PSLF Success Story?

[Frenchy1011]

Hey all,

 

So from what it seems, the first people getting to their 120 payments should have come up in about October 2017. Has anybody successfully applied and had loans forgiven yet? Any success stories? Difficulties? I only have 48 of the 120 payments done to this point, but was curious to see if anybody's gone through this and how it went.

[Craigy]

WCI has been looking for one, I'd imagine it'll get some publicity when it happens.

[The White Coat Investor]

Still looking.

[East coast]

About a week ago I spent a significant amount of time googling and searching forums for a single story and came up totally empty. At this point PSLF is just an urban legend!!

[Veiled]

This is honestly a little strange. Did no one stick it out?

[The White Coat Investor]

Veiled wrote:

This is honestly a little strange. Did no one stick it out?

Click to expand...

More likely they didn't enroll or those who did paid off their loans already.

[Complete_newbie]

The White Coat Investor wrote:

Veiled wrote:

This is honestly a little strange. Did no one stick it out?

Click to expand…

More likely they didn’t enroll or those who did paid off their loans already.

Click to expand...

I would have qualified next year...except my loans aren't federal (private loans). Which sucks.

[MPMD]

agree this is bizarre unless i've missed something?

seems like it should have been picked up by major news outlets at least as a brief story.

[jhwkr542]

Remember, most people get a 6 month grace period following medical school, so unless some shrewd resident consolidated their loans and started paying immediately, the big first wave won't come until January.  That's if FedLoans is on top of things, which is a big "if".

[Zaphod]

I thought I'd read of people applying and such, but the fedloans people are saying processing will be months.

 

[DMFA]

Haven't heard of any - poked around looking for responses on Facebook as well.  Dollars-to-donuts that FedLoan takes forever.

[The White Coat Investor]

Found one. (Not me, a reader found one and I'm trying to connect. The person has submitted the paperwork and is in the 30-90 day waiting period. I've asked her (I think) if she'd be willing to be featured on the blog and/or podcast. I don't think she's a doc.

[ENT Doc]

[Craigy]

In order for a success story to be out by now, I'm guessing these are some of the stars that would have had to align:

1) The borrower graduated and started employment with a qualifying employer at the right time.  Like some said above, many are in a grace period for first months but for our ideal situation it could be someone who had already been working awhile and already making payments.  Plausible.

2) Such borrower (likely a fresh or recent grad) was particularly savvy and knew the ins and outs of the program well enough to enroll immediately.  Most fresh grads I know really don't know what the ************************ is going on with their loans.  Even the fairly sophisticated ones.  At this point, PSLF hadn't been around long enough for there to be any guides and lectures on the subject, or experienced financial advisors who knew how to advise on this.  The exposure would be pretty minimal, perhaps some news articles and maybe a government pamphlet or two.

3) Whatever gubmint program, lender, both actually had all their sh-- together for such grad to be able to enroll immediately.  This seems pretty doubtful, but hey, it could happen.

4) This particular borrower actually completed all 120 payments and 5) kept a qualifying job for the 10 year period.  Both of those are fairly difficult and subject to chance, life happens, etc.

6) The lender has actually closed the loan, been reimbursed by the program, you name it, all in a timely fashion.  I would imagine there is some lag time between that last payment being made, and somebody in a cubicle somewhere reviewing your account, getting all of the necessary approvals and actually closing/forgiving your account.  And then biggest of all...

7) This particular borrower wants to be in the spotlight as someone who just got a big tax free handout from the government. Personally I wouldn't want to be in the news as some guy who just got a bunch of free money from the taxpayers, or however whoever wants to spin it.  I would want as little attention as possible. On the other hand, somebody might be proud of their accomplishment and wouldn't mind the press.

[ChristopherMD20]

Any update on this "success story?" I am concerned for my colleagues who made major life decisions assuming they would be forgiven. The math on my situation made refinancing the smart route. I am very hopeful people actually get the forgiveness they were promised.