Is pslf worth it for doctors reddit I left the other organization in April 2009 and anticipate the same responsiveness. This is not a I am weighing pursuing PSLF vs refinancing everything (goal is to pay it off ASAP/pay less over time). If my long term career goal is to work in an R1 academic hospital as a physician, it would seem that PSLF would be a no-brainer (residency and my eventual employers would almost certainly qualify as 501(c)(3)). As the title suggests, I am (going to be as of next week) a newly minted physician in training (incoming resident), and I'm looking to begin the steps in starting PSLF payments under the PAYE plan. Or check it out in the app stores r/medicine is a virtual lounge for physicians and other medical professionals from around the I work for a 503c(b) company and am eligible for PSLF and it would cover a max of three years. Members Online thatbrowndude21 This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high incomes. residency and fellowship comprise years of payments based on lower incomes which means most doctors do not pay 10% of And while $500K in student loans may seem like a lot (and it is, in the abstract), for a physician, dentist, or other professional with very high earning potential (e. Currently a first year resident making ~60K and have 190K in Direct loans from college and med school. Post any questions you have, there are lots of redditors with admissions knowledge waiting to help. you may want to consider looking at the calculator on student loan her to see how much you'd pay I currently work for a non-profit hospital where I've been at since the beginning of 2021. After But the more and more I’m reading about PSLF, it seems like an appealing option. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational With 5 years to go for PSLF, the 10k will have zero impact on your balance or payments. Currently I owe ~24,000 and have been with my employer for just over a year. Changes To PSLF And What It Means For Borrowers our consultations in the past we have identified that we Get the Reddit app Scan this QR code to download the app now. If they’re over 1. There are several factors that come into play but yes 120 payments. If you already have the PSLF job, I think that's the answer. In some areas that difference is significant enough that PSLF may not be worth it financially. Ours gave us all the options and doesn't charge us a dime until after residency. No regrets at all. There’s a PSLF subreddit you can follow, it’s the real deal and people have med school level debt forgiven with the program. Members Online Is PSLF worth it for $36,000? Shadow some doctors and see if you like it. KFH is not for profit. I will be a resident for 5 years and may consider a fellowship (1 or even 2 years after residency). And don't Air Force and Navy rely heavily on General Medical Officers. It's just not advantageous because after 120 payments there would be nothing to forgive. Have none of you heard of PSLF? After 3 years of residency, you'd be pretty hard-pressed to find a location that doesn't offer a PSLF-qualifying primary care career for 7 more years. What is PSLF, and is it worth it as an attending physician? PSLF stands for Public Service Loan Forgiveness, and we explain what you need to know about PSLF and if it is suitable for you as a physician. A physician will out earn every profession, just look at the median salaries. I was hoping to do the SAVE-plan or something of that nature Welcome to /r/PSLF, reddit's community for discussion, information, and assistance about the US Government's Public Service Loan Forgiveness program. As for whether you should go for PSLF, would you move to a different, higher-paying job if not going for forgiveness? If you're giving up more than $5K to get PSLF, then you're losing out. The math posted is persuasive. But as far as this whole field goes, schools actually offer the MOST security in regular, sustainable work. I went to a small clinic to get a second opinion and the doctor said that the previous doctor should not have said that, it was too early. After this period, I would have about 100 payments left(?) but would have a higher monthly payment. if you don't see yourself moving out of public service, PSLF is worth it. I submitted my PSLF application last month and still waiting for final approval. Yeah, it's true more and more places are using physician groups. If you aren't very good at what you do, that will travel, half of what doctors are doing is gossip. I only know one general practitioner. However, I’m halfway through my 2nd year so I’ll start making attending salaries in a mere 1. Find a good district and decide for When I initially enrolled in the SAVE plan and submitted my PSLF form, I had a significantly lower income, so my monthly payment is ~$200 until the next income recertification period in about 6 months. Only If you have always wanted to be a doctor, then dont worry. It's hard work and I need a break. The hard decision has already been made: taking the PSLF job vs. 75% / 9k @ 6. I have $28K in student loans (military paid for Since the jump in payment is capped, physicians enjoy a unique advantage of many years of residency qualifying, with low/no payments and have the potential for enormous amounts of You’re not wrong. I Your post appears to reference the federal Public Service Loan Forgiveness (PSLF) program or the related TEPSLF program. PSLF isn't something you enroll in; you apply after your hit 120 payments. Apply for PSLF every year and keep a record of it. My perspective is coming from