PSLF - anyone actually complete this yet?

[Downfracture1]

I've read that at least one borrower has received forgiveness earlier this summer, anyone in the dental community have been forgiven yet that I could pick their brain about?

Thanks in advance!

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[Downfracture1]

Anyone?


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[avangusva]

I heard of someone being done in 2023 or 2024, I didn't think anyone would be 10 years out at this point.

 

[deleted660390]

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[Downfracture1]

I heard of someone being done in 2023 or 2024, I didn't think anyone would be 10 years out at this point.

People have finished, from Ed.gov: "Because you have to make 120 qualifying monthly payments, it will be at least 10 years after you make your first qualifying payment before you can apply for PSLF. Since only payments made after Oct. 1, 2007, can be counted toward PSLF, the earliest that any borrower will be eligible to apply for PSLF is fall 2017."


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[Downfracture1]

Only 0.3% of applicants were approved this year. I highly doubt this program will be around for long. Chances Of Public Service Loan Forgiveness Approval? Lower Than Getting Into Yale Law School

I've been doing it now for almost two years making my payments. It is an incredibly tedious process and you have to be meticulous, they also make it super difficult when you ask questions they really don't answer it clearly I'm sure a part of it is to fend off potential people or like this said to have 30,000+ People not qualify. It's a great deal if it stays into place. Would be interested to hear if any specialists in our field are doing this and actually working in a 501(c)(3) because as a general dentist I don't see how it's as hard looking for a qualifying job but speciality positions I find hard to find unless you choose to stay in academia for a few years...


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[MaxAnn]

No one would have hit 10 years by now, but a lot of success depends on your loan servicer; some are better than others. The PSLF is low b/c the funding is being cut all around the federal government.

 

[Downfracture1]

Any specialists doing PSLF?

Specifically in OS all I see as an option is a residency program teaching or hospital position is that true? Any other ideas?


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[Downfracture1]

No one would have hit 10 years by now, but a lot of success depends on your loan servicer; some are better than others. The PSLF is low b/c the funding is being cut all around the federal government.

I believe some people have since October 2007

 

[Downfracture1]

Refresh

 

[pubhealthdent]

Check out this FB support group for the PSLF program. Success stories, tip and tricks on how to navigate the process, and more. And the program has been active since '07, so yes there are people who have made it through and gotten loan forgiveness.

I'm only 13 payments in right now. Lots of documentation, but will be worth it in the end if everything goes as planned

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[pubhealthdent]

No one would have hit 10 years by now, but a lot of success depends on your loan servicer; some are better than others. The PSLF is low b/c the funding is being cut all around the federal government.

No funding has been cut to the PSLF program and the program has now been around for 12 years, so yes there are people who have received forgiveness. The first round of applicants for forgiveness were so low because the requirements were originally very unclear and many people were under the wrong repayment plan. To remedy this, the govt opened a secondary temporary program (TEPSLF) to help those people who didn't immediately qualify because of the ambiguity originally.

 

[allantois]

No funding has been cut to the PSLF program and the program has now been around for 12 years, so yes there are people who have received forgiveness. The first round of applicants for forgiveness were so low because the requirements were originally very unclear and many people were under the wrong repayment plan. To remedy this, the govt opened a secondary temporary program (TEPSLF) to help those people who didn't immediately qualify because of the ambiguity originally.

The real question is has money been allocated for this program by the government and do they even know how much money it’s gonna cost them

 

[pubhealthdent]

The real question is has money been allocated for this program by the government and do they even know how much money it’s gonna cost them

As far as I am aware, there is currently no set budget for this program. As it is now, it is not sustainable long term. I do not think they considered the number of health professionals who would go this route with hundreds of thousand to be forgiven. Theres much talk of creating a limit (only for those with loans are taken out in the future therefore not affecting those already "in the program") that would limit the amount that could be forgiven to $50k-100k.

I think a limit like this would be the only way the program could possibly sustain itself long-term but the repercussions would like including driving new health professionals away from working in public health

 

[Downfracture1]

Any specialists specifically OMFS you have done it? I just don't see public service opportunities except for a residency program or a not for profit Hospital.

Any options to practice in a similar to private practice but a clinic that's not for profit?

 

[allantois]

Any specialists specifically OMFS you have done it? I just don't see public service opportunities except for a residency program or a not for profit Hospital.

Any options to practice in a similar to private practice but a clinic that's not for profit?

OMFS can work for hospitals which are often non-profit. Although, of all specialties OMFS shouldn’t have trouble playing off their loans

 

[321931]

This guy has a good article on PSLF

Why the PSLF Success Rate Will Hit Over 50% by 2024

Only 864 people out of over 73,000 have been approved for PSLF through mid 2019. Here's why the PSLF success rate will exponentially explode.

www.studentloanplanner.com

 

[Downfracture1]

This guy has a good article on PSLF

Why the PSLF Success Rate Will Hit Over 50% by 2024

Only 864 people out of over 73,000 have been approved for PSLF through mid 2019. Here's why the PSLF success rate will exponentially explode.

www.studentloanplanner.com

Thanks man will check it out.

