PSLF

[Sparda29]

Wondering if anyone could shed light on a few things about this. You are only eligible for this if you work for a non-profit full-time?

Therefore, I would not be able to do this if I stay at the independent where I'm working right now?
I would need to get a full-time staff job at a city/state/federal hospital?
I could become a cop? (All I'd have to do is take the city police exam, and the rest should be easy peazy. I had no ****ing idea that cops made so much money in NYC.)

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[ldiot]

I think you still have to make 120 consecutive payments before it is forgiven, plus you may have to pay taxes on the amount forgiven. Unless you owe a huge amount I don't think it'd be worth doing for most people (unless you were planning on making minimum payment anyways which is stupid). Not to mention you'd probably be taking a pay cut.

 

[Mad Jack]

Wondering if anyone could shed light on a few things about this. You are only eligible for this if you work for a non-profit full-time?

Therefore, I would not be able to do this if I stay at the independent where I'm working right now?
I would need to get a full-time staff job at a city/state/federal hospital?
I could become a cop? (All I'd have to do is take the city police exam, and the rest should be easy peazy. I had no ****ing idea that cops made so much money in NYC.)

You being a cop is the scariest thing I've heard in a good long while. But yeah, any non-profit job will do, even unrelated top your degree.

I think you still have to make 120 consecutive payments before it is forgiven, plus you may have to pay taxes on the amount forgiven. Unless you owe a huge amount I don't think it'd be worth doing for most people (unless you were planning on making minimum payment anyways which is stupid). Not to mention you'd probably be taking a pay cut.

PSLF does not require consecutive payments and is tax free.

 

[ldiot]

You being a cop is the scariest thing I've heard in a good long while. But yeah, any non-profit job will do, even unrelated top your degree.

PSLF does not require consecutive payments and is tax free.

Interesting... so how long do you have to work before it's forgiven then?

 

[Mad Jack]

Interesting... so how long do you have to work before it's forgiven then?

120 qualifying payments. Have to work full-time at a non-profit for a payment to qualify.

 

[farmadiazepine]

That's the dumbest f*cking thing I've heard. It's not easy to be a cop. The work is difficult, and NYC cops are putting their lives on the line every single day they walk in a uniform. Don't take them for granted, and don't belittle their profession. Being a pharmacist and being a cop are 2 different things. If it's money you are after, and you are not making it as a pharmacist in a NYC independent, then you are doing something terribly wrong.

 

[Momus]

Wondering if anyone could shed light on a few things about this. You are only eligible for this if you work for a non-profit full-time?

Therefore, I would not be able to do this if I stay at the independent where I'm working right now?
I would need to get a full-time staff job at a city/state/federal hospital?
I could become a cop? (All I'd have to do is take the city police exam, and the rest should be easy peazy. I had no ****ing idea that cops made so much money in NYC.)

Yea, they make like 100k avg after 5 years. It's not the written exam that's hard. I think you have to pass their background check, lie detector test and good moral character. You basically have to be kind of perfect. They'll check your friends, past employers, visit neighbors, even old high school teacher sometimes, drug use, driving records, and credit record. They will take you to a field day test (probation period), to see if the applicant is an idiot or not.

If forum postings are any reflections of what happened in real life to you, I don't think you will make it.

 

[Mad Jack]

Yea, they make like 100k avg after 5 years. It's not the written exam that's hard. I think you have to pass their background check, lie detector test and good moral character. You basically have to be kind of perfect. They'll check your friends, past employers, visit neighbors, even old high school teacher sometimes, drug use, driving records, and credit record. They will take you to a field day test (probation period), to see if the applicant is an idiot or not.

If forum postings are any reflections of what happened in real life to you, I don't think you will make it.

Sparda's field day test in a nutshell:

 

[Monsterdaddy]

PSLF has defined full-time as 30 hours worked at one or more qualifying institutions. If you did several part time jobs you would qualify but probably need to document the hell out of the hours.

 

[confettiflyer]

Theoretically if you can find a way to start your own non-profit and get it recognized under 501(c)3, you can hire yourself as an employee at minimum wage for 30hrs/week (full time) and qualify.

But depending how much you make and owe, there won't be much to forgive at the end anyway.


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[Sparda29]

That's the dumbest f*cking thing I've heard. It's not easy to be a cop. The work is difficult, and NYC cops are putting their lives on the line every single day they walk in a uniform. Don't take them for granted, and don't belittle their profession. Being a pharmacist and being a cop are 2 different things. If it's money you are after, and you are not making it as a pharmacist in a NYC independent, then you are doing something terribly wrong.

I didn't say being a cop is easy. I said the process for becoming a cop is pretty easy. I was told on the cop forums that the only thing I would probably have trouble explaining my history of speeding tickets.

 

[Rockinacoustic]

I didn't say being a cop is easy. I said the process for becoming a cop is pretty easy. I was told on the cop forums that the only thing I would probably have trouble explaining my history of speeding tickets.

Considering your post history on here, you'll be lucky to receive a rejection letter.

 

[zelman]

Theoretically if you can find a way to start your own non-profit and get it recognized under 501(c)3, you can hire yourself as an employee at minimum wage for 30hrs/week (full time) and qualify.

But depending how much you make and owe, there won't be much to forgive at the end anyway.


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So, if I start a non-profit committed to helping pharmacists get out of debt and employ everyone who is committed to donating $(minimum wage * 30 * 105%) per week, we'll all be good in 10 years?