medicine where physicians make around your joint income but have loans that are $300-400,000 and in those situations, PSLF is a godsend. Strictly speaking from a financial standpoint, taking into account debt and time spent, it is still more than worth it. 25 years out of 10 years into public service loan forgiveness. I went to a private school for both my undergrad and grad degree. Most doctors can get 3-5 years of fairly cheap qualifying payments for it while they are residents and lots of qualifying employers. He's really excited about the new contract he signed with a major What will your attending income be? If you already have 5 years of payments an you're planning on working at a PSLF eligible employer, it's likely there would be value add to PSLF. many em docs are employed either through a large agency or a private group of physicians or technically self employed, there aren’t a ton of Er docs that are employees of hospitals. Medicine doesn’t have to mean suicide. It depends on your situation. Almost all of my colleagues with loans are also doing PSLF. 10 years of that is $300,000 in making payments. ) PSLF is a game changer. It looks like you submitted a form prior to the pslf waiver deadline. The r/StudentLoans community has a subreddit specifically for This subreddit is a place where high income professionals of all types can ask, answer, discuss, and debate the personal finance and investing questions specific to our unique situations PSLF would be worth it because if you make the scheduled payments at the rate they tell you, your loans will not be paid off in 10 years. 5 years of PSLF credit down from my training, my upcoming monthly payments beginning in October are very low ($300) since they’re based on Currently in my last year of residency (PGY-4 Derm) making 68k and enrolled in SAVE to take advantage of the low monthly payment. It is so worth it financially versus paying off those massive loans. Going through the path will guarantee 200k plus salary, which isn’t as likely in other fields. Is law school worth it for me? Is PSLF Worth it for Me? 55K subscribers in the PSLF community. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners However, I personally would not dump my savings into federal loans when you have options available to pay them back regardless. For my job, the PSLF confusion can come in when you work for a contractor. . I only have one that does not count for PSLF ($3k). Uuuffff I want to live wherever you do because I’m in NYC and with rent prices here plus food, and other mandatory and unavoidable expenses, paying off 100k in student loans while making 100k isn’t an easy feat. View community ranking In the Top 5% of largest communities on Reddit. I’m in university currently with a goal (for now) of hopefully becoming a family medicine doctor here in Ontario. I work in a large public school system and I have been for 8 years. taking a higher-paying job that is not eligible. I have been paying a STEPN is a Web3 lifestyle app with Social-Fi and Game-Fi elements that uses a dual-token system. There was a thread on r/financialindependence, I believe, a File jointly this year since my 2023 income was so low, and then for the next 5 years, file separately until PSLF comes to fruition and relieves her of 30-50k of debt (rough estimate). 35% On PSLF for 4 years now. I have loans 400k+ and my main goal is to pay it all off within the first 3-5 years out of residency. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others Regulations expected to be finalized this summer make it so that doctors working for some EM groups in California and Texas will be able to qualify for PSLF, even if they work for a for profit company, because the states legal environment makes it nearly impossible to work as an EM doctor without working for a for profit company ETA: genuinely appreciate those suggesting PSLF-eligible options for OP! I just know most Americans struggle to find reasonable dental care because it is so, so privatized. We use real-life examples and numbers to show the benefits of PSLF and deliver insights into what you can expect through the PSLF process. I'm not saying PSLF has an easy Your post appears to reference the federal Public Service Loan Forgiveness (PSLF) program or the related TEPSLF program. But as far as this whole field goes, schools actually offer the MOST I currently work in a middle school (and have for a few years, but I wasn't aware of the PSLF until more recently), though not as a teacher, so I can't afford a lot, and I honestly don't know how View community ranking In the Top 5% of largest communities on Reddit. From my review of the legal docs, if this goes through, TPMG and SCPMG physicians would be eligible for pslf. I have a question if it's worth for me to submit for PSLF so I can start tracking and counting my payments. The r/StudentLoans community has a subreddit specifically for Only you know what’s “worth it” to you. Currently, I have approximately 300k in student loans split between undergrad and medical school. Information and advice about Public Service Loan Forgiveness, a forgiveness program for US federal student X 8 years of payments ( 2 non PSLF, 6 PSLF) = $213,756 - $20,000 ( adjustment for first year attending and recertification date alignment) so if Loan balance is more than $193,756 PSLF may be better (income may go up though so maybe over $220, 000 to $250,000) LOOK UP BUYBACK on pslf sub also Posted by u/anm15 - 1 vote and 11 comments ED's new rule changes to PSLF (PDF) only address contractors who support qualifying employers and are prohibited from direct employment as a result of state law (this issue has arisen mostly with physicians in California and Texas, where state law prohibits non-profit hospitals from employing doctors directly). I’ve worked at great hospital based PT jobs. Please review our forum rules before contributing. I am also currently in year 9 of repayment, year 10 starts in Feb 2024 for me. KFH employs nurses, pharmacists, medical residents, etc. ) House prices are so utterly insane that adding on an extra 6-10% tax (figure based on usual salary range of junior doctors) onto the usual income tax we get, when people in their 20s and 30s are already struggling to get onto the property ladder seems quite punitive and is exacerbating inequality. 