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PUblic service loan forgiveness

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scottz16

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Hi,

So I graduated medical school and now work as a clinical trial coordinator making $40K. I have saved up 30k. I am one year into the pslf program (9 to go) and owe $190000. Should I repay some of my loans or wait 9 years (at a bad job) for loans to be forgiven?
 

DrMidlife

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I think the question is (a) stay at low paying "public service" job solely to get loan forgiveness or (b) move to higher paying job and forget about PSLF. Not sure what the higher paying job is but I assume you have something in mind.

I'm guessing you're not pursuing residency, maybe because you're sick of medicine, maybe you're not at all excited about staying in the academic arena. In your shoes I'd dive into whatever career you *are* pursuing, dump PSLF, rely on PAYE or REPAYE, get on with your life. Doing a PhD or law school or whatever is still possible but I'd recommend ensuring that there's *something* you're willing to do for a living before you retrain.

If by any chance you can at least do an intern year to get licensed, that gets you in the game for flexible, high paying work at a doc-in-the-box. If you can't stomach the idea of more board exams etc, maybe put it aside for a year, but you're so close to this possibility. And think about pathology or radiology, because these have stable "day job" potential to support outside interests.

Understand that *most* people hate their job. Consider yourself lucky if you find a job/career that you consider satisfying more than half of the time.

Best of luck to you.
 

Student Loan Planner

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Hi,

So I graduated medical school and now work as a clinical trial coordinator making $40K. I have saved up 30k. I am one year into the pslf program (9 to go) and owe $190000. Should I repay some of my loans or wait 9 years (at a bad job) for loans to be forgiven?

PSLF should never be a reason to stay in a job for that long of a term. Decide if there's a not for profit job that could make you happy, or get a private sector job and seek to be paid what you're worth, refinance and pay em off.
 
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LibBum

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PSLF is being amended by the current administration - it is suspected that it will no longer be offered and will be terminated before any payouts take place.
 

dynx

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PSLF should never be a reason to stay in a job for that long of a term. Decide if there's a not for profit job that could make you happy, or get a private sector job and seek to be paid what you're worth, refinance and pay em off.

Quick point of clarification:
The whole point of PSLF is to keep people in jobs that the gov wants them in long term. That's a natural and intended consequence and the situation the OP is in is a direct effect of the program. The benefits of the program (as it currently stands anyway) are not a mystery to employers and those employers will figure out exactly how much they can reduce pay to scrape as much of the government largess of the program away from the worker and into the company balance sheet where it will be distributed to administrators as pay and bonus...but not profit.
 

Leonardsean

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PSLF is being amended by the current administration - it is suspected that it will no longer be offered and will be terminated before any payouts take place.

My promissory note includes promise of loan forgiveness. I think if they take it off the table, then it would just be unavailable going forward and not effect people active in the program.

--Sean
 

TMP-SMX

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My promissory note includes promise of loan forgiveness. I think if they take it off the table, then it would just be unavailable going forward and not effect people active in the program.

--Sean

Supposedly. There would be a lot of people hiring lawyers to sue the feds if congress decides not to pay out to existing borrowers.

There have been people who have received forgiveness as of this year.
 
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