 

[pharmrx33]

Can someone explain PSLF for me? My girlfriend is a SLP and has approximately $45,000 in loans. I am currently managing her student loans and having her pay $500 every two weeks rather $1000 every month so that her loans are on a "13 month calendar". However, she has a friend and former classmate that is doing the PSLF apparently and it seriously sounds too good to be true. The company sent the friend a breakdown of how it works and she would only be paying $85 a month for first year?

This sounds too good to be true, but obviously the idea is piquing the interest of my girlfriend. I just want her to consolidate her loans to get a better interest rate, but thought I would ask more about this PSLF option. She works for the public school system so it satisfies the not for profit requirement.

Any breakdown or experience would help, as well. She makes, I think, approximately $36/hr.

 

[confettiflyer]

Can someone explain PSLF for me? My girlfriend is a SLP and has approximately $45,000 in loans. I am currently managing her student loans and having her pay $500 every two weeks rather $1000 every month so that her loans are on a "13 month calendar". However, she has a friend and former classmate that is doing the PSLF apparently and it seriously sounds too good to be true. The company sent the friend a breakdown of how it works and she would only be paying $85 a month for first year?

This sounds too good to be true, but obviously the idea is piquing the interest of my girlfriend. I just want her to consolidate her loans to get a better interest rate, but thought I would ask more about this PSLF option. She works for the public school system so it satisfies the not for profit requirement.

Any breakdown or experience would help, as well. She makes, I think, approximately $36/hr.

SLP?

PSLF was designed for people like your girlfriend, assuming she has federal (not private) loans you should run the numbers to see if she qualifies.

All the talk on these forums is about PSLF not being around for high earners. Someone making $36/hr in a public school would likely survive any future legislative changes (if they're even made retroactive, likely not).


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[awval999]

Can someone explain PSLF for me? My girlfriend is a SLP and has approximately $45,000 in loans. I am currently managing her student loans and having her pay $500 every two weeks rather $1000 every month so that her loans are on a "13 month calendar". However, she has a friend and former classmate that is doing the PSLF apparently and it seriously sounds too good to be true. The company sent the friend a breakdown of how it works and she would only be paying $85 a month for first year?

This sounds too good to be true, but obviously the idea is piquing the interest of my girlfriend. I just want her to consolidate her loans to get a better interest rate, but thought I would ask more about this PSLF option. She works for the public school system so it satisfies the not for profit requirement.

Any breakdown or experience would help, as well. She makes, I think, approximately $36/hr.

She makes too much with her loans being too low (THIS IS A GOOD THING) for it to make any benefit for her.

Pretty much IBR/PSLF is where you pay 10% of your discretionary income for 10/25 years (10 years for non-profits) and have the balance forgiven. Her standard payment is going to be less than the mandatory PSLF payment. She will be able to pay them off on the standard 10 year plan.

 

[Chalupa_Batman86]

Lol...OP as a cop...just lol.

 

[confettiflyer]

She makes too much with her loans being too low (THIS IS A GOOD THING) for it to make any benefit for her.

Pretty much IBR/PSLF is where you pay 10% of your discretionary income for 10/25 years (10 years for non-profits) and have the balance forgiven. Her standard payment is going to be less than the mandatory PSLF payment. She will be able to pay them off on the standard 10 year plan.

Yeah huh I didn't compute her income. Plus if these two lovebirds get married, REPAYE will count spousal income.

Okay this scenario...refinance to a private lender at ~4% current rates and continue aggressive pay down. No benefit to income driven plan & PSLF here, debt burden:income ratio too low.


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[gwarm01]

Lol...OP as a cop...just lol.

Sparda won't be satisfied until he has taken everyone's job.

 

[pharmrx33]

She makes too much with her loans being too low (THIS IS A GOOD THING) for it to make any benefit for her.

Pretty much IBR/PSLF is where you pay 10% of your discretionary income for 10/25 years (10 years for non-profits) and have the balance forgiven. Her standard payment is going to be less than the mandatory PSLF payment. She will be able to pay them off on the standard 10 year plan.

So you think that in the end it's really not a good option for her? I agree, but wanted to confirm with someone

 

[Momus]

So you think that in the end it's really not a good option for her? I agree, but wanted to confirm with someone

You only have $45k loan, make $70k/yr and you want to extend that for 10 years? What part of that sounds smart to you?

 

[pharmrx33]

You only have $45k loan, make $70k/yr and you want to extend that for 10 years? What part of that sounds smart to you?

Sorry I made a large information gap. So she wouldn't be making that much because she works in the school setting and gets paid hourly. So she's really only making 3/4 of that as school is only in session for 9 months.

I do still agree that spreading it out over 10 years does not make that much sense as by the time she gets the brunt of it paid for I will be finished with school and residency.

Thanks everyone for your help.

 

[gwarm01]

You have to love the Fedloan people. I've been making payments for two years and their tracker shows "5 of 120 payments" on one loan, and "0 of 120" on all of the others. Love it.

 

[Ackj]

How much do you still owe Sparda? You've already been paying for like 4-5 years, so it probably isn't beneficial to start this plan now.

 

[Monsterdaddy]

Yes, $0 payments count. I have 2 years worth recorded with FedLoans. And it says so on the official PSLF FAQ from the ed.gov website (Google it.)

 

[Monsterdaddy]

You have to love the Fedloan people. I've been making payments for two years and their tracker shows "5 of 120 payments" on one loan, and "0 of 120" on all of the others. Love it.

The reason you don't see more is because they want an updated employment verification form before they update it. I'm tardy on mine too, I got over 12 payments that need to be verified.