sweetlenovo88

10+ Year Member
Apr 30, 2009
338
334
Status
Attending Physician
See article below. As I surmised and presented to residents in my past program, better to go hard and pay it off instead of relying on these forgiveness programs.

99% of PSLF denied
 
OP
sweetlenovo88

sweetlenovo88

10+ Year Member
Apr 30, 2009
338
334
Status
Attending Physician
But if you look, most of them were denied because they weren't eligible for it. If you meet the terms of PSLF, you should be able to get it.
I read that too, but I don't think 99% of people would make such an error and she made all her payments. Maybe 30, but 99? Something else has to be going on.
 
About the Ads

ThoracicGuy

5+ Year Member
Jun 11, 2013
9,784
24,029
Status
Attending Physician
I read that too, but I don't think 99% of people would make such an error and she made all her payments. Maybe 30, but 99? Something else has to be going on.
Based on the story, 94% were denied for not meeting the terms, incomplete application, or a loan that was not eligible.
 

dpmd

Relaxing
10+ Year Member
Sep 14, 2006
21,388
32,919
Lazytown
Status
Attending Physician
I read that too, but I don't think 99% of people would make such an error and she made all her payments. Maybe 30, but 99? Something else has to be going on.
People really are just that ignorant. They think they qualify but actually don't because they don't have the right loans, they don't have the right employer, or didn't file the right paperwork.
 

chudat

10+ Year Member
Jul 11, 2007
318
56
Status
is it not possible to retroactively fill out any missing paper work if needed?
 

dpmd

Relaxing
10+ Year Member
Sep 14, 2006
21,388
32,919
Lazytown
Status
Attending Physician
is it not possible to retroactively fill out any missing paper work if needed?
It is if they actually go back and do it rather than cry about it online or to journalists. Unless it is employer certification stuff and there is no longer any record of their employment for whatever reason.
 

goldsummer

7+ Year Member
Jan 20, 2013
46
26
Status
Pre-Medical
Does anyone know of anyone that has applied for PSLF and got it, with the remainder of their loans forgiven?
 

goldsummer

7+ Year Member
Jan 20, 2013
46
26
Status
Pre-Medical
People really are just that ignorant. They think they qualify but actually don't because they don't have the right loans, they don't have the right employer, or didn't file the right paperwork.
What is considered the right type of loan?
 

dpmd

Relaxing
10+ Year Member
Sep 14, 2006
21,388
32,919
Lazytown
Status
Attending Physician
What is considered the right type of loan?
Has to be a direct loan. Lots of the people trying for it now had Stafford loans (plus or minus some direct loans) and while you could do all the income based repayments, those payments don't qualify for pslf.
 

CaesarRO

5+ Year Member
Dec 29, 2014
38
22
Status
Resident [Any Field]
Has to be a direct loan. Lots of the people trying for it now had Stafford loans (plus or minus some direct loans) and while you could do all the income based repayments, those payments don't qualify for pslf.
Does this mean PAYE/REPAYE payments don't qualify for PSLF? This is the first I've come across this point. I always took the income based repayment plan to be a collective, but looking again it seems you have to be using the specific IBR plan.

Now I'm really glad I wasn't banking on PSLF

Sent from my Pixel 2 XL using Tapatalk
 

mvenus929

10+ Year Member
Jul 6, 2006
6,922
1,673
Status
Fellow [Any Field]
Does this mean PAYE/REPAYE payments don't qualify for PSLF? This is the first I've come across this point. I always took the income based repayment plan to be a collective, but looking again it seems you have to be using the specific IBR plan.

Now I'm really glad I wasn't banking on PSLF

Sent from my Pixel 2 XL using Tapatalk
No, PAYE and REPAYE are qualifying repayment plans. 'IBR' is broadly used to refer to any income-based repayment plan in this context, not specifically the IBR repayment plan. What the poster you quoted was stating was that the TYPE of loan matters too--if you don't have the right type, you won't qualify for PSLF, even if you are on the 'right' repayment plan.
 
  • Like
Reactions: dpmd

thatsrad

2+ Year Member
Sep 23, 2015
73
52
Status
Resident [Any Field]
Like the article said, more than 80% of those denied hadn’t even been in repayment for 10 years yet. This is old news. When they update the numbers, it will show many more people having their loans forgiven. A lot of the people who applied prematurely and were missing some payments will eventually qualify. That 99% figure was from the very first run and things were still getting figured out.

The terms are clear and easy to understand. If a person is competent to go to college or teach our children or take care of patients, they should be accountable to meet the clear terms if they seek loan forgiveness. These journalists make it seem like rocket science. It’s not.
 
May 25, 2019
152
84
Status
Pre-Physical Therapy
Has to be a direct loan. Lots of the people trying for it now had Stafford loans (plus or minus some direct loans) and while you could do all the income based repayments, those payments don't qualify for pslf.
My loans for undergrad that I just took out within the past year say "Direct sub/unsub Stafford." What's the difference?
 
May 25, 2019
152
84
Status
Pre-Physical Therapy
Subsidized loans are loans where the government will pay the interest while you're in school and during your 6 month grace period. Unsubsidized is when the loans accrue interest while you're in school.
Thanks, I think I wasn't clear. The sub/unsub was not what I was asking about- it was the Stafford vs. Direct because my understanding was that Stafford loans qualified. But I see where I didn't phrase the question well.
 

dpmd

Relaxing
10+ Year Member
Sep 14, 2006
21,388
32,919
Lazytown
Status
Attending Physician
Thanks, I think I wasn't clear. The sub/unsub was not what I was asking about- it was the Stafford vs. Direct because my understanding was that Stafford loans qualified. But I see where I didn't phrase the question well.
Was an old difference apparently. Used to be you got stafford loans from other lenders versus direct loans from the government directly. But someone told me that they don't originate from other lenders anymore. So no current difference.
 
About the Ads