5 years. Would switching my loans to MOHELA be worth it incase When I initially enrolled in the SAVE plan and submitted my PSLF form, I had a significantly lower income, so my monthly payment is ~$200 until the next income recertification period in about 6 months. The CARES Act forbearance $0 payments ARE PSLF-eligible. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high House prices are so utterly insane that adding on an extra 6-10% tax (figure based on usual salary range of junior doctors) onto the usual income tax we get, when people in their 20s and 30s are already struggling to get onto the property ladder seems quite punitive and is exacerbating inequality. PSLF doesn’t seem to be worth it to have I found out recently that her job is eligible for PSLF, so I am just wondering if it is worth the time/effort/etc to apply for PSLF and consolidate the single loan? It’s my understanding that I But for many medicine/surgical/pediatric fellowship trained sub specialists it quickly becomes worth it when you're already banking 6-7 years of training payments and are likely For myself, I'm not counting on the PSLF. Hi -Im late to this conversation, but just researching grad school and the PSLF. Hello, my employer was recently added to the PSLF list, but for my circumstance I am not sure if it is worth it. Studentaid. I will say however, if you're only going into it for the money then medicine is not worth it. As a hardcore PSLF advocate and pursuer, though, $580k still seems like utter madness. 5x your salary and you don’t feel like you could pay it off earlier than 10 years without severely sacrificing in other areas, PSLF could be worth it. Of course, all of the news about only 1% of PSLF applications being accepted has me questioning what to do. As far as "risk", PSLF is built into the loan agreements for existing direct federal loans. If OP has Direct Loans they would get PSLF credit for the CARES Act pause payments (since March 2020) even without the waiver. I currently have $35,447. r/medicine is a virtual lounge for physicians and other medical professionals from around the world to talk about the latest advances, controversies, ask questions of each other, have a laugh, or share a difficult moment. This is because some health systems directly employ their doctors, while others actually contract out to a private group of doctors. The naysayers focus on people who couldn’t get forgiveness bc It will mainly be about who you know in the field, and also how good you are. I am trying to see if it’s still worth it to do. I don’t not qualify for IBR but qualify for other IDR plans I work in a large public school system and I have been for 8 years. so you have to evaluate your offers independently. Get the Reddit app Scan this QR code to download the app now. Or check it out in the app stores   r/medicine is a virtual lounge for physicians and other medical professionals from PSLF makes a lot of sense for you. Do you guys think it’s worth the hassle of applying based on my below history? TIA! For context purposes, I am a dietitian. This is not a It says I’ll receive $0 in PSLF since the loans will be paid off. So say you went into ENT, then 5 years of residency count towards and then you just need to work 5 years as an attending at that hospital and after you walk out debt free If they are under 1. I’ve seen Aussie doctors do something similar in EM/GP and spend all their remaining time travelling or pursuing other interests. ) who pretend to be doctors. Leaving private practice and pursuing PSLF was a slam dunk for my family. You can still take advantage of PSLF at most nonprofits, and the more It is in the best interests of physician lobbies to always teeter on the side of slight shortages because that means lower physician unemployment. You should also switch to an income-driven plan when the pandemic forbearance ends. In fact, more than half of borrowers who asked to have their loans and employment double-checked, to be sure they qualified for PSLF, "either did not meet basic eligibility requirements or had yet to make any qualifying loan payments," according to the report. 5x your salary Have none of you heard of PSLF? After 3 years of residency, you'd be pretty hard-pressed to find a location that doesn't offer a PSLF-qualifying primary care career for 7 more years. 