Public service loan forgiveness for pharmacist

[bittersugar600]

Just wondering if any pharmacists here have benefited or know other pharmacists whom have had their loans forgiven. I heard the program bailed out on a lot of people when the time came to forgive their loans. Although I would like to work in public service as pharmacist, I want to know if PSLF is legit or not.

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[PharmDBro2017]

It's legit.... but it's legitimacy decreases are the years continue. The ones already enrolled in PSLF will be grandfathered in (from what I've read).

If you're trying to start PSLF 3-5 years from now? Who knows.

 

[mustang sally]

PSLF is legit but not many people have gotten it so far (can't remember the exact number but <100). I don't know of any pharmacists who have gotten it yet (but I haven't been out of school for 10 years either).

If you want to do it, make sure you get on an eligible repayment plan. Also start filling out those employment confirmation sheets yearly so you have a paper trail and can hopefully be grandfathered in (as mentioned above).

 

[BC_89]

Just wondering if any pharmacists here have benefited or know other pharmacists whom have had their loans forgiven. I heard the program bailed out on a lot of people when the time came to forgive their loans. Although I would like to work in public service as pharmacist, I want to know if PSLF is legit or not.

Former colleagues that now work for the VA (GS scaled workers) or opted to the uniformed services have had no problem getting loans forgiven and avoiding a tax-bomb.

As mentioned though, in the next coming year or so it’s looking to be terminated minus the ones who are grandfathered in the system

 

[spacecowgirl]

It's legit in that it exists in name. Considering 0.5% of applicants got loan forgiveness so far, I would not plan on it.

 

[spacecowgirl]

This government loan forgiveness program has rejected 99% of borrowers so far

 

[DondeEstaElBano]

Former colleagues that now work for the VA (GS scaled workers) or opted to the uniformed services have had no problem getting loans forgiven and avoiding a tax-bomb.

As mentioned though, in the next coming year or so it’s looking to be terminated minus the ones who are grandfathered in the system

Interesting. I priced out of IBR payments fairly early in my career as a Navy pharmacist (year 4 I think), making PSLF not possible for me. Likely because they calculated my IBR payment based on my loan balance AFTER the Health Professions Loan Repayment payments from the DoD - which lowered my total loan amount due to about $50k.

 

[BC_89]

Interesting. I priced out of IBR payments fairly early in my career as a Navy pharmacist (year 4 I think), making PSLF not possible for me. Likely because they calculated my IBR payment based on my loan balance AFTER the Health Professions Loan Repayment payments from the DoD - which lowered my total loan amount due to about $50k.

Few of the ones I encountered had similar issues when either trying to start PSLF after also accepting the 120k loan forgiveness for being calculated into total income (not just a simple write-off) or as well took bonuses for a re-up.

The few I know about to finish it up next year or 2 had over 320k+ in debt accumulating...even with a field battalion rank it plays heavily in there favor near the 10 year mark...(hopefully...sadly)

 

[MrBonita]

Any pharmacists who takes that loan forgiveness is being unfair to those who deserve it. Do you really think it should be given to a pharmacist?

 

[bittersugar600]

Interesting. I priced out of IBR payments fairly early in my career as a Navy pharmacist (year 4 I think), making PSLF not possible for me. Likely because they calculated my IBR payment based on my loan balance AFTER the Health Professions Loan Repayment payments from the DoD - which lowered my total loan amount due to about $50k.

So the $120k military scholarship reduced the balance on your student loans .How did you pay off the remaining balance?

 

[bittersugar600]

Any pharmacists who takes that loan forgiveness is being unfair to those who deserve it. Do you really think it should be given to a pharmacist?

Are you for real? Why do you think pharmacists don’t deserve to benefit from PSLF?

 

[alpha12]

Are you for real? Why do you think pharmacists don’t deserve to benefit from PSLF?

When you make a 100k you don't need your loan forgiven.

 

[bittersugar600]

When you make a 100k you don't need your loan forgiven.

You really want to divert the purpose of this thread with your messiness, don’t you? If you have no useful information to contribute hit the freeway.

 

[gwarm01]

Any pharmacists who takes that loan forgiveness is being unfair to those who deserve it. Do you really think it should be given to a pharmacist?

When you make a 100k you don't need your loan forgiven.

One could argue that pharmacists working in the public or non-profit sectors are sacrificing potential pay, leading to a large debt burden considering the substantial cost of our education.

The bottom line is that non-profit institutions like hospitals are covered by this program, and eligibility was included in the documents you signed when accepting federal loans. Take the moral highroad if you want, but I would encourage people to take advantage of this program if eligible.

 

[Elle928]

When you make a 100k you don't need your loan forgiven.

You should consider doing some research before posting. There are MANY pharmacists who work for the public sector (specifically the government) that come in as GS-12s ( aka WELL below 100K, the starting is in the high 70s/ low 80s depending on locality). I took a 50k paycut when coming into the public sector and dont feel bad about using this or any other loan programs available to me.

