Peds programs qualifying for loan forgiveness

[pedssped]

Where do I find which residencies/ hospitals are "non-profit" and therefore residency/ fellowship years would count toward the 10 years of working for a children's non-profit required for federal loan forgiveness? Is there a central database of some sort?

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[shepardsun]

If you think that program (which has currently rejected 99% of applicants) is going to still be around in ten years, I have some beachfront property in Arizona to sell you

 

[NurWollen]

If you think that program (which has currently rejected 99% of applicants) is going to still be around in ten years, I have some beachfront property in Arizona to sell you

A large percentage of those applicants didn't meet the basic requirements. I'm astounded how many of my residency colleagues don't understand the basics of federal student loans, and I think it's probably the same with a lot of PSLF applicants. Now, I agree there's a chance it could go away, but since probably 90% of peds residencies are at non-profit hospitals, if working for a non-profit otherwise aligns with your career goals (hospital-employed practice, academics), why not set yourself up for PSLF anyway? Get on REPAYE, which cuts your unpaid interest in half, and put away they money you'd otherwise be using to pay off off loans, and if PSLF comes through, great, invest it, if it doesn't come through, you have enough saved to pay it off, or at least the portion of it you'd otherwise have already paid (but with less interest!)

As far as beachfront property in Arizona, there's always Lake Powell.

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[FrkyBgStok]

Why You Should Not Give Up On Public Service Loan Forgiveness

My wife and I discuss this often and this is an excellent article to keep in mind. Super salient points:

•1,173,420 had applied to have their employer and loans certified as eligible
•890,516 had certified their employer and their loans as eligible
•520,267 had recorded at least one qualifying payment
•19,321 had submitted an application for forgiveness
•16,890 of those had actually been processed
•8,458 had qualifying employment and loans
•184 recorded 120 qualifying payments
•55 were granted forgiveness

55/19,321 = 0.28%, which explains the popular headlines that >99% of those who applied actually received forgiveness. However, the truth is that according to the government only 184 of 16,890 (1.09%) actually qualified for PSLF. (Presumably, the other 129 of the 184 qualified borrowers were given forgiveness shortly after the period studied.)

there are only two explanations for this abysmal percentage. The first is that the borrowers are incompetent. They simply didn’t read the rules and follow them. There is some suggestion in the report that this is true. For example, over 40% of the processed applications revealed that the borrowers had not made 120 qualifying payments. Many applications were not even filled out completely and sometimes borrowers had filled out an application but didn’t even have qualifying loans. Anyone who has spoken with a reasonable number of borrowers is aware that many are simply ignorant of the requirements of the program.

 

[NurWollen]

@pedssped that vast majority of peds residencies will have you employed by a non-profit hospital. Even if it's a university program, you're usually employed by the hospital itself. There are a few for-profit hospitals that have peds residencies. The best thing to do is just to look up the affiliated hospital for a program you're interested in.

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