5 years worth of payments on, and the 54k of HPSL that I have yet to consolidate it by itself to qualify for PSLF. (This way you'll start accruing PSLF-qualifying payments, not just TEPSLF -- PSLF's funding is unlimited, so if TEPSLF isn't available when you need it, then you'll have PSLF progress already there and can decide to keep going for PSLF instead. The interest is compounded daily. The reason is that at the other two, the physicians are directly employed by a private group, even though they work for If they are under 1. The Public Service Loan I have three payments left on 8 of my loans. And like Very low starting pay as a doctor and very slow pay progression over time as a doctor Lack of options to increase income as a doctor except for locumming and lack of job options outside of There is no universal answer to whether or not it's worth it just for the PSLF, because it's such a multifactorial decision. Previously was 3. Basically, the title. Any public service work can count towards PSLF, your paused COVID payments (might) count, and your payments don't have to be consecutive. That will compound the gains on PSLF is not for everyone in public service. you don't really commit to PSLF, but rather take advantage of it after 10 years of qualifying payments. If what fellow Annual Income: 98,000 Married filing jointly - spouse earned 70k last year, currently between jobs. I know this is assuming PSLF will still be around in 10 years and/or current borrowers will be grandfathered into the program. The answer is that everyone should sign up for PSLF in residency so those loan payments count. They have recently updated the FedLoans website to make the number of qualified payments for easily accessible and clear. I know how crazy competitive it is to get into med school currently but I was nonetheless interested in how the residency experience was here in Ontario, since that is something that kinda scares me given the brutal hours and long shifts that residents work Yeah, it's true more and more places are using physician groups. PSLF is bureaucratic and a pain, but . Is PSLF Worth it for Me? Hi guys, I'm a graduating PGY-3 next year and will be doing a gap year as an attending before applying for a fellowship. Your payments are income based. Stop spouting this But feel you're not progressing professionally / financially. This is not a This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high incomes. Doctor then enters residency for 4 years, earning $64,000 per year. For PSLF it’s all about who signs your checks, not where you clock in each day. It's so much to grapple with. My gf currently uses the PSLF and is back in school for another degree. This past July, it occurred PSLF makes a lot of sense for you. Between my wife and I we had a lot of loans forgiven. This is because they have a I'd like you to meet Tim, a soon-to-be-attending physician finishing up his five-year medical residency program. PSLF doesn’t seem to be worth it to have it hang over my head for 10 years it seems like at the end of it all, all that would’ve been forgiven would’ve been the interest that accrued over ten years and after ten years I pretty much would’ve Get the Reddit app Scan this QR code to download the app now. Or check it out in the app stores   Physician net worth . While I am not a physician and didn't grow up with any physicians in the family, I know quite a few of them now as I am involved in the type of sports that tend to attract white collar, type-A personalities. The r/StudentLoans community has a subreddit specifically for i concur with u/alh9h. I have $130k in student loan debt. Some details of my situation: -Had about $220k principle and interest at medical school graduation in After fellowship he will have 3 months left to qualify for PSLF. The waiver only is necessary for people who had the wrong loans or wrong repayment plan. We recommend you delete and re-post your question/comment at r/PSLF to get the best responses and centralize the discussion. something but worth it enough to bother As the title suggests, I am (going to be as of next week) a newly minted physician in training (incoming resident), and I'm looking to begin the steps in starting PSLF payments under the PAYE plan. Our advisor was recommend to us through his residency program. Just my 2c. I work for a 503c(b) company and am eligible for PSLF and it would cover a max of three years. If my long term career goal is to work in an R1 academic hospital as a physician, it would seem that PSLF would be a no-brainer (residency and my eventual employers would In every scenario I found that I would be better off refinancing and entering private practice from day 1 vs taking a neutered salary for 4-5 years post-residency to get PSLF. Plus there is a lot of prestige with being a doctor. I'm mid-50s, not in the greatest health (like standing all day or sitting all day would be hard for me), I have 6-figure debt and only 4 yrs toward PSLF. I have two consolidated In my midwestern city, there are three non-profit hospital systems that employ pretty much 90% of physicians here, but only one of those three qualifies for PSLF. At this time, I have been contributing My impression is that for doctors, PSLF is one of the best deals out of anyone given the high debt load and residency. I am pretty well set on the PSLF pathway using an IDR repayment plan -- I got started on this as soon as I entered residency so will only need another 4 years of 501c3 employment under my belt before the loan melts away. So in order to qualify for PSLF, you can be on either the standard plan or one of the four approved income-driven repayment plans: PAYE, REPAYE, ICR, Hi all! I am a PGY-5 heme/onc fellow with about $250k in student debt. My best advice is to find a financial planner that focuses on doctors. S. A whopping $120,000 which ballooned to $165,000. I was required to reapply for IDR this month. The email and information posted on the Federal Student Aid website is confusing but there is a PSLF waiver that apparently changes the program rules a bit for a short period of time. If you want to go for PLSF, make absolutely sure your loans are eligible for PSLF, then I would jump into PAYE Income Based Repayment, and make sure I'm trying to determine if it's worth it to seek PSLF for my situation. 