Private Practice vs Non-Profit

[NeuroGuyIP]

I am about to start my pain fellowship in July and am thinking ahead to employment. I have a ton of student loan debt (450K to be exact and all federal loans) and am wondering which pathway is a better option in terms of private practice vs non-profit. I am presenting enrolled in IBR and will qualify for PSLF in March of 2023. What is the ballpark salary in non-profit/academic arena vs private practice? I see private practice job postings that will post guaranteed salary of 300 to 325K plus production bonus, but am not sure how much more that adds on to one's salary. Not sure if I should have faith in our government that in 2023 they are going to magically wipe away hundreds of thousands of dollars of my student loan debt. I don't want to sacrifice years of higher income in private practice if there is a huge discrepancy between private and non-profit. Also, how common is it in pain medicine, for private practice employers to offer some type of loan repayment? Any guidance and anecdotes from those who have much more experience in the field than I do, is greatly appreciated!

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[hyperalgesia]

The VA offers 50k (tax free) in loan repayment over 5 years. That's 10k/year. But you have to ask for it before you get hired. I've seen "up to $200k" offered in other settings. I'm not sure what you mean about the govt paying off your loans, I definitely wouldn't count on that one. The govt loves it when its subjects have debt. But this is not worth stressing about. You'll pay them off slowly but surely.

 

[willabeast]

HEALTHCARE PROFESSIONALS LOAN REPAYMENT PROGRAM (HPLR)
Program provides up to $250,000 for repayment of education loans for physicians in certain specialties who are serving in an Army Reserve Troop Program Units, AMEDD Professional Management Command, or the Individual Mobilization Program. For each year of satisfactory service, a maximum of $40,000 will be applied to an education loan, up to a total of $250,000. Individuals may be eligible, if qualified, to apply for one otherArmy Reserve incentive.

http://www.goarmy.com/amedd/physician/benefits.html

 

[freddydpt]

I had the same thoughts when I started. Honestly, I don't think the PSLF will be around. Remember, there hasn't even been a single person to benefit from the program yet and Congress has already started talking about pulling the plug on it BEFORE the first payoff. I'm predicting it will be one of the biggest scams of government history.

 

[bedrock]

You'll pay off your loans much faster in a high paying private practice job, than asking the government to pay 10K a year, while working a lower paying non-profit/government job, plus as others have indicated, the government may Welch on their obligation and not pay anyway.

I had six figures of student loan debt that I paid off in full 18 months after I started working in private practice.

 

[deleted480308]

And bills have already been discussed to cap pslf at $50k.....get your money guaranteed elsewhere

 

[SSdoc33]

I had six figures of student loan debt that I paid off in full 18 months after I started working in private practice.

why? didnt you consolidate to a low rate?