Loan Forgiveness Program

[Psyched2525]

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Does anybody know any information about the government loan forgiveness program? I'm not even in a PhD program yet and already 130K in the hole. Any information would be much appreciated! Losing sleep over this!

Thank you!

 

[aequitasveritas]

Does anybody know any information about the government loan forgiveness program? I'm not even in a PhD program yet and already 130K in the hole. Any information would be much appreciated! Losing sleep over this!

Thank you!

dont lose sleep...you need your neurons functioning to pay off that debt.

But, if I were you I would not accept anything less than a fully funded program that offers tuition remission with your debt load. 130k is debatably manageable especially considering income based repayment but if you go into more debt you're playing russian roulette with your future.

per loan repayments...just do a google search. in some states all you need is a licensed status...like even lpc.

 

[Therapist4Chnge]

There are multiple threads on this topic already, please do a search on the forum.

 

[DrGero]

dont lose sleep...you need your neurons functioning to pay off that debt.

But, if I were you I would not accept anything less than a fully funded program that offers tuition remission with your debt load. 130k is debatably manageable especially considering income based repayment but if you go into more debt you're playing russian roulette with your future.

per loan repayments...just do a google search. in some states all you need is a licensed status...like even lpc.

If I had that kind of debt accrued *prior* to starting a doctoral program (assuming I intended to go the PhD route) I would plan on a military psychologist career now.

 

[starsinnight]

http://www.finaid.org/loans/forgiveness.phtml

 

[aagman01]

Really good non-profit on student loans, including income based repayment program and federal loan forgiveness program:

http://ibrinfo.org/

http://www.finaid.org/loans/forgiveness.phtml

 

[LyricAnalysis]

I have been researching loan forgiveness programs and found this information on Loan Forgiveness for Public Service Employees:

http://www.apa.org/about/gr/education/news/2008/loan-cancel.aspx

http://studentaid.ed.gov/students/attachments/siteresources/LoanForgivenessMarch18.pdf

It sounds like a great option for people who plan to practice in one of the designated areas, like school districts, military, public health, or the VA. Does anyone have any first hand knowledge about this program?

 

[erg923]

Unless a psychologists is in a private hospital, private practice, or a private university, in what setting he/she NOT a "Public Service Employee?" That term seems way to encompassing to me.

 

[aagman01]

erg:

To make things even more mucky, I think even some of the private settings you mentioned would qualify. If the setting is a 501 C3 non-profit it qualifies, if it is a government organization it qualifies. If it is a private setting but a not-for profit it qualifies (e.g. most private universities, with the exception of the Argosies, U of Phoenix, and other "for profit" private schools). Same thing, I believe, goes for hospitals and other settings. If the hospital is private but non-profit, like many are, the site should qualify (I think there is some paperwork to go through to demonstrate it is non-profit). If, however, you are working in I/O/corporate setting, in a 'for-profit' private practice, or private-for-profit institutions then one would not qualify under the forgiveness program. Basically, I would think a majority of psychologists would qualify for loan forgiveness program. But that is only my take (from thoroughly looking at the program).

Unless a psychologists is in a private hospital, private practice, or a private university, in what setting he/she NOT a "Public Service Employee?" That term seems way to encompassing to me.

 

[erg923]

erg:

To make things even more mucky, I think even some of the private settings you mentioned would qualify. If the setting is a 501 C3 non-profit it qualifies, if it is a government organization it qualifies. If it is a private setting but a not-for profit it qualifies (e.g. most private universities, with the exception of the Argosies, U of Phoenix, and other "for profit" private schools). Same thing, I believe, goes for hospitals and other settings. If the hospital is private but non-profit, like many are, the site should qualify (I think there is some paperwork to go through to demonstrate it is non-profit). If, however, you are working in I/O/corporate setting, in a 'for-profit' private practice, or private-for-profit institutions then one would not qualify under the forgiveness program. Basically, I would think a majority of psychologists would qualify for loan forgiveness program. But that is only my take (from thoroughly looking at the program).

Yes, I would be interested in this too. Anyone, anyone?

Edit: I read over the PDF brochure and its seems like that their definition encompasses the vast majority of job settings where psychologists would work...barring PP. Am I correct on this?

 

[docma]

I think the barrier for some (at least as I read the general description) is that is requires full-time work while having completed 120 payments (10 years) without missed payments, etc. And that would mean participants would have to have obtained and held a full-time public service job 10 years out. I hear a lot of students who want full time public service jobs to start out and then envision combining private practice, with agency work, etc. but I don't think that fits this model. Also some schools/colleges/agencies are managing budget difficulties with part-time hires. This program is a great opportunity though for those who make a committment to public service right away and stick with it (even with disappointing pay) through the 120 payments, because then the remainder can be forgiven. The key issue in the current economy is having FT positions available in public service systems anywhere outside the VA or Corrections.

 

[DrGero]

I think the barrier for some (at least as I read the general description) is that is requires full-time work while having completed 120 payments (10 years) without missed payments, etc.

Juat stumbled across this, above. Misconception: you *can* miss payments and still have your previous and subsequent qualifying payments count for PSLF. Payments do not have to be consecutive in order to qualify.