7%, salary trend should be 530k-600k over the next 3-4 years, HCOL area, 5. This group can only advise you on the finances, and getting some of it forgiven is always going to be cheaper than getting none of it forgiven. This is the problem for me: no idea about IDR count. Depends on your partner’s debt. Political pressures aside, my loans are sufficiently small enough that I don't think it would financially make sense. Edit: also it is in the interest of the government not to have a surplus of physicians as each View community ranking In the Top 5% of largest communities on Reddit. So that means even if you were in the wrong kind of loan for pslf or if you were in the wrong kind of repayment you will get credit. Every time I do the PSLF Only you know what’s “worth it” to you. My plan is to do PSLF and so far I have 3-4 years of qualifying payments. They likely haven’t applied the waiver yet. Your PSLF will be tax free forgiveness, so the interest and total actual balance don’t have any real impact on anything. And don't PSLF is it worth it? I am 26 and teaching in a low-income school. Take the extra money and dump into retirement/investments. Others were in the wrong repayment plan. My wife’s story as a PT is the same. What will your attending income be? If you already have 5 years of payments an you're planning on working at a PSLF eligible employer, it's likely there would be value add to PSLF. We filed jointly last year first time in years. Final year may be stressful but later you will feel its worth the study and hardwork you have put. It’s meant for those with large balances in comparison to their income - in general, if the starting balance is less than the annual salary, it’s less likely to make financial sense. But, you would need to switch from REPAYE to PAYE and likely Posted by u/dam_ships - No votes and no comments PSLF will always be your joint income if you are filing jointly, so there's really no sense in doing it when your joint income will be so high and your loan is comparatively low. _____ "Noctor" refers to midlevels (NP, PA, CRNA, CNM, etc. But if you'd be making the same amount of money either way, then a $5K benefit is still a benefit. **Does anyone know how PSLF payments/calculations would work on 2 sets of loans? Basically the 68k of direct loans that I have 2. Opening arteries at 2am is rewarding especially with a good outcome. The r/StudentLoans community has a subreddit specifically for I have three payments left on 8 of my loans. I found that the 10 year standard repayment would be about 2053. For me, I probably wouldn’t want to spend the extra time watching it drop to 0 and then coming back for 1 payment month. The Reddit Law School Admissions Forum. On the flip side, if you work for a non-academic health system, it’s basically 50-50 between being eligible for PSLF or not. One of the big county hospitals near me would be great for pslf, being a county funded hospital, but nowadays all the EM docs there are hired through a physician group. Right now you just need to Doctor starts medical school at age 25, accruing a debt of $338,000 over 4 years. Obviously, if they completed a long residency and fellowship and only had 2 years left of PSLF qualifying payments to get $400k forgiven, then you would need to make $200k additionally post-tax in a private-sector job compared to a PSLF-qualifying Some borrowers had the wrong loans or employers that didn't qualify. Recently accepted a new job at a nonprofit hospital paying Really a personal choice. This profession has respect, Some very misleading statistics were widely circulated, but telling people for whom PSLF is a solid option that they should "move on" is simply bad advice. Members Online. The new PSLF rules released last month allow physicians working in those states as contractors, rather than direct employees, to qualify. That loan forgiveness plus the pension later in life is worth its weight in gold imo. The special waiver will be a one time account adjustment towards PSLF. Doctors are usually stable and you can still practice even at an older age, plus they do pay good. Your loans will accumulate the 10k back in interest in a very short period of time. PSLF requires that you work for a not for profit or government agency during your I am new to PSLF and federal loan repayment programs, so please be gentle! I have read as much as I can about it on the federal government's website and throughout this sub. Members Online Future of PSLF + what specialties is it worth for? A classmate of mine told me that it isn't hard to pay off medical school loans because of the PSLF program and that many residency programs are at major non-profit hospitals. Every time I do the PSLF PSLF would be worth it because if you make the scheduled payments at the rate they tell you, your loans will not be paid off in 10 years. As the title says, after 11 years of participation, I've just had my $470k principle + interest student loans discharged through Public Service Loan Forgiveness. How long have you had eligible employment? Are you single or EM doctors I’ve met in the US finish training quickly so they do 7 days on and 7 days off and live an unreal life and make 4-5 times US consultant salaries. I remember hearing about this in the news, but really didn’t think it would apply to me. So to me it seems safe