PSLF Success Story?

[The White Coat Investor]

Panscan wrote:

60% of people planning to get forgiveness is insane and just shows how bad the situation. Get the government out of the loan game or it will just continue to spiral.

It’s strange, everyone sees the situation is messed up yet what is changing? It’s just going to get worse.

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Especially since 60% of the doctor jobs don't qualify for it.

[CordMcNally]

Panscan wrote:

It’s strange, everyone sees the situation is messed up yet what is changing? It’s just going to get worse.

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Kick the can down the road is the name of the game in politics.

[Panscan]

60% of people planning to get forgiveness is insane and just shows how bad the situation. Get the government out of the loan game or it will just continue to spiral.

It's strange, everyone sees the situation is messed up yet what is changing? It's just going to get worse.

[Panscan]

So guy couldn't pay off his loans but afford to live in Manhattan? I mean hes just playing the game but i would feel differently about someone living in a 700 dollar apartment who can't afford to pay their loans.

[CordMcNally]

White.Beard.Doc wrote:

Here is a published success story from the PSLF loan forgiveness program.  But this guy got a masters degree in social work.  I am still waiting to see a success story for an MD who got rid of 500k in debt from her medical education.

https://www.nytimes.com/2018/05/04/your-money/student-loan-forgiveness.html

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If they were smart, they wouldn't come forward. They have no incentive to come forward. Can you imagine the public outcry about how a "rich" doctor got hundreds of thousands of dollars forgiven?

[Daliant]

Any update on this?

"28,000 Public Servants Sought Student Loan Forgiveness. 96 Got It." -- this was a Sept 27, 2018 NYTimes Article

https://www.nytimes.com/2018/09/27/business/student-loan-forgiveness.html

This article rightfully scares the crap out of me, given that my partner and I will have a combined student loan debt just under $500,00 after graduating residency.

[WWillkie]

Any updates from those of you at or near 120 payments? After the first few success stories earlier this year, I figured we'd start to see a lot more of them by now, but it's been quiet...

[LizPR]

I attended a session yesterday with representatives from Sallie Mae on the results of their study on How America Pays for Graduate School.  They reported that 60% of the students that they surveyed who were studying medicine expect to receive Public Service Loan Forgiveness.  This information appears on page 27 of their report.

 

[White.Beard.Doc]

Here is a published success story from the PSLF loan forgiveness program.  But this guy got a masters degree in social work.  I am still waiting to see a success story for an MD who got rid of 500k in debt from her medical education.

https://www.nytimes.com/2018/05/04/your-money/student-loan-forgiveness.html

[elerica]

Sadly I think the volume of people eligible won't start to be a meaningful amount until 2020 at the earliest. The vast majority of people who graduated before 2010 had only FFEL loans so we're largely screwed out of years of repayment. The savviest consolidated to Direct in 2010 when the PSLF program made it clearer you needed to be in that type. Many of us didn't notice that and didn't consolidate until much later. I am so angry about this fact but I don't know what to do.

[East coast]

Saw another one in The NY Times today. Not a doc but was another example of the program going through.  If the below part is true there’s very good reason we haven’t heard many stories - just aren’t many far down the road in the program:

https://mobile.nytimes.com/2018/05/04/your-money/student-loan-forgiveness.html?smid=fb-nytimes&smtyp=

[FutureDoc]

Wow, that's an awesome read.

 

Still not sure if I have the patience to wait 8 years with my current debt load hanging over my head.

[PhysicianOnFIRE]

Biglaw Investor just interviewed someone who had $185k forgiven:

An Interview with a Person Who Received PSLF Forgiveness

[IM22]

Unfortunately I just learned that my FFEL loans were not considered part of my initial consolidation. Those loans account for ~1/4 of my total loan burden I was considering under PSLF.

I highly recommend that residents, fellows, and new attendings certify through PSLF every year (submit the PSLF form with employer certification). If you submit in year 1 of residency, you will know right away which loans do and do not qualify. Then, you can figure out options for your long term plan accordingly. Residency is busy, and I didn't make this form a priority.

By this time the lenders have changed hands multiple times, so what is done is done. I never got the memo about this and now I'm learning all of this a little too late. I really didn't see much information about the FFEL loans when I was initially consolidating (I was under the impression I had consolidated whatever needed to be consolidated - and this was verbally confirmed by loan officers when I consolidated).

I am not relying on PSLF (I was never sure if it would truly happen, though I planned for and am in a rewarding career of public service in facilities serving underserved patients). If necessary and nothing was every forgiven, I wouldn't be thrilled, but I would be ok.

But, I have a lot of friends with high debt burdens who are relying entirely on this program...

[The White Coat Investor]

Sounds like it is happening. I suspect it'll slowly snowball over the next 2-5 years at which point it will be common to know people who received PSLF.