Exciting. Keep us posted as this comes through!
    Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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    • #3
      So excited for people who sign on the dotted line, have the means to pay the funds borrowed and get bailed out by taxpayers of a grossly indebted nation. Please continue to post your success stories, folks!

      Comment


      • #4
        Originally posted by ENT Doc View Post
        So excited for people who sign on the dotted line, have the means to pay the funds borrowed and get bailed out by taxpayers of a grossly indebted nation. Please continue to post your success stories, folks!
        The sentiment is natural. The use of government benefits tends to favor specific groups. I wonder why that is? Who would get politics?

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        • #5
          Originally posted by Tim View Post

          The sentiment is natural. The use of government benefits tends to favor specific groups. I wonder why that is? Who would get politics?
          The fact that any 501c3 qualifies for this is absurd.

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          • #6
            Originally posted by ENT Doc View Post
            So excited for people who sign on the dotted line, have the means to pay the funds borrowed and get bailed out by taxpayers of a grossly indebted nation. Please continue to post your success stories, folks!
            For your education, I've attached a screenshot of a portion of my master promissory note I signed "on the dotted line" at the beginning of medical school. Want to b**** about the policy, go for it. Just leave individuals out of it.

            I would agree, however, that it's probably not in best taste for posters to flaunt their windfall.


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            • #7
              I always like to remind everyone that ENT never has taken any tax credit ever...

              401k contributions? Doesn't take that deduction! Charitable contributions? Definitely not taking that deduction either! Never would he ever sign a promissory note that includes elimination of that debt and then follow through with said elimination!

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              • #8
                Originally posted by ENT Doc View Post
                So excited for people who sign on the dotted line, have the means to pay the funds borrowed and get bailed out by taxpayers of a grossly indebted nation. Please continue to post your success stories, folks!
                My group’s mid-7 figure PPP loan was forgiven last year. And that’s not even including the HHS money. Did you accept either of those?

                Something something stones and glass houses.

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                • #9
                  Originally posted by ENT Doc View Post
                  So excited for people who sign on the dotted line, have the means to pay the funds borrowed and get bailed out by taxpayers of a grossly indebted nation. Please continue to post your success stories, folks!
                  I agree with ENT Doc.

                  I know, shocking! 🙄

                  I also think I would do exactly what people are doing. You would be foolish not to go for student loan forgiveness of any flavor available.

                  Go get it, but realize nothing is free.

                  Chickens will come home at some point and forgiving loans does not address the tuition/ student loan root cause but incentivizes schools to keep increasing tuition and students to keep borrowing.

                  Politicians love this.
                  1. it is popular with young voters & universities
                  2. it is not their money (tax dollars)

                  The politicians want future votes and remind me of the godfather:
                  ”Someday, and that day may never come, I will call upon you to do a service for me.“


                  “The borrower is slave to the lender.”
                  Dave Ramsey / (biblical)

                  Debt = risk.

                  Few Americans seem concerned about personal debt & spending nor national debt & spending.

                  “There are 3 ways to destroy a man: ladies, liquor, and leverage.”
                  Charlie Munger

                  ”There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
                  John Adams 1826

                  Hope i am wrong.

                  Think it is a bad idea that does not address the root cause and encourages bad behavior.

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                  • #10
                    Conceptually, it comes down to one’s view of the appropriate role of government.
                    Services/benefits for ALL or specific segments? On top of that is the same choices at the federal or state level.
                    Conflicting points of view are inevitable.

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                    • #11
                      Originally posted by ENT Doc View Post

                      The fact that any 501c3 qualifies for this is absurd.
                      This is really the problem with public service loan forgiveness. Is that most of the places that qualify are not really public service. If you are going to work for an fqhc in a under-served rural area and are likely making well below market value then I think loan forgiveness makes wonderful sense to get you somewhere near your worth.

                      And hey it may actually keep some physicians in this area after their loans are paid off because moving is hard.

                      But I work for a hospital. And my job is not really public service. No more so than the private practice down the street. And I'm pretty sure I get paid more than them anyway. And I for sure do less work than them.

                      However this is the current policy and I do not blame those who are pursuing it. But it is a little tacky to flaunt it.

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                      • #12
                        Let's be honest if one qualified for this one should take it. I would. It seems like a lot of hoops to jump through to qualify.

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                        • #13
                          “However this is the current policy and I do not blame those who are pursuing it. But it is a little tacky to flaunt it.”

                          Non-profit simply means tax exempt. I don’t blame the individuals for using it.
                          I think about it this way: Is it “fair” not to pay taxes in amounts greater than the gross income that the majority of the population can earn?
                          I don’t judge the individuals. They should act in their own self interest. Most government attempts have huge waste in objectives.

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                          • #14
                            Originally posted by East coast View Post
                            I always like to remind everyone that ENT never has taken any tax credit ever...

                            401k contributions? Doesn't take that deduction! Charitable contributions? Definitely not taking that deduction either! Never would he ever sign a promissory note that includes elimination of that debt and then follow through with said elimination!
                            None of those things you mentioned are tax credits but neither is the loan forgiveness.

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                            • #15
                              OP is celebrating and excited -- we should be excited for OP -- don't think it's flaunting and we're none better for raining on his parade otherwise. A simple 'good for you' and perhaps go vote and engage with your congressperson to change things.

                              To the PSLF program itself - any time a system gets overly prescriptive, it messes things up - PSLF squarely known Dept of Ed can't get it right and needed to simplify it even further.

                              For 'free programs' - over the past two decades we've financed huge benefits to the US population/companies - 2007 mortgage bailouts and 2020 Covid/PPP/unemployment handouts. Not one penny did we receive out of this. We're ALL going to pay for it - yes. Was it still the right thing to do? yeah, it was.

                              We're fortunate to be nearly at the top of the food chain. It suffices that we should give 'some' of that back in a reasonable amount and help out when help is needed. The amount of help clearly can/is debatable.

                              A true laissez faire environment I would NOT like to see.

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