wait out these next few months then make the switch. Hi thanks for the info. Is it worth it to consolidate all my loans (using the new waiver that expires in October) If your employer is paying while you're not earning PSLF credits (or the employer's payment dwarfs your minimum due), then it's just throwing money away and the higher taxes are not worth it. We ran the numbers to help attending physicians decide if PSLF is your best option. Department of Education (ED) is updating our systems and contact centers to better manage the Public Service Loan Forgiveness (PSLF) process in order to improve the overall borrower experience. is taking comments on how to allow physicians to qualify post-residency, since most non-university hospitals do not employ physicians directly, but rather they work for separate corporations which are contracted by the hospital. -I hate my PSLF call center job due to low support & telling people they do not qualify for assistance to find housing. Have interest free forbearance now. Which is mostly only private practice, hospitals and associated outpatient My question is if it is worth it. And . So my question is, is PSLF worth it for me? Being a married home owner, how much am I really losing out each year at tax season by filling separately from my spouse? It comes out to be 10 years of married filing separately returns (2014-2024). Now 2 years at this location, I have 4 years to go to forgive the remaining $90k(ish). I make around $108,000 pre-tax, (around $71,000 net) and I work for a qualifying employer. Generally if your salary is higher than your loan load PSLF isn't the best option, but it really depends on your situation. Members Online PSLF with high income The doctor said I need to do a CAT scan or something (idk much about medical equipments). ) Join the “PSLF eligible - physician” group on Facebook. If you can tolerate, consider waiting. Hello reddit! (1) For residents who are attending a residency at for-profit MegaCorp, is there still any possible path to PSLF? For instance, could they forbear loans during residency then take an attending job at a 501(c)3, start an IDR repayment program upon graduating residency, and apply for PSLF on day 1 as an attending? Get the Reddit app Scan this QR code to download the app now. Part of the /r/StudentLoans network. I have 230k in federal loans at an average rate of 5. Welcome to our virtual space for all things related to PAs! Participation is open to anyone, including PAs, Physicians, NPs, nurses, students, other medical professionals, and the general public. PSLF forgiveness is based off AGI from most recent tax return and your filing status. I currently make $60K and my salary will only grow about 1% a year. Reply reply There is no universal answer to whether or not it's worth it just for the PSLF, because it's such a multifactorial decision. Members Online Any reason not to pursue PSLF? I reached out to one, I left in Sept 2011, when I submitted my waiver application in October and didn’t hear back. What Even past that, when you have a higher amount owed and a high salary it can make sense to pursue PSLF while maximing your tax-advantaged retirement contributions (which lower your AGI and therefore your IDR payment too) Basically for PSLF to be a reasonable move your IDR plan payment has to be lower than the Standard 10 year plan. Or check it out in the app stores r/medicine is a virtual lounge for physicians and other medical professionals from around the world to talk about the latest advances, controversies, ask questions of each other, have a laugh, or share a difficult moment. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high When you say “worth it” as in financially, then yes it is absolutely worth it to be a physician. I have eleven payments left on two of my loans. I'm currently trying to figure out what to pay down during my gap year and was wondering if you could help me figure it out. Is the PSLF worth it? Income: $200,000 Physicians are employed by either of those groups. I was a single mother and have been making payments View community ranking In the Top 5% of largest communities on Reddit. It seems some doctors may work at the hospital that is a non-profit 501(c)(3) but the physicians are actually paid by Skip to main content. Background: I am about to be a resident physician making $58K/year for 3 years until I'm an attending then will be averaging roughly $300K. Many underserved areas have a lower cost of living, so the lower salary isn’t a huge bummer, especially when considering they’re (hopefully One tip I’ll give you is, while looking at jobs, know that even though you might be looking at a job with a 501c3 hospital, it might actually be that you are paid by a for-profit physician group that contacts with the hospital, which doesn’t qualify you for PSLF. I've never made a student loan payment and I'm in the position to pay off my loans in a year. Reddit's hub for advice, articles, and general discussion about getting and repaying But if you're absolutely 100% sure that this job or other qualifying employment is where you will be for the next decade, and you're willing to deal with all the paperwork hassles, I guess you'd get I assume a vast majority of residents know about PSLF but If this reaches just one resident swamped in +400k of student loan debt I consider it worth it. The standard repayment plan is eligible for PSLF. Texas and Californian physicians are in a special spot. Engineers need to get into management to crack 200k. totally worth it to have your loans forgiven. It is designed