 

[DondeEstaElBano]

So the $120k military scholarship reduced the balance on your student loans .How did you pay off the remaining balance?

It wasn’t a scholarship, but loan repayment.

Still paying the rest off monthly. I (stupidly) had them in military deferral the first 4 years I was in, thinking I’d be eligible for continuation loan repayment. But that program stopped just as I became eligible after my first active duty obligation. My interest rate is fairly low (sub 5%), so I haven’t chosen to pay it quicker in lieu of contributing to retirement accounts. I make large payments whenever I have some extra cash, should be paid off in the next 2-3 years.

 

[mentos]

Gets paid 6 figures.
Buys expensive vehicle, rents expensive apartment, has latest iPhone, nice clothes, eats out daily, goes out drinking, goes on nice vacations.
Deserves 6 figure student loans to be forgiven.
Only in America.

 

[lord999]

Former colleagues that now work for the VA (GS scaled workers) or opted to the uniformed services have had no problem getting loans forgiven and avoiding a tax-bomb.

As mentioned though, in the next coming year or so it’s looking to be terminated minus the ones who are grandfathered in the system

Ummm, really? I'd like to know how, because with the exception of EISP/EDRP or the SRA, which in both cases Legislative Affairs had to write specific language about the offset issue, the PSLF certainly does incur the income charge. You're a beneficiary of SRA, but as of right now, if you qualify for the PSLF, it is a tax hit.

For internal VA, the rejections are on OAAs desk to renegotiate with DeptEd. That's why EDRP was reauthorized by Title 38. Your loans under the old program could not qualify simultaneously for both programs due to the way EDRP was written years ago, they just changed it to be compatible when they raised the reimbursement caps.

Interesting. I priced out of IBR payments fairly early in my career as a Navy pharmacist (year 4 I think), making PSLF not possible for me. Likely because they calculated my IBR payment based on my loan balance AFTER the Health Professions Loan Repayment payments from the DoD - which lowered my total loan amount due to about $50k.

That's exactly one of the scenarios we are seeing. VA EISP has the same unintentional problem in the prereform implementation.
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As far as I am concerned with PSLF, it's part of the compensation package that should be pursued. I was not a beneficiary but that was ok, because not being in debt was better than being in debt.

 

[Sine Cura]

If you (collectively, i.e., those who purportedly want to benefit from PSLF) care that much about avoiding repayment in full maybe you should read the fine print?

It's your life so why should anyone else care more than you?

What exactly is the benefit to the gov't when RPH want to work for a nominal 501(c)(3) as those jobs are better than the vast majority of retail jobs? Those "public sector" jobs are not lacking for qualified applicants

 

[lord999]

If you (collectively, i.e., those who purportedly want to benefit from PSLF) care that much about avoiding repayment in full maybe you should read the fine print?

It's your life so why should anyone else care more than you?

What exactly is the benefit to the gov't when RPH want to work for a nominal 501(c)(3) as those jobs are better than the vast majority of retail jobs?

This is truly a negative comment from me, but when this was being worked on, there were those who meant to get rid of a bunch of people who were good on paper but were not ideologically committed.

Put another way, the cynical reason to raise the minimum wage is that there is a category of people that are so unproductive, you would rather let them be unemployed as either they are replaceable by automation or are too destructive to others' productivity that it is not worth the risk. The US pursues higher productivity at the expense of full employment, and it is argued that the country is better for it rather than put up with the costs of employing marginal workers. This cynical view of employment and productivity drives SRA (Serviceman Readjustment Act aka GI Bill) as well. Uneducated and/or disabled vets were percieved as too unproductive/dangerous as they are left on discharge to not get a helping hand through making them more productive (either through education or capital by selling them a literal farm through LGY) or treating their disability to bring them to a more marketable level of productivity.

 

[owlegrad]

Gets paid 6 figures.
Buys expensive vehicle, rents expensive apartment, has latest iPhone, nice clothes, eats out daily, goes out drinking, goes on nice vacations.
Deserves 6 figure student loans to be forgiven.
Only in America.

True, because only in America would 6 figure student loans be possible.


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[PharmtoCS]

Morals aside, with the very low success rate of PSLF I would not bank on it and just pay off your loans. If PSLF is a factor in you choosing pharmacy as a profession then I would just choose a different profession.

 

[BC_89]

Ummm, really? I'd like to know how, because with the exception of EISP/EDRP or the SRA, which in both cases Legislative Affairs had to write specific language about the offset issue, the PSLF certainly does incur the income charge. You're a beneficiary of SRA, but as of right now, if you qualify for the PSLF, it is a tax hit.

Now you’ve got me intrigued. I’ll reach out to them and out of curiosity ask how / if the PSLF is working for them.

