PhD/PsyD Loan Forgiveness Programs

[InYourHead]

I'm sure there are threads on this already, and if so please feel free to direct me to them.

I'll be finishing fellowship and starting a new job at a hospital in a couple months. I've held off on re-financing my loans in hopes that my position would have me eligible for a Loan Forgiveness Program.
How can I find out a) IF I am eligible, and b) what programs would be most appropriate?

Thanks so much!

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[erg923]

I'm sure there are threads on this already, and if so please feel free to direct me to them.

I'll be finishing fellowship and starting a new job at a hospital in a couple months. I've held off on re-financing my loans in hopes that my position would have me eligible for a Loan Forgiveness Program.
How can I find out a) IF I am eligible, and b) what programs would be most appropriate?

Thanks so much!

Public Service Loan Forgiveness

 

[WisNeuro]

Well, it's kind of tough to say, really depends on the passing of the next budget. There has been talk of revamping/gutting the PSLF program. Who knows if they'll leave IBR intact/unchanged, although that is generally a terrible program anyway. Additionally, some of these depend on where you work. If the hospital isn't federal and/or in an "underserved" area, you may be out of luck on some options anyway.

 

[smalltownpsych]

There is also the NHSC LRP which is what I have been doing for the last 3 years. NHSC Loan Repayment Program
If your hospital is in this, then it is worth it.

 

[VirginiaIsForLovers]

Has anyone here made their 120 payments with the Publc Service Loan Forgiveness program and has gotten their loans wiped?

Curious about your experiences. Did you have to pay taxes on the forgiven loans? How do they inform you? I’ve been reading mixed things about the program in the news, but I am currently 5 years in. Trying to figure if I should stay in the non-profit sector or should jump ship and go private if I could make significantly more income.

 

[WisNeuro]

Has anyone here made their 120 payments with the Publc Service Loan Forgiveness program and has gotten their loans wiped?

Curious about your experiences. Did you have to pay taxes on the forgiven loans? How do they inform you? I’ve been reading mixed things about the program in the news, but I am currently 5 years in. Trying to figure if I should stay in the non-profit sector or should jump ship and go private if I could make significantly more income.

Probably depends on a variety of factors. Size of the loans being a big one. Also, may be worth getting a verification if your current years actually count. I assume you've seen the coverage that the vast majority of people who are trying to get this, actually did not meet requirements, and are being rejected. So, getting that in writing somehow could be important. I don't know anyone who has completed it, just people currently in it. And, many of those people feel trapped in jobs they hate.

 

[AcronymAllergy]

Last story I read said of the (tens of?) thousands of applications received, about 100 had been approved. Although they also said most of the rejections were due primarily to administrative-type errors, like not having actually made the minimum number of payments or not completing paperwork correctly.

For PSLF, the discharged amount is not taxed. For IBR, the discharged amount is taxed as income.

I'd echo WisNeuro's comment that if you plan on attempting to pursue PSLF, complete the employment certification form annually; this supposedly helps speed things up once you apply, and allows you to track your progress along the way.

If you work for a government agency, odds are it would meet PSLF criteria. If it's a non-government non-profit, it gets dicier; I believe those represent most of the cases of employers being deemed ineligible.