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Hospitalist schedule and loan forgiveness

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  • Avatar WuzUpDoc 
    Participant
    Status: Spouse
    Posts: 31
    Joined: 11/03/2018

    I’m wondering if anyone has any experience or insight into how a 7on/7off schedule might effect federal/state loan forgiveness and PSLF. Our state loan repayment program does a hospital match but states that you must work 40 hours/week for a minimum of 45 weeks/year. My job will require call duty the entire week on and full time is listed at 26 weeks. Will this keep me from qualifying? Similarly, will this schedule cause issues with qualifying for PSLF?

    I’m also wondering if a hospitalist position is even a qualifying position for federal and state loans as most of them are geared for primary care. I’m FM, but does hospitalist count as primary care? None of the sites seem to specify this so I’m not sure how to interpret it. I will be in an under served rural area so I’ve got that part covered.

    The hospital I will probably sign with is a 503 so I’m trying to figure out if I need to negotiate loan forgiveness or not. Obviously, if I go PSLF it’s not necessary to negotiate loan forgiveness, although the match from the hospital and state is nontaxable so it wouldn’t hurt me and would be a small buffer if something doesn’t work out down the road with PSLF, and I could negotiate a higher salary. Otherwise, if I’m not eligible for PSLF then I would want to make sure I negotiate good loan repayment in the contract.

     

    #179965 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1324
    Joined: 12/07/2016

    I’m wondering if anyone has any experience or insight into how a 7on/7off schedule might effect federal/state loan forgiveness and PSLF. Our state loan repayment program does a hospital match but states that you must work 40 hours/week for a minimum of 45 weeks/year. My job will require call duty the entire week on and full time is listed at 26 weeks. Will this keep me from qualifying? Similarly, will this schedule cause issues with qualifying for PSLF?

    I’m also wondering if a hospitalist position is even a qualifying position for federal and state loans as most of them are geared for primary care. I’m FM, but does hospitalist count as primary care? None of the sites seem to specify this so I’m not sure how to interpret it. I will be in an under served rural area so I’ve got that part covered.

    The hospital I will probably sign with is a 503 so I’m trying to figure out if I need to negotiate loan forgiveness or not. Obviously, if I go PSLF it’s not necessary to negotiate loan forgiveness, although the match from the hospital and state is nontaxable so it wouldn’t hurt me and would be a small buffer if something doesn’t work out down the road with PSLF, and I could negotiate a higher salary. Otherwise, if I’m not eligible for PSLF then I would want to make sure I negotiate good loan repayment in the contract.

     

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    A 7on/7off schedule means 7 x 12 hour shifts, so 84 hours per week.  You’ll easily meet the definition of full time with that schedule.  I’m sure that’s all the state is looking for in it’s definition.

    #179971 Reply
    Liked by Gamma Knives
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 553
    Joined: 01/26/2017

    I’m wondering if anyone has any experience or insight into how a 7on/7off schedule might effect federal/state loan forgiveness and PSLF. Our state loan repayment program does a hospital match but states that you must work 40 hours/week for a minimum of 45 weeks/year. My job will require call duty the entire week on and full time is listed at 26 weeks. Will this keep me from qualifying? Similarly, will this schedule cause issues with qualifying for PSLF?

    I’m also wondering if a hospitalist position is even a qualifying position for federal and state loans as most of them are geared for primary care. I’m FM, but does hospitalist count as primary care? None of the sites seem to specify this so I’m not sure how to interpret it. I will be in an under served rural area so I’ve got that part covered.

    The hospital I will probably sign with is a 503 so I’m trying to figure out if I need to negotiate loan forgiveness or not. Obviously, if I go PSLF it’s not necessary to negotiate loan forgiveness, although the match from the hospital and state is nontaxable so it wouldn’t hurt me and would be a small buffer if something doesn’t work out down the road with PSLF, and I could negotiate a higher salary. Otherwise, if I’m not eligible for PSLF then I would want to make sure I negotiate good loan repayment in the contract.

     

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    How much do u owe and what is the salary

    #180000 Reply
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 842
    Joined: 11/07/2017

    I’m wondering if anyone has any experience or insight into how a 7on/7off schedule might effect federal/state loan forgiveness and PSLF. Our state loan repayment program does a hospital match but states that you must work 40 hours/week for a minimum of 45 weeks/year. My job will require call duty the entire week on and full time is listed at 26 weeks. Will this keep me from qualifying? Similarly, will this schedule cause issues with qualifying for PSLF?

    I’m also wondering if a hospitalist position is even a qualifying position for federal and state loans as most of them are geared for primary care. I’m FM, but does hospitalist count as primary care? None of the sites seem to specify this so I’m not sure how to interpret it. I will be in an under served rural area so I’ve got that part covered.