 

[BenJammin]

I've said it before and got a lot of flack for it but I still believe that PSLF for pharmacists is wrong. The excuse that public sector workers take $50k paycuts to work there just doesn't fly with me. Student loan forgiveness should be for the student who had a 3 day stay in the hospital without insurance and has a 6 figure medical bill, not for the pharmacist who felt it to be in their best interest to take a 40% market paycut because they don't want to be an adult who has bills to pay.

 

[BC_89]

I do agree on the standpoint: you signed for the loans, you pay for the loans.

If people wish to have any degree of “forgiveness” (I’ll call it entitlement after-the-fact) they may join the uniform services or Indian Health Services with a contract obligation.

 

[lord999]

Gets paid 6 figures.
Buys expensive vehicle, rents expensive apartment, has latest iPhone, nice clothes, eats out daily, goes out drinking, goes on nice vacations.
Deserves 6 figure student loans to be forgiven.
Only in America.

I've said it before and got a lot of flack for it but I still believe that PSLF for pharmacists is wrong. The excuse that public sector workers take $50k paycuts to work there just doesn't fly with me. Student loan forgiveness should be for the student who had a 3 day stay in the hospital without insurance and has a 6 figure medical bill, not for the pharmacist who felt it to be in their best interest to take a 40% market paycut because they don't want to be an adult who has bills to pay.

I do get where you are coming from. No debt, but way lower pay than the high student loans. Where's my missing $200k for working at $41-45 an hour from 2004-2008? Where's my missing social credit from actually having to work to get into pharmacy school (and certainly with the decline in standards, actually had to study some in pharmacy school)?

It kind of sucks that if I were four years off from it, I could have traded all of that for student loans repayment. Ah well, I'll get it through other means.

On the same token though, we'll never have poor reform as long as the poor aren't a threat to electoral safety. Hilariously and for reasons that you can understand when you deal with single issue voters, the poor either do not vote or vote against the class interests in favor of political interests. It's no better for the middle class. When special interests (and I really write Wall Street and the Military-Industrial Complex into that category though Silicon Valley is becoming a bigger presence) are the majority in both parties, what else do you expect from a government. Irrespective of a democracy or a dictatorship, government fails in the same ways throughout time.

The best this democracy can do right now is to fade into middling productivity and cultural/economic stagnation like the old Dutch Republic. The worst would be a violent revolution started or ending on a coup (the French, Spanish, and German way).

But until then, I'm going to live the Dutch Republic-style decline by living life as our situation is hopeless but not serious. Once you get used to that concept, hopeless but not serious, it becomes easier to deal with the entitlement programs for what they are, bribery to keep the masses from rebellion (in our case, keep them from asserting bigger interests with votes).

$5 And A Pork Chop Sandwich:
After Words Mary Frances Berry, Mar 2 2016 | Video | C-SPAN.org

 

[bittersugar600]

I've said it before and got a lot of flack for it but I still believe that PSLF for pharmacists is wrong. The excuse that public sector workers take $50k paycuts to work there just doesn't fly with me. Student loan forgiveness should be for the student who had a 3 day stay in the hospital without insurance and has a 6 figure medical bill, not for the pharmacist who felt it to be in their best interest to take a 40% market paycut because they don't want to be an adult who has bills to pay.

I have got the necessary information from other users. You might want to hit yourself on a brick wall. Maybe that will calm down your rage

 

[mentos]

True, because only in America would 6 figure student loans be possible.


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Pharmacists make way less in other countries. Can't have it both ways.

 

[owlegrad]

Pharmacists make way less in other countries. Can't have it both ways.

Apparently people on PSFL can. *shrug*


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[NITRAS]

Pharmacists make way less in other countries. Can't have it both ways.

The student debt has very little correlation with income.

I disagree with PSLF because it encourages people to make dumb decisions.
Spending 4 or 5 years, going $300k in debt to make a jobs making $80k is something you'd put in the stupid column. It also encourages people to make bad career choices. Making $20k or $40k less in income a year means people are giving up $200k or $400k in income over ten years.

Two more details make it untenable. Most people who apply obviously have no real idea which loans qualify or how to obtain it. The other is that 10 years is along time. Lots politically can happen in that time. I'm not predicting anything, but lots of people see MDs, DOs, PharmDs, Podiatrists ect as rich people. Giving government funds to rich people is widely unpopular.

I think the whole student loan program needs to be revamped. . . but that is a separate thread.

 

[MrBonita]

Are you for real? Why do you think pharmacists don’t deserve to benefit from PSLF?

Sorry if I offended anyone. For the same reason I do not apply for food stamps, medi-cal and ask for donations on go fund me.

I have spoken to a few college students and it is normal these days to apply for food stamps and medi-cal while in college since they have no income. But having your loans forgiven when you have a high paying job seems strange. I am getting old so forgive me and my values.