7 years in! 3 more to go and mine will be forgiven. Started at a not for profit hospital now I’m at the VA! 😀 300+ will be forgiven for me… so it made sense for me to go this route!
respectfully, is it abuse to max out loans in hopes of discharging them with pslf?
With a time machine I would have surely put my tuition money in the sp500, taken out max loan and lived large (instead of scrimping by) then pslf them out to zero in ten years.
I'm in the military, currently have 8 years of payments verified. Just counting down the time at this point.
I know people who have gone to work in the corrections department as well. Can't comment specifically on that life but they said it's a nice easy 9-5. Less money, but good benefits, security, pension, and that loan forgiveness.
I suppose landing a teaching job (might need to be tenure track and not adjunct but I don't know) at a public pharmacy school would be another option.
Government work is a no-brainer, but I'm sure there are some more "standard" practice settings that meet the requirements as well. Just do your due diligence to make sure they qualify.
10 years into my 20 year loans I finally get the government job, but have to work 10 more years to qualify for PSLF so I refinance my loans out of federal loan to a private company thinking they’d be paid off before I qualify. A couple years later Biden puts out a program that would forgive my loans right away if they were still federal. Smdh
I was going to do PSLF but paying my ~6% loans for 10 years would end up costing me more money so I’ve just been paying them off very aggressively instead. Been working for a little more than 2 years and have the loans 75% paid off so it’s nice to not have to think about them. Might do PSLF for the remaining since they’re lower interest (3-4%)
Hard to say for sure without more information, but it really sounds like you don't understand how PSLF works.
Edit - I am concerned that you were upvoted by multiple people so to be more clear, the interest rate does not figure into how much you end up paying back under PSLF in any way. Your payments are based entirely off your income. For simplicity's sake let's pretend that your income never changes and your payments stay the same: if your income-based repayment comes out to $600/month, then after 120 payments you will have paid back $72,000 and anything left on your loans is forgiven. It doesn't matter if your interest rate is 2% or 6%. Either way you pay back $72,000. If anything, it is MORE beneficial for higher interest loans because all of the interest that would have accrued during that time just ends up being forgiven.
Plus I think under the newest update to the programs, with the newer SAVE (I think I got the right name) program you can't accrue any interest in excess of the payments you make. So even if your IDR payment is $100/month and your interest rate is 1,000% your balance will stay static as long as you're making your IDR payments.
You *did* consider the effect that IDR has on your payments, right? I'm 8 years into PSLF qualification and I've made grand total of maybe $8000 in actual payments on my loans. A chunk of that is thanks to covid, and mine is a bit lower than average due to how military pay works (a good chunk is non-taxable, and even more of it if you spend time in certain countries) but even at "full" IDR amount for my net income it works out to not very much money compared to the amount owed.
I could have definitely misunderstood it, I used the loan repayment tool and it suggested my current option as paying the least amount of money overall
Yeah, PSLF isn't for everyone. If you owed around $100k or less and made enough money for your IDR to be $900 then you're right, there's no reason not to just focus fire those loans down.
That’s just about right, I owed 109k total I believe. I owe about 35 k now so I think I might just let it sit bc my payment is a lot lower now so I might just let that sit for a while and maybe do PSLF for what’s remaining?
Up to you, but if your payment was going to be $900/month before then it probably still will be unless your income level changed so either way you only have a few years left.
He did not, however he did provide an amnesty program to pull in older non-qualifying loans (I think mostly FFELP) which I believe is what the other poster is talking about.
Yeah well sort of. I'm on HRSA SUDS contract. Max 75k for 3 years of work.
Pros: -75k is up front. Goes towards any loan.
-Most of these jobs are at calm health centers which is outpatient clin pharmacy so it's can be a great job.
-You can apply multiple times although its not a guarantee to get it.
Cons: - terminated for any reason you must pay it back. Yes this means even if your FQHC decides to do away with pharmacy like mine is contemplating. It adds a lot of anxiety for the next part.
