Are most people not expecting to use PSLF?

[moonwake]

There are tons of threads talking about PSLF, but my questions is, where it currently stands, are people just going to ignore it completely and try to pay off loans themselves or try and take advantage of it?

Not like there are any guarantees anyway with change in government officials right?

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[WhendoIstartfirstaid?]

Regardless of what I residency I go into, I know my first year out of residency will in an underserved rural location. There's some very high paying contracts out there and a year to knock out most my loans is well worth it to me.

PLSF isnt a good deal in my eyes unless someone is really set on doing peds in a major urban location.

 

[PL198]

Just because a hospital is non-profit doesn't mean the physicians are actually employed by the non-profit.

I feel like there are very large amounts of people that don't qualify for PLSF that think they do.

Not to mention the whole " Neurosurgeon gets 800k in loans forgiven by government, while driving lambo and making 1M a year" cover of the NYT, that will happen and the resulting backlash that scraps it.

 

[operaman]

I'm definitely planning on using the PSLF since I plan to go into academics and will likely always be working for a non-profit or otherwise qualifying under the current regulations. That said, I'm not counting on it as part of my overall long term financial strategy. I think this is the key distinction. Either way, I'll be doing IBR in residency and fellowship. After that time, I'll have 3-4 years left under PSLF or a crapload of years left under whatever else is available at the time. Given my personal financial situation, there is really no different course of action currently. By the time I finish training, we will have seen other physicians attempt to get PSLF and will have a better sense of the realities involved in making that happen.

 

[moonwake]

I'm definitely planning on using the PSLF since I plan to go into academics and will likely always be working for a non-profit or otherwise qualifying under the current regulations. That said, I'm not counting on it as part of my overall long term financial strategy. I think this is the key distinction. Either way, I'll be doing IBR in residency and fellowship. After that time, I'll have 3-4 years left under PSLF or a crapload of years left under whatever else is available at the time. Given my personal financial situation, there is really no different course of action currently. By the time I finish training, we will have seen other physicians attempt to get PSLF and will have a better sense of the realities involved in making that happen.

So technically you can start PSLF from your residency - so is there a list with programs that count as PSLF? I mean it looks like academics/government jobs are what qualify but where is there more concrete data? I understand you have to apply for it anywhere you go, it's not automatic right?

 

[seminoma]

Regardless of what I residency I go into, I know my first year out of residency will in an underserved rural location. There's some very high paying contracts out there and a year to knock out most my loans is well worth it to me.

PLSF isnt a good deal in my eyes unless someone is really set on doing peds in a major urban location.

Great idea imo, but for someone like me who is going to have one or two little kids running around at that time I don't think relocating twice in 1 year is gonna work.

 

[NickNaylor]

So technically you can start PSLF from your residency - so is there a list with programs that count as PSLF? I mean it looks like academics/government jobs are what qualify but where is there more concrete data? I understand you have to apply for it anywhere you go, it's not automatic right?

You must be employed by a non-profit or government organization (in addition to some other possibilities - look at the PSLF program for specifics). At academic medical centers, you will generally qualify during residency. However, there are some bureaucratic oddities that may result in your time during residency not applying towards PSLF. Also, some community programs may not be non-profits, thus your training may not qualify there, either.

As mentioned above, it isn't uncommon for physicians at medical centers to form their own physicians group through which they are actually paid. Thus, even though the medical/academic center itself may be non-profit, your physician group may or may not be a non-profit group. You aren't always employed by the medical center directly.

For myself, I'm not counting on the PSLF. Political pressures aside, my loans are sufficiently small enough that I don't think it would financially make sense. The PSLF program is really most helpful for people that have tons of loans that want to do academic work or otherwise work with non-profits (conditions above nonwithstanding). I think it's easily misunderstood as a panacea which all should take advantage of. Depending on your individual situation, it may not be as financially advantageous as you think.

 

[Postictal Raiden]

I am among those unfortunate (few?) who will finish residency with more than half a million in debt. I really hope the program remain and option. If not, I am planning on doing PAYE/IBR.

 

[darklabel]

There are tons of threads talking about PSLF, but my questions is, where it currently stands, are people just going to ignore it completely and try to pay off loans themselves or try and take advantage of it?

Not like there are any guarantees anyway with change in government officials right?

The problem is, it isn't covered in your promissory note. Depending on PSLF is tricky (as well as IBR to an extent) because if you pay the little amount it asks and at year 9 the government decides to axe the program, you can be completely screwed and left with a larger sum than if you would've just paid for it through other means (extended repayment, refinance, etc). I don't think they would do that for IBR since a lot of graduate depend on it besides medical students and the default rate would increase dramatically. Of course they could just exclude medical students, but I think that's just being paranoid.