We know, everyone has already written about this
Yes, we are aware that the physician-finance blogosphere has already covered this topic thoroughly. And while some of you may try to point out the fact that this topic is ‘so last Fall fashion’, we feel compelled to write something regardless. The main reason is that the PSLF Limited Waiver is amazing! If you aren’t following all of the forgiveness posts on the PSLF-Eligble Physicians Facebook Page, you really should check it out. There are some truly incredible amounts of money being forgiven to people who did not think they would be eligible.
But, we are going to write something anyway
So, we want to use the little platform we have to encourage people to check and see how the waiver applies to them and then to pass it along to everyone you know. Seriously though, we are surprised that this waiver is not actively discussed on every single physcian listserv out there.
Here are the basics: There were major changes in the rules governing Public Service Loan Forgiveness (PSLF) at the end of 2021. PSLF is a federal program that forgives (tax free!) federal student loans after a specified number of payments made while working for a non-profit, government, or military organization. Previously only specific types of federal loans and specific repayment plans were eligible. This made many people who took out loans prior to 2007 ineligible despite making regular payments while working for a non-profit.
In Fall 2021 the PSLF rules were changed so that all federal loan types and all repayment plans qualified for PSLF. This means that many people are eligible for PSLF now! To see whether you may benefit from the rule changes, and next steps, check out the easy-to-read guide from the Dept of ED.
Important: To qualify for PSLF under the revised rules, you must take the initial steps prior to Oct 31, 2022.
Share Away
Seriously, just copy what we have written above and send it to everyone you know. I guarantee that it will be better received than the weekly reminders everyone in your institution gets about *“Meditation Monday”.
PS
This is further evidence that PSLF is not going away for those who have already taken out loans. Do not believe the fearmongering online about the futility of the program. And we won’t point fingers at other online platforms that seem to have changed their tunes about PSLF/private refinancing recently.
PPS
*Meditation is great. We highly recommend it.
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