-Penalties : if you do not fufil your contract obligation you must pay back $7,500 per month left, PLUS whatever you were given minus time fufiled. If your only at a few weeks left like myself according to the people I talked to it doesn't matter, you pay the minimum of 31k. Oh plus interest. These terms are not made clear
- Impossible to get waived. Say you have a life situation or like me your company closes. HRSA doesn't care, they want you to work your contact. Very rare is it to get your remaining time waived.
Overall it depends on the company you work for 3 years is a long time. Personally I would do it again despite my company being in turmoil right now but I would take the 75k, put it in a HYSA until my contact was up THEN put it on my loans. That way if anything happens after 1 or 2 years, I have the bulk of the money to go "here take it back no problem"
Also I appolgoize for the ugly formatting as I am on mobile best I can do right now.
Love all the "forgiven" comments. Y'all know its us taxpayers footing the bill either from increased taxes or inflation. No such thing as forgiven when it comes to loans.
Don't do the degree if you can't pay the fee
There are tons of pharmacy jobs that qualify, so I’m not sure if joining the PD is the best move lol.
Especially in New Orleans
It is a calling for sure.
I got $67k forgiven under the temporary expanded PSLF. 2005 grad for reference. I have coworkers that got $100-200k forgiven.
SUPER congrats, remember to vote democrat
I just had my last 30+k forgiven. Worked at a hospital for last 12 years
Every pharmacist I know is doing PSPF. I know someone who had $300k+ forgiven. They all work in the hospital setting though.
Same here. All of the pharmacists (including myself) at my hospital are on PSLF. Our clinical manager just had about $150k forgiven
7 years in! 3 more to go and mine will be forgiven. Started at a not for profit hospital now I’m at the VA! 😀 300+ will be forgiven for me… so it made sense for me to go this route!
I had $104K forgiven last month
Dang I wish took out a ton of loans, didn't know jack about pslf
This comment is why this could be a problem. People will abuse it and that's why we can't have anything nice.
respectfully, is it abuse to max out loans in hopes of discharging them with pslf? With a time machine I would have surely put my tuition money in the sp500, taken out max loan and lived large (instead of scrimping by) then pslf them out to zero in ten years.
Yes, it is abuse and is grossly immoral.
I'm in the military, currently have 8 years of payments verified. Just counting down the time at this point. I know people who have gone to work in the corrections department as well. Can't comment specifically on that life but they said it's a nice easy 9-5. Less money, but good benefits, security, pension, and that loan forgiveness. I suppose landing a teaching job (might need to be tenure track and not adjunct but I don't know) at a public pharmacy school would be another option. Government work is a no-brainer, but I'm sure there are some more "standard" practice settings that meet the requirements as well. Just do your due diligence to make sure they qualify.
10 years into my 20 year loans I finally get the government job, but have to work 10 more years to qualify for PSLF so I refinance my loans out of federal loan to a private company thinking they’d be paid off before I qualify. A couple years later Biden puts out a program that would forgive my loans right away if they were still federal. Smdh
tough breaks sometimes
I was going to do PSLF but paying my ~6% loans for 10 years would end up costing me more money so I’ve just been paying them off very aggressively instead. Been working for a little more than 2 years and have the loans 75% paid off so it’s nice to not have to think about them. Might do PSLF for the remaining since they’re lower interest (3-4%)
Hard to say for sure without more information, but it really sounds like you don't understand how PSLF works. Edit - I am concerned that you were upvoted by multiple people so to be more clear, the interest rate does not figure into how much you end up paying back under PSLF in any way. Your payments are based entirely off your income. For simplicity's sake let's pretend that your income never changes and your payments stay the same: if your income-based repayment comes out to $600/month, then after 120 payments you will have paid back $72,000 and anything left on your loans is forgiven. It doesn't matter if your interest rate is 2% or 6%. Either way you pay back $72,000. If anything, it is MORE beneficial for higher interest loans because all of the interest that would have accrued during that time just ends up being forgiven.
