Public service loan forgiveness

[Islandvetgirl2016]

Hi all,

Is there an list of these accept 501 c-3’a out there for a new graduate?

Also, I have heard a lot of hype in SoCial media about this program by getting accepted. Any thoughts/advice about tying for this after graduation? Is it possible to do service work for free for months out if the year, would that be eligible for public service loan forgiveness?

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[Minnerbelle]

There are no lists available, but it’s not hard to figure out if any particular employer has 501c3 status.

You need to be actually employed there full time so volunteering doesn’t count. And even if you worked full time a few months of the year, you need to make 120 monthly payments while working full time, so it will be worthless for you to do so... because you’ll very likely hit the 20 yr regular forgiveness (assuming you’re on PAYE we your qualifying repayment plan) before you get enough payments in for PSLF. And the paperwork trail of doing something like that would be so treacherous, you probably wouldn’t be able to keep it straight enough to get to that forgiveness... It’s only 10 years if you have qualifying full time employment continuously for 10 years.

Also, don’t go into vet school banking on PSLF because so far, less than 1% of people who have paid 10 yrs thinking their loans will be forgiven actually have had it forgiven. It’s something to look into when you find jobs as you graduate and weigh your options based on what those jobs/career plans offer.

 

[Spoot]

There are no lists available, but it’s not hard to figure out if any particular employer has 501c3 status.

You need to be actually employed there full time so volunteering doesn’t count. And even if you worked full time a few months of the year, you need to make 120 monthly payments while working full time, so it will be worthless for you to do so... because you’ll very likely hit the 20 yr regular forgiveness (assuming you’re on PAYE we your qualifying repayment plan) before you get enough payments in for PSLF. And the paperwork trail of doing something like that would be so treacherous, you probably wouldn’t be able to keep it straight enough to get to that forgiveness... It’s only 10 years if you have qualifying full time employment continuously for 10 years.

Also, don’t go into vet school banking on PSLF because so far, less than 1% of people who have paid 10 yrs thinking their loans will be forgiven actually have had it forgiven. It’s something to look into when you find jobs as you graduate and weigh your options based on what those jobs/career plans offer.

Any strategy you would advise to attack this kind of thing? I was originally driven from the profession because of my fear of the extreme debt (I already carry easily 70k from undergrad). But I came back because A) I realized this is the profession I wanted to be in B) my significant other has a low debt-load and will be graduating with a degree that will provide a fairly high salary. I figure between us, we'll have ~400-500k of debt, but pulling in 160-200k a year. This is all assuming best case scenario, however, and I'm feeling like I need to have some kind of tangible plan so that I'm not putting her in major, poverty-level debt for 25 years.

 

[KCgophervet]

Any strategy you would advise to attack this kind of thing? I was originally driven from the profession because of my fear of the extreme debt (I already carry easily 70k from undergrad). But I came back because A) I realized this is the profession I wanted to be in B) my significant other has a low debt-load and will be graduating with a degree that will provide a fairly high salary. I figure between us, we'll have ~400-500k of debt, but pulling in 160-200k a year. This is all assuming best case scenario, however, and I'm feeling like I need to have some kind of tangible plan so that I'm not putting her in major, poverty-level debt for 25 years.

So, what do you mean by strategy? Specifically for PSLF or just for loans/debt in general?

For PSLF the strategy is to find a qualifying job (5013c shelters, government/USDA, universities, etc), pay as little as you can each month with IBR or PAYE or whatever repayment option works best for your situation, make on time payments for 10 years, turn in all the appropriate paperwork (with documentation confirming everything along the way), and then apply for forgiveness after your 120 qualifying payments have been made.

Otherwise you can use the VIN student loan debt calculator to see what the repayment options are and what would result in the best repayment strategy for your situation.

 

[Spoot]

So, what do you mean by strategy? Specifically for PSLF or just for loans/debt in general?

For PSLF the strategy is to find a qualifying job (5013c shelters, government/USDA, universities, etc), pay as little as you can each month with IBR or PAYE or whatever repayment option works best for your situation, make on time payments for 10 years, turn in all the appropriate paperwork (with documentation confirming everything along the way), and then apply for forgiveness after your 120 qualifying payments have been made.

Otherwise you can use the VIN student loan debt calculator to see what the repayment options are and what would result in the best repayment strategy for your situation.

I guess I don't know what I mean by "strategy" haha, just anxiety asking the question for me. I know I'm getting myself into a significant amount of debt and I'm trying to come up with a gameplan so that I know if I hit all the steps and make it to the end, I won't be a 50-year-old with no savings and no retirement.

 

[WhtsThFrequency]

Be extremely wary of refinancing your loans. Private refinancing takes you out of the running. That was why a huge number of people did not end up qualifying for PSLF - the program did not make that clear to them, they refinanced for a lower interest rate, and....boom.

 

[DVMDream]

Be extremely wary of refinancing your loans. Private refinancing takes you out of the running. That was why a huge number of people did not end up qualifying for PSLF - the program did not make that clear to them, they refinanced for a lower interest rate, and....boom.

I feel like that's been very clear from the beginning. You can't refinance for any of the government payback programs and that info is all over the website. Honestly I can't see how it would be missed that you can't refinance. It isn't even in the "small print".... it is very clearly stated.

 

[WhtsThFrequency]

I feel like that's been very clear from the beginning. You can't refinance for any of the government payback programs and that info is all over the website. Honestly I can't see how it would be missed that you can't refinance. It isn't even in the "small print".... it is very clearly stated.

I think it is *now*...but a decade ago I wonder if it was. I can't imagine 99% (using the PSLF failure number) of people going for this option ignored big warning signs like that (and yes, even though most people are idiots, that level of idiocy would surprise even me).

 

[DVMDream]

I think it is *now*...but a decade ago I wonder if it was. I can't imagine 99% (using the PSLF failure number) of people going for this option ignored big warning signs like that (and yes, even though most people are idiots, that level of idiocy would surprise even me).

I mean I recall knowing this when I was applying to vet school. Then I was also obsessed and read every detail about everything..... yet I was still dumb enough to keep proceeding forward into vet med....

 

[WhtsThFrequency]

I mean I recall knowing this when I was applying to vet school. Then I was also obsessed and read every detail about everything..... yet I was still dumb enough to keep proceeding forward into vet med....

Huh, that's interesting. I sure didn't back in 2006-2010 when I attended (but lack of research may have been the cause). Heck, several second year students I know have gone "Oh, why don't you refinance??" when I was talking to them about loans, and I had to set them straight - now in 2019!

 

[DVMDream]

Huh, that's interesting. I sure didn't back in 2006-2010 when I attended (but lack of research may have been the cause). Heck, several second year students I know have gone "Oh, why don't you refinance??" when I was talking to them about loans, and I had to set them straight - now in 2019!

Hmm, I dunno. I tend to overresearch things so that's more likely the reason.

 

[KCgophervet]

Saaame. I over researched loan stuff to the point that I had to correct and offer to share resources with a financial advisor our school brought in to talk to us about repayment. But man, I'd rather know too much about my hundreds of thousands of dollars of debt than not enough and get screwed over in the end

I mean I recall knowing this when I was applying to vet school. Then I was also obsessed and read every detail about everything..... yet I was still dumb enough to keep proceeding forward into vet med....