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  • Student Loan Refinance Help

    Hello Everyone,

    I have about 400k in student debt and am working for a private company so do not qualify for PSLF. I had a few questions. I was looking to refinance and the rates seem to be crazy almost 6-7% which is close to the federal loan rates. I did do 5 years of PSLF qualified work (residency and fellowship). At this point can I go back to a non-for profit by switching jobs and complete the other 5 for PSLF? Has anyone refinanced recently with a decent rate? Are you guys familiar with which companies will forgive in the terrible situation of disability/death so my family is not burdened. Not sure what to do. Please help. Thank you.

  • #2
    If you still have government loans and have not yet refinanced, you can go back to non-profit work, as the 10 years does not have to be consecutive. If the best rates you are getting are about on-par with your current interest rates, I would likely hold on to the loans if there were a chance I could take a non-profit job.

    When I refinanced, it was through Earnest and they would forgive loans in the case of death.

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    • #3
      Do not refinance if you are considering PSLF. You cannot go back if you refi.
      Refi is only for reduced interest rates.

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      • #4
        For PSLF, does it require you to work at a 503b institution full time or can I get a part time job at a local hospital and that would qualify?

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        • #5
          You can go back to a PSLF eligible job. All those prior years/credits are there still. Here's the requirements
          1.) Full-time employment (min of 30hrs p/week)
          2.) 501c3 or non-profit employer
          3.) Qualifying repayment plan
          4.) On-time monthly payments

          You should really consider running the numbers on this situation. You can check us out if you'd like personalized help.
          Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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          • #6
            Originally posted by Andrew StudentLoanAdvice View Post
            You can go back to a PSLF eligible job. All those prior years/credits are there still. Here's the requirements
            1.) Full-time employment (min of 30hrs p/week)
            2.) 501c3 or non-profit employer
            3.) Qualifying repayment plan
            4.) On-time monthly payments

            You should really consider running the numbers on this situation. You can check us out if you'd like personalized help.
            The employer needs to certify. That has been a stumbling block for some.

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            • #7
              Originally posted by Tim View Post

              The employer needs to certify. That has been a stumbling block for some.
              Good point Tim. You need to have your employer certify. Sometimes this is easy. Sometimes it's onerous. If you do this each year, it usually makes this easier though and what I recommend for PSLF candidates.
              Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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              • #8
                Is the amount forgiven taxed? Trying to do the math and see how much I would actually save.

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                • #9
                  Not for PSLF. Its tax free.
                  Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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                  • #10
                    Originally posted by Andrew StudentLoanAdvice View Post
                    You can go back to a PSLF eligible job. All those prior years/credits are there still. Here's the requirements
                    1.) Full-time employment (min of 30hrs p/week)
                    2.) 501c3 or non-profit employer
                    3.) Qualifying repayment plan
                    4.) On-time monthly payments

                    You should really consider running the numbers on this situation. You can check us out if you'd like personalized help.
                    How do they track the full time work/30 hrs per week? I'm basically full-time but in Emergency Med and might end up being a little lower than that. Would hate for that to be a sticking point.

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                    • #11
                      You fill out the PSLF form and indicate how many hours you week on average. Then you have your employer sign it. If the hours are off your employer may not sign your PSLF form. In my experience, as long as it is close, they will usually sign your form though.

                      If you don't know how many hours you've worked you'll have to work with someone in HR or your manager to go over your hours. I understand it can fluctuate and some in EM can work no hours one week and then work like 6 days in a row the next week. This usually averages out to qualify for the minimum 30 hours p/week.
                      Helping student loan borrowers manage their student loans. StudentLoanAdvice.com. [email protected]

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