Jobs that Count for Public Service Loan Forgiveness in Radiology

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entrepreneurMD

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Hey peeps,

I am a newly graduating 4th year medical student with a lot of debt and in the process making decisions about loan repayment. I know there is the public service loan forgiveness program that applies to employees of nonprofit hospitals (503b I think).

What kind of jobs and How many of them are there in radiology that would allow me to take advantage of this opportunity?

Sincerely,

Every medical student that didn't have physician parents.

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Hi there
I am not sure what you mean by "what kind of job". It is not really the question. The question is where you will work. The job is essentially the same as long as you work for a non-profit. You can still work for a private company but it has to have a certain tax status. I remember when selecting residencies, one of my column had the tax thing in it. Indeed, you can file for PSLF and your payments during residency count (that would be the case at most places that offer residency spots, but something to be checked to be sure). I would think that most universities would qualify, so a job in academic center would do. I also think that hospitals like Mayo, Baylor and alike would qualify as well. However I would like to add those caveats:
1- There is no guarantee that this program won't change along the way and with the current political climate, it is hard to predict what will happen and if this program will continue (giving free money to doctors is not really like a popular thing)
2- You have to factor in salary differences. I really (and truly) don't know what salaries are right now in rads. I'd say maybe in an academic center 250K ish, and perhaps 350ish in the private (for profit) sector. Assuming you have 200-300K of loans, the difference is made in a few years. So if you want to work in the private (for profit) sector you are better off forgetting about the loan forgiveness and take the job you want. At the same time if you want to be in academia, then loan forgiveness is a nice perk, but I would not go into academia just to avoid paying back my loans, because if money is your primary driver, you are likely better off going into the private sector to begin with, even with your loans (I mean you could make partner in the long run and cash in really nice).

So the bottom line is this. I don't think you should worry too much about that. Sure you should make every effort possible to benefit from the program, if you can and set up your payment during residency, because they will count toward the 120 payments that will be forgiven (assuming you pick a income based repayment plan). But in the end, just do what you like. As a radiologist, one way or another, you won't starve. And there is really no guarantee that you will benefit from the program anyway as all it takes is a law to screw it all up.
 
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Hi there
I am not sure what you mean by "what kind of job". It is not really the question. The question is where you will work. The job is essentially the same as long as you work for a non-profit. You can still work for a private company but it has to have a certain tax status. I remember when selecting residencies, one of my column had the tax thing in it. Indeed, you can file for PSLF and your payments during residency count (that would be the case at most places that offer residency spots, but something to be checked to be sure). I would think that most universities would qualify, so a job in academic center would do. I also think that hospitals like Mayo, Baylor and alike would qualify as well. However I would like to add those caveats:
1- There is no guarantee that this program won't change along the way and with the current political climate, it is hard to predict what will happen and if this program will continue (giving free money to doctors is not really like a popular thing)
2- You have to factor in salary differences. I really (and truly) don't know what salaries are right now in rads. I'd say maybe in an academic center 250K ish, and perhaps 350ish in the private (for profit) sector. Assuming you have 200-300K of loans, the difference is made in a few years. So if you want to work in the private (for profit) sector you are better off forgetting about the loan forgiveness and take the job you want. At the same time if you want to be in academia, then loan forgiveness is a nice perk, but I would not go into academia just to avoid paying back my loans, because if money is your primary driver, you are likely better off going into the private sector to begin with, even with your loans (I mean you could make partner in the long run and cash in really nice).

So the bottom line is this. I don't think you should worry too much about that. Sure you should make every effort possible to benefit from the program, if you can and set up your payment during residency, because they will count toward the 120 payments that will be forgiven (assuming you pick a income based repayment plan). But in the end, just do what you like. As a radiologist, one way or another, you won't starve. And there is really no guarantee that you will benefit from the program anyway as all it takes is a law to screw it all up.

Thank you so much for the real advice :)
 
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