Other PSLF

[kaycee18]

what if you worked for a 503c hospital but were employed by a company like Team health, Sound physicians, envision etc. Could you still apply? I have decided to pursue this option because it makes no sense to pay 200k of loans if I could qualify for pslf.

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[Psyche0248]

My understanding is that it doesn’t matter which kind of hospital you work for, it only matters who pays you and whether that entity (whoever is on your W2) is a 501c3 or otherwise eligible.

There is a newer exception that has been added for a very specific type of circumstance: “• Allow a qualifying employer to certify employment for a contractor if that individual is providing services that by State law cannot be filled or provided by an employee of that organization. The Department is aware of specific circumstances where existing state laws generally prevent doctors at nonprofit hospitals in California and Texas from working for the hospital directly. This change would cover those individuals as well as any other contractor whose employment is similarly barred by state law.”

This information is from: https://www2.ed.gov/policy/highered/reg/hearulemaking/2021/futureofpslffactsheetfin.pdf

In the situation you described, it doesn’t sound like you’d be eligible unless perhaps you’re in California or Texas. Sure, you can always apply regardless, but they won’t approve it unless it meets the stipulations.

 

[Dr.LeoSpaceman]

what if you worked for a 503c hospital but were employed by a company like Team health, Sound physicians, envision etc. Could you still apply? I have decided to pursue this option because it makes no sense to pay 200k of loans if I could qualify for pslf.

As mentioned, unless you follow under that narrow exception, it all comes down to who is on your W2. If you're paid by a for-profit entity, even if you're working at a non-profit entity, likely going to be SOL.

That being said, it can make sense to pay off the $200k vs. going for PSLF depending on your specific circumstances. In other words, if you have to take a significant pay cut to work at a non-profit, it may make sense to take the bigger salary and pay off the loan.

 

[kaycee18]

As mentioned, unless you follow under that narrow exception, it all comes down to who is on your W2. If you're paid by a for-profit entity, even if you're working at a non-profit entity, likely going to be SOL.

That being said, it can make sense to pay off the $200k vs. going for PSLF depending on your specific circumstances. In other words, if you have to take a significant pay cut to work at a non-profit, it may make sense to take the bigger salary and pay off the loan.

this really sucks because these CMG companies are employing many physicians, paying them below market rates and they work in underserved areas. People really need to be aware of this when they sign those contracts. No one should even be working for them given how terrible their wages are and they amount of work people do.