to highlight the differences between a medical doctor and midlevels in areas including training, research, outcomes, and lobbying. Saving lives and giving back is why its worth it to me. This was one of the reasons why i had very low faith in the PSLF & other govt forgiveness programs. Previously, physicians in California and Texas were not eligible for PSLF because they are literally, by law, prohibited from being directly employed by nonprofit and public healthcare organizations. It might not pay like a doctor butthat's public education for you. Reply reply Admirable-Cost-6206 The U. Open menu Open navigation Open navigation. I keep getting emails about the PSLF waiver, and I figure I’m not eligible based on my employment history, however I figured I’d post my timeline on here just in case I’m missing anything. Is it worth putting in the work to get those employers certified or does it not matter because my count is already above the 120 threshold? I love everything about cardiology and learn new things everyday. How common is it for the savings in PSLF to not be worth it? With how much salaries have bumped up recently, on a $400,000 salary, if your take home after taxes pay is $25k or so, and you pay 10% of that for $2500 a month, that’s $30k a year going towards PSLF payments. Stop spouting this PSLF is just not worth it for doctors. Do I try to force my body to do 6 more years of PSLF work or wait for IDR? I dk bc I don't have IDR recount. Only When I considered how much loan money would be forgiven and the dollar value of my benefits, the value of staying with gov employment and utilizing PSLF came out to about $40k a year. Even if you are placed in a public school, if your employer is a for-profit company, that’s what matters. If the amounts are close Previously, physicians in California and Texas were not eligible for PSLF because they are literally, by law, prohibited from being directly employed by nonprofit and public healthcare organizations. Members Online 400K loans - Refinance rate 5%. Do Get the Reddit app Scan this QR code to download the app now. Unless you consolidated after 10/31/22 then they should be applying the pslf waiver in the near future. If I go the PSLF route I will need to stay with my employer, For me I would say its worth it. You're nearing PSLF. He said it might be cancer. To ultimately achieve PSLF you must make 120 qualifying payments. lawyer), it can be a better idea to take a higher-paying private sector job (some medical specialties have average annual salaries at or above $500K) and pay the loans off in Participation is open to anyone, including PAs, Physicians, NPs, nurses, students, other medical professionals, and the general public. Also i just got married and my wife has no student loans, would it benefit me in either way if we file separately or jointly? Really a personal choice. The r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at r/PSLF. I personally would consolidate them now, apply for income contingent repayment, submit your PSLF form from your employer and continue to save money. If you are going for PSLF, stick to district hire only!! Hi all! I am a PGY-5 heme/onc fellow with about $250k in student debt. 6 figures sounds like a lot but 100k We're working towards PSLF. I have $350k of student loans and will be starting a PSLF-qualifying attending position with 500k base salary in September 2024. However, Doctor is not making OP you also mention student loans. If you want to go for PLSF, make absolutely sure your loans are eligible for PSLF, then I would jump into PAYE Income Based Repayment, and make sure For context, I am a single 28 yo and a recent physician assistant graduate with undergrad and grad loans totaling ~$174k. For pre-PA help, check out /r/prephysicianassistant. Let’s be honest here. Check out the sidebar for intro guides. Then when you’re done with residency, calculate the future value of full Deciding to go for Public Service Loan Forgiveness is a big decision. Even the low end of physicians make more than basically every other job. Or check it out in the app stores or downvoted simply for having a high income and "first world" problems. or downvoted simply for having a high income and "first world" problems. Edit: also reddit mod lmao Reply reply It is long but often it is worth it. People always mention FAANG companies, but those jobs are so rare. I have worked for a qualifying employer for 5 years (stage government). Loans - 15k @ 5. I am married, 1 child. I currently have about $61,000 in student loans. I've been with the government for 9 of my 10 years. There is no deadline for PSLF in general. Learned great skills and have landed unique and upwardly mobile roles with those skills. Up until recently, seeing so many success stories (On FB, there is a large group of Is it worth consolidating my loans to apply for PSLF loan forgiveness? I am a teacher in a public school with $100,000 in student loans. I am a teacher and have about 4. If your debt to income ratio is less than 2:1 once you are an attending you are better off refinancing your loans and paying off your loans as aggressively When is PSLF not worth it? Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. Or check it out in the app stores Is PSLF worth it for me? 30K or downvoted simply for having a high income and "first world" problems. If pursuing PSLF, it never makes sense to make a lump sum or extra payment - the goal is to pay the lowest payment every month to maximize forgiveness. It has a ton of wonderful information regarding PSLF as well as documentation of who is being accepted. In your case, I would be absolutely positive that your future employer is qualifying before pursuing a strategy based on a goal of obtaining forgiveness through PSLF. On a side note this If I apply for PSLF now will I still get credit from all the COVID months of forbearance or did I miss the boat on that. The medical groups contract with Kaiser Foundation Hospitals. I feel like the vast majority of the benefit of PSLF comes from being in the program during residency. . We go back and forth on whether it is I currently have $35,447. Same if you are an independent contractor at the hospital. I am wondering if there are any physicians out there who can PSLF stands for Public Service Loan Forgiveness, and we explain what you need to know about PSLF and if it is suitable for you as a physician. Is PSLF worth it for ~$3k forgiveness . gov's loan simulator is telling me with 215k of income that PAYE would start at 1610, and last payment would be 1900. Don't get me wrong, it's a great career path, but it's a lot STEPN is a Web3 lifestyle app with Social-Fi and Game-Fi elements that uses a dual-token system. We use real-life examples and Overall, you can pursue PSLF for federal student loans but not for private loans. The PSLF program Only caveat is if you plan to move or work in a setting in the next 10 years where you’d no longer be eligible for PSLF. Your post appears to reference the federal Public Service Loan Forgiveness (PSLF) program or the related TEPSLF program. Now I’m working towards PSLF, and all the payments made during my first four years counted towards PSLF. But, you My loans went into repayment on 12/2021 and I have 2 PSLF eligible $0 payment counts on the PSLF tracker, one for December 2021 and one for January 2022. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high incomes. Is the PSLF worth it? Income: $200,000 Hi Reddit, Here is my situation. 85 in subsidized and unsubsidized loans. This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high incomes. Where I did residency was a state run hospital but the attendings were hired by a physician group. With $130k in loans if you are doing the PSLF program and the residency is at a non-profit hospital that can even count as 1 year towards the 10 years /r/StudentLoans: Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. -What I mean to say is. I have about 6 years left on my PSLF (Public Service Loan Forgiveness) plan (some years were deferred from grad school). Is it even worth being in this program other than being with a loan provider who doesn’t add absurd interest? Or the IDR that requires the same policies as PSLF. Hospitalist attending 16 years, just paid off last student loan 3 months ago, and only thanks to PSLF only obtainable under the Biden waiver. It made me worry because I just got hired and I don't have much savings. PSLF isn't something you enroll in; you apply after 120 payments. So if that’s congruent with your goals (working at an academic center after a fellowship, for example), then yes. This largely depends on your field. or downvoted simply for having a high income and "first Also, a lot of physician jobs qualify for PSLF, and you haven’t done residency yet, so you don’t know what your preferred practice setting will be (even if you think you know). Still scrapping by without sacrificing retirement. If it’s 150k total then it’s break even after five years of minimum payments. g. Reply reply Top 2% or downvoted simply for having a high income and "first world" problems. Starting my first attending job soon at an employer that qualifies for PSLF. Users equip NFT Sneakers – walk, jog or run outdoors to earn tokens and NFTs. of Ed. I just need a questions answered: 1. The deadline for the special waiver, where time under the wrong loan, forbearances and being on wrong type of payment plan (it must be a qualifying IDR), and all that other stuff got credited, was a while ago - Oct 2022. 5x your salary and you don’t want them hanging over your head for 10 years, it could be nice to be aggressive so you could be done with them. Lawyers have to hustle harder than physicians to crack 200k. The best place on Reddit for admissions advice. The PSLF is a lot of money for you to just walk away from, especially if you're also going from legal practice to something less lucrative. Yeah, it would help a lot to know what is the other career you're considering, OP. Most of my physician friends are in their late-40s to mid-50s and are specialists in their field. No matter how bad a night is, if a patient goes back to their family and they’re happy, it makes everything worth it. Currently the Dept. Those employees of KFH are eligible for pslf. Weigh your options. What counts as a qualifying payment So, basically I just graduated school in December, and started working for my PSLF-approved job in March. What you really need to determine is if you think you will commit to PSLF for 120 payments (they don't have to be consecutive, btw) This includes physicians, dentists, attorneys, physician assistants, nurse practitioners, pharmacists, physical therapists, occupational therapists, and others with high incomes. Is it worth it to consolidate lots of loans for ONE that isn't eligible? I've now made over 40 qualifying PSLF payments. There's probably other ways to leverage your law degree. My situation: I have worked 8 years for PSLF-eligible employers. These are physicians that have finished an intern year, but have not yet been offered a residency. dnkfkvpv usvxfh lftv fipun oaicb sqd phuedhv hkmmr tjngjy tuaatc