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public lian forgiveness

Discussion in 'Finance and Investment' started by Sanchik, Aug 5, 2011.

  1. Sanchik

    Sanchik Member
    7+ Year Member

    Jan 21, 2006
    Likes Received:
    Attending Physician
    Just wondering if any new attendings signed up for PSFL? I see how it makes sense to do it as a resident, but under that program they are telling me that I have to pay close to $3000 each month (IBR) for a $200K
    loan on a 150, 000 salary. Whereas Sallie mae is saying that if I want to pay my loan off in 10 y, i have to pay 2K a month. I so don't getthis but the people who I was speaking with were just reading a script.
  2. Scorcher31

    Scorcher31 Member
    10+ Year Member

    Nov 26, 2005
    Likes Received:
    Resident [Any Field]
    Yes it's based on IBR payments in the public sector for 10 years. If you missed your chance while a resident, paying 10 years with an attending's income may not be worth it as your payment will shoot way up based on your income. For me, it would be barely worth it with a 4 year residency and around 160k of debt so I'm just paying as much as I can during residency. Basically, the program really helps those with extended residency/fellowship time and those with very high debt.

    In the end, you might not be missing much. The first people to forgiven are around Oct 2017 and once the government realizes they are losing out on that potential money I am skeptical that the program would continue. I would not put all or even the majority of my eggs in this basket. Heck, they already dropped subsidized loans starting next year.

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