But OMFS or not it's still a lot of money, just trying to figure out what options there are out there. Seems a lot easier to find a public service gig if you're a generalist

 

[pubhealthdent]

Any specialists specifically OMFS you have done it? I just don't see public service opportunities except for a residency program or a not for profit Hospital.

Any options to practice in a similar to private practice but a clinic that's not for profit?

Yes there are many FQHCs and 501c3's who hire OMFS. Other options for OMFS that would qualify for PSLF would be working for a non-profit hospital or working at a dental school.

 

[allDAT]

It’s too early for us to know how PSLF is going to work out. In general, there are few jobs that qualify for PSLF for general dentists, and even fewer for specialists.

Most OMFS are not employed full time by a 501c3. And honestly, they don’t need PSLF. Most will refinance their loans even if they’re looking at 600k.

For those that are planning on PSLF but have not worked yet. They may be underestimating how difficult the workday can be for a general dentist at a 501c3. Some of the jobs will be fine, but many will be high volume, heavy workload days. Doing that for 10 years full time may very well destroy your body and shorten your career.

 

[pubhealthdent]

It’s too early for us to know how PSLF is going to work out. In general, there are few jobs that qualify for PSLF for general dentists, and even fewer for specialists.

Most OMFS are not employed full time by a 501c3. And honestly, they don’t need PSLF. Most will refinance their loans even if they’re looking at 600k.

For those that are planning on PSLF but have not worked yet. They may be underestimating how difficult the workday can be for a general dentist at a 501c3. Some of the jobs will be fine, but many will be high volume, heavy workload days. Doing that for 10 years full time may very well destroy your body and shorten your career.

How is it too early for us to tell how it will work out? And there is definitely not a lack of public health jobs for dentists. I had 15+ job offers when I graduated. All public health. Doesn't sound like a shortage to me.

Also, the work days aren't that bad. Have you ever worked in an FQHC?

 

[321931]

How is it too early for us to tell how it will work out? And there is definitely not a lack of public health jobs for dentists. I had 15+ job offers when I graduated. All public health. Doesn't sound like a shortage to me.

Also, the work days aren't that bad. Have you ever worked in an FQHC?

FQHC can be hit or miss. Some are literally mills of patients...and some are decent 1 column do good dentistry type of gigs. I have classmates that have worked in both.

Sounds like you ended up in a good gig. =)

 

[tothepark]

Just started this process, will let y’all know in 10years if it pans out. Currently in OMFS residency (yr 4 out of 6)and I’m on REPAYE to minimize my monthly payments. I’ll be going active duty once residency is over for at least 5years, which equates to approximately 8years worth of payments towards PSLF. I will then have to decide whether to stay in for 2 or more years vs another non-profit organization job. Will be close to $700k+ of loan forgiveness with interest. Also planning midterm investments to cover some of the loans just in case something happens to PSLF.

 

[allDAT]

How is it too early for us to tell how it will work out? And there is definitely not a lack of public health jobs for dentists. I had 15+ job offers when I graduated. All public health. Doesn't sound like a shortage to me.

Also, the work days aren't that bad. Have you ever worked in an FQHC?

I have and currently do work for an FQHC.

The workload depends on the site. Some places you’ll see 10 patients a day, others 40.

As you noted, there are jobs available and there’s a reason why a new grad is offered these positions. Some of these will qualify for PSLF, some may not. If the gig was great, it probably wouldn’t be open and a more experienced dentist would fill the role. The availability of work for a dentist in an Good FQHC is much more limited than for other healthcare providers.

 

[allDAT]

FQHC can be hit or miss. Some are literally mills of patients...and some are decent 1 column do good dentistry type of gigs. I have classmates that have worked in both.

Sounds like you ended up in a good gig. =)

It’s too early because the first round of people who would qualify for PSLF popped up in Oct. 2017. It’s widely noted that most people who applied were rejected (as we should expect given the direct loan program). We’ll see what happens in 2020-2022. What we’ll need to see is how the government classifies a qualified employer.

The employees of the American Bar Association’s struggle with PSLF is a good example. I suspect more of this type of nonsense to come as PSLF is worked out.

 

[allDAT]

Just started this process, will let y’all know in 10years if it pans out. Currently in OMFS residency (yr 4 out of 6)and I’m on REPAYE to minimize my monthly payments. I’ll be going active duty once residency is over for at least 5years, which equates to approximately 8years worth of payments towards PSLF. I will then have to decide whether to stay in for 2 or more years vs another non-profit organization job. Will be close to $700k+ of loan forgiveness with interest. Also planning midterm investments to cover some of the loans just in case something happens to PSLF.

You’ll be fine. My experience with FQHCs is that there are very few that would be able to afford a full time OS on staff. Sticking with the military would be a slam dunk.