PSLF + residency

[CoffeeQuestionMark]

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I read an article today that claimed pursuing a residency after vet school was one of the best financial decisions you could make.
They suggested, specifically, train for 5 years for your boards (internships + residency), then go into academia for 5 years, have your loans forgiven through PSLF, and then go into private practice or continue in academia.

Does anyone know someone who has successfully done this? I never thought of internship/residency counting towards PSLF but I guess if you are at a public university, it could be considered government work.

 

[JaynaAli]

Almost no one has been graduated long enough to actually get PSLF but yes, the years you spend working as a trainee at a vet school should theoretically count and I know people who are planning to do this. But...how much you owe also factors into whether that plan really makes the most financial sense. If you just owe 100k-150k or so, your income is likely going to be so high post-residency that you’d probably almost pay it off during your 5 years post residency, so in that case you may as well take the job you want (which may pay more than double in private practice than academia) and just pay it off. If you are someone who owes 300+ it may make a lot more financial sense to do stick it out in academia for 5-6 more years. With that said, there’s a lot more “academia bull***” associated with these kinds of positions than most people think until they’re actually part of that system, so while I think it’s a decent option I think it’s a lot harder to actually accomplish than it seems on paper, especially if you’re just there for loan forgiveness and not because you actually love academia (and all the teaching the research and everything else that comes with that).

 

[VIN-Foundation]

Most if not all of the teaching hospitals are qualifying employers for the purpose of PSLF either because they are state organizations or 501(c)(3) organizations. But I don't think it's a good idea to do a residency based on that alone. The only good reason to do a residency is if you have a burning desire to become a specialist in that field. And the only good reason to go into academia is if you love teaching.

But ... if you really want to specialize and go into academics, then yes, the PSLF could work out well for you, especially if you have a lot of loans. I love my specialty and I love teaching, but it's not for everyone.

From a purely financial standpoint, you would have to figure out what loan amount shifts the benefit to academics with PLSF but lower salary compared to private practice with higher salary but no PSLF. And that's going to depend on the private practice earning potential of the specific specialty. It would be fun problem to solve though.

But again, I don't think the financial calculus should be the main consideration.

 

[mbv]

Another thing to consider is what your employment status will be with the university during residency, especially if your school combines a graduate degree with the residency. On paper you might not be a “full time” employee because you are also a student, which would make you ineligible for PSLF-qualifying payments. This was my experience.