anyone successful with PSLF forgiveness?

[Hamhock]

The thread title pretty much says it all.

I've read that the first PSLF forgiveness should have been October 2017. Yet, I have not seen anything on these forums discussing it.

Yes, there's lots of anxiety and predicting, but we should have some facts now...did the docs who started 10y ago get complete forgiveness?

HH

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[Doc2martin]

Hamhock I have been wondering the same thing. I searched all over and I can't find anyone mentioning their success.
I wish someone will fill us in

 

[DrMidlife]

Editing because the link showed up as a movie which is too spooky and weird for me.

PSLF Debt Forgiveness • r/StudentLoans

reddit.com/r/StudentLoans/comments/7akwvv

 

[RangerBob]

That thread was a bit more promising than I expected.

I still think we're likely to see changes in the program--potentially even for current borrowers. Once there are actual photos of plastic physicians and neurosurgeons with fancy cars/homes in the paper accompanied by the words "fancy physician gets hundreds of thousands forgiven on taxpayer dime" I think things will change fast. Obviously cases like these would be the minority, but certainly there are some high-paid specialists who will spend almost a decade in training, and then make payments for just a year or two prior to forgiveness.

The wording on many MPNs suggests it'd be hard to eliminate or cap PSLF, but I don't think there's anything that says it has to be tax-free forgiveness.

Wording from one of my loans:

1. A public service loan forgiveness program is also available Under this program, the remaining balance due on your eligible Direct Loan Program loans may be cancelled after you have made 120 payments on those loans (after October 2, 2007) under certain repayment plans while you are employed in certain public service jobs.

There's not a whole lot of detail there--maybe that's good, but maybe not. I'm not a contract lawyer. Maybe there's a legal ramification to the use of "cancelled" but I certainly would not count on the program remaining unchanged, and if I were aiming to benefit (which I still might) from the program, I would set aside the difference in the standard vs IBR/PAYE/REPAYE monthly payment and have a good investment strategy, should anything change.

Edit: I corrected "hundreds" to "hundreds of thousands." If only we had hundreds in loans...

 

[thatsrad]

That thread was a bit more promising than I expected.

I still think we're likely to see changes in the program--potentially even for current borrowers. Once there are actual photos of plastic physicians and neurosurgeons with fancy cars/homes in the paper accompanied by the words "fancy physician gets hundreds forgiven on taxpayer dime" I think things will change fast. Obviously cases like these would be the minority, but certainly there are some high-paid specialists who will spend almost a decade in training, and then make payments for just a year or two prior to forgiveness.

That's why it's a good thing if an education reauthorization act such as the PROSPER Act (or something similar) passes, because it will end the program for future borrowers. When this hypothetical news story happens with plastic/neurosurgeons/other physicians getting forgiveness with huge salaries, then it will say "and PSLF was ended by an act of Congress on ***".

Of course we know that there will still be a few former borrowers who will get in at the end, but the public will rest assured knowing that no new borrowers are getting in on it, and that it's ending and not turning into a huge entitlement. And the politicians can say "we heard your outrage, and we ended it."

 

[RangerBob]

That's why it's a good thing if an education reauthorization act such as the PROSPER Act (or something similar) passes, because it will end the program for future borrowers. When this hypothetical news story happens with plastic/neurosurgeons/other physicians getting forgiveness with huge salaries, then it will say "and PSLF was ended by an act of Congress on ***".

Of course we know that there will still be a few former borrowers who will get in at the end, but the public will rest assured knowing that no new borrowers are getting in on it, and that it's ending and not turning into a huge entitlement. And the politicians can say "we heard your outrage, and we ended it."

Yeah--it's a politically winner for both sides. Democrats can say they side with the 99%, Republicans can say their minimizing the deficit.

Either way, I think it's actually a good policy--I think it just needs to have a cap.