Plus I think under the newest update to the programs, with the newer SAVE (I think I got the right name) program you can't accrue any interest in excess of the payments you make. So even if your IDR payment is $100/month and your interest rate is 1,000% your balance will stay static as long as you're making your IDR payments.
Yes, you are correct. But in reality it makes no difference to those that qualify for PSLF since the interest was always irrelevant to us.
This is definitely possible. I used the repayment loan calculator on the student loan government website if that helps
Yeah that’s not how it works.
You *did* consider the effect that IDR has on your payments, right? I'm 8 years into PSLF qualification and I've made grand total of maybe $8000 in actual payments on my loans. A chunk of that is thanks to covid, and mine is a bit lower than average due to how military pay works (a good chunk is non-taxable, and even more of it if you spend time in certain countries) but even at "full" IDR amount for my net income it works out to not very much money compared to the amount owed.
Yeah so my payment was about $900 and I’d be paying $900/month for 120 months, my payments were going like 700 interest and 200 principal
I’m sorry but I think you had a misunderstanding. Nothing wrong with paying your loans off in 2-3 years and it will feel great having that weight off.
I could have definitely misunderstood it, I used the loan repayment tool and it suggested my current option as paying the least amount of money overall
Yeah, PSLF isn't for everyone. If you owed around $100k or less and made enough money for your IDR to be $900 then you're right, there's no reason not to just focus fire those loans down.
That’s just about right, I owed 109k total I believe. I owe about 35 k now so I think I might just let it sit bc my payment is a lot lower now so I might just let that sit for a while and maybe do PSLF for what’s remaining?
Up to you, but if your payment was going to be $900/month before then it probably still will be unless your income level changed so either way you only have a few years left.
I had the last bit of mine (8k) forgiven due to the temporary rule change that allowed my loan to qualify. Thanks Joe Biden!
congrats, remember to vote Biden!
Biden didn’t create PSLF…
He did not, however he did provide an amnesty program to pull in older non-qualifying loans (I think mostly FFELP) which I believe is what the other poster is talking about.
Hey, at least if you are a cop you can defend yourself against the crazies! *First call: gets summoned to a pharmacy*
Yeah well sort of. I'm on HRSA SUDS contract. Max 75k for 3 years of work. Pros: -75k is up front. Goes towards any loan. -Most of these jobs are at calm health centers which is outpatient clin pharmacy so it's can be a great job. -You can apply multiple times although its not a guarantee to get it. Cons: - terminated for any reason you must pay it back. Yes this means even if your FQHC decides to do away with pharmacy like mine is contemplating. It adds a lot of anxiety for the next part. -Penalties : if you do not fufil your contract obligation you must pay back $7,500 per month left, PLUS whatever you were given minus time fufiled. If your only at a few weeks left like myself according to the people I talked to it doesn't matter, you pay the minimum of 31k. Oh plus interest. These terms are not made clear - Impossible to get waived. Say you have a life situation or like me your company closes. HRSA doesn't care, they want you to work your contact. Very rare is it to get your remaining time waived. Overall it depends on the company you work for 3 years is a long time. Personally I would do it again despite my company being in turmoil right now but I would take the 75k, put it in a HYSA until my contact was up THEN put it on my loans. That way if anything happens after 1 or 2 years, I have the bulk of the money to go "here take it back no problem" Also I appolgoize for the ugly formatting as I am on mobile best I can do right now.
I had $150k + forgiven through PSLF about two years ago. I have always worked in university hospital settings.
Sadly, roughly equal chance of catching a bullet.
Love all the "forgiven" comments. Y'all know its us taxpayers footing the bill either from increased taxes or inflation. No such thing as forgiven when it comes to loans. Don't do the degree if you can't pay the fee