The beginning of the end

[reca]

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OH haha, I didn't mean paying (all) of it off in one year. That would be crazy, but a really big chunk. Bringing it down to normal levels at least.



I thought PLSF was 10 years?

Residency and fellowship counts so realistically 5-6 years.

 

[nexus73]

OH haha, I didn't mean paying (all) of it off in one year. That would be crazy, but a really big chunk. Bringing it down to normal levels at least.



I thought PLSF was 10 years?

10 years total, but many residencies are through non-profit hospitals so the 4 years of residency will count towards payments, then 6 years of payments as an attending

 

[Fluidity of Movement]

:O!!!!!!
holy crap this is why google-fu isn't the same as actually talking to people!!

Thank you!

 

[hebel]

Sure, of course individual cases will vary but paying of 500k with post tax dollars in a year would be looking at around 1 million gross, so maybe 0.01% of psychiatrists their first year out of training?

The whole magic of PSLF (and why it's actually a good idea for doctors, even if the goal was more for teachers/social workers/etc), is that you do NOT need to take such jobs that surely sacrifice your patient's health, your health as the doc, or both. You can make your modest payments for 5-6 years after training and never worry about anything else with the loans, simple as that. Easy to budget around, you will still get an effective pay raise when the payments go away, and you can work a job that can be humane and why you hopefully set out to be a physician in the first place.

I also think that the government is actually achieving some of what they set out to incentivize with the program. There are definitely many doctors working more "public service" oriented jobs because of the program. In my case, if I wasn't doing PSLF I would have gone into PP (cash if possible). Instead, my attending jobs so far have been at a very rural hospital and now at a FQHC because I am pursuing loan forgiveness.