    The hospital I will probably sign with is a 503 so I’m trying to figure out if I need to negotiate loan forgiveness or not. Obviously, if I go PSLF it’s not necessary to negotiate loan forgiveness, although the match from the hospital and state is nontaxable so it wouldn’t hurt me and would be a small buffer if something doesn’t work out down the road with PSLF, and I could negotiate a higher salary. Otherwise, if I’m not eligible for PSLF then I would want to make sure I negotiate good loan repayment in the contract.

     

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    How much do u owe and what is the salary

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    So that FLP can mock you for not just paying off the student loans in full right away rather than trying for loan repayment or forgiveness ?

    #180008 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 553
    Joined: 01/26/2017

    Correct, 2 much uncertainty for Fatlittlepigs taste. Assuming decent salary and no astronomical debt I would pay it off. A colleague of Fatlittlepig just paid off 300K in 3 yrs as single income hospitalist

    #180014 Reply
    Liked by Anne
    Avatar WuzUpDoc 
    Participant
    Status: Spouse
    Posts: 31
    Joined: 11/03/2018

    fatlittlepig- I will owe close to 400k. Salary is still being negotiated. I’m also late thirties, have two kids, and wife stays home. Also no retirement savings, so would really like to get that loaded up quickly.

    Go ahead and shoot, piggie

    #180016 Reply
    Liked by SLC OB, Tim
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 553
    Joined: 01/26/2017

    Let’s say salary is 275, you will work extra shifts – 325, pay off 100K a year, free in 4 years.

    #180032 Reply
    Avatar Panscan 
    Participant
    Status: Resident
    Posts: 663
    Joined: 03/18/2017

    Do you have 3 years of PSLF payments made during residency already? That would also affect the calculus IMO

    #180033 Reply
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 842
    Joined: 11/07/2017

    I don’t disagree with you FLP but if a hospital has a loan repayment program, say 25k year x 5 years why wouldn’t you do that as well?  Especially if you can’t opt out of that program in exchange for a higher salary, which is the case sometimes.

    #180040 Reply
    Liked by wonka31
    Avatar WuzUpDoc 
    Participant
    Status: Spouse
    Posts: 31
    Joined: 11/03/2018

    FLP- Small hospital with few chances for extra shifts. If I was over 400k I would lean more towards just paying it off but I am not expecting that.

    Panscan- I will be 3 years in when I graduate.

    #180045 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 553
    Joined: 01/26/2017

    don’t need extra shifts. you can pay off this debt, it will take discipline and good financial habits. you can roll the dice with the public forgiveness thing (which admittedly i know little about)

    #180070 Reply
    Avatar dayman 
    Participant
    Status: Physician
    Posts: 62
    Joined: 12/09/2017

    don’t need extra shifts. you can pay off this debt, it will take discipline and good financial habits. you can roll the dice with the public forgiveness thing (which admittedly i know little about)

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    I’ll ask the obvious question if no one else will – why are you advising people on things you know little about?

    #180163 Reply
    Avatar fatlittlepig 
    Participant
    Status: Physician
    Posts: 553
    Joined: 01/26/2017

    don’t need extra shifts. you can pay off this debt, it will take discipline and good financial habits. you can roll the dice with the public forgiveness thing (which admittedly i know little about)

    Click to expand…

    I’ll ask the obvious question if no one else will – why are you advising people on things you know little about?

    Click to expand…

    good question. I guess personally fatlittlepig wouldn’t be happy to go 10 years or 15 years on this public forgiveness program, then all of a sudden 15 years later someone on the phone says WuzUpDoc looks like your job you were working 84 hrs a week, but that was only for 26 weeks a year, the other weeks you weren’t working so sorry you do not qualify. by then debt is over a million, fatlittlepig says no thanks to that. Or after 14 years, the government says we are ending this program, so sorry Wuzupdoc.

    #180198 Reply
    Avatar dayman 
    Participant
    Status: Physician
    Posts: 62
    Joined: 12/09/2017

    don’t need extra shifts. you can pay off this debt, it will take discipline and good financial habits. you can roll the dice with the public forgiveness thing (which admittedly i know little about)

    Click to expand…

    I’ll ask the obvious question if no one else will – why are you advising people on things you know little about?

    Click to expand…

    good question. I guess personally fatlittlepig wouldn’t be happy to go 10 years or 15 years on this public forgiveness program, then all of a sudden 15 years later someone on the phone says WuzUpDoc looks like your job you were working 84 hrs a week, but that was only for 26 weeks a year, the other weeks you weren’t working so sorry you do not qualify. by then debt is over a million, fatlittlepig says no thanks to that. Or after 14 years, the government says we are ending this program, so sorry Wuzupdoc.

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    I think the odds of that are low, but agree they are greater than zero. Any future change will likely grandfather in people currently in the system. Whether that small risk is worth taking will depend on the person, their situation and loan burden, and their risk tolerance.

    I am actually paying off my own 300k in loans quickly, probably before 3 years. But that’s mostly an emotional decision. Like you, I don’t know enough about PSLF to tell other people whether they should or shouldn’t do it.

    #180240 Reply

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