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PSLF

  • Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 802
    Joined: 02/11/2019

    I am surprised on how many residents and young physicians are depending on PSLF.  I know so many residents and new attendings in the 300-500K debt range.  Yes some schools are very expensive are in HCOL areas but I can think of several people who told me they took out the max because it was going to be forgiven.  I know several other examples of people where PSLF is being used in a more appropriate way.  I am not saying you have to live like a bum if you plan on having your loans forgiven but I have seen some questionable choices.  (I lived like a bum in medical school and paid off my loans)

     

    Does anyone think that PSLF might cause more harm then good?

    Could it be promoting students to take on more debt then they otherwise would?

     

    “Never let your sense of morals prevent you from doing what is right.”

    #198094 Reply
    Liked by Tim
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2127
    Joined: 09/18/2018

    No offense.
    Duh.

    #198105 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 802
    Joined: 02/11/2019

    No offense.
    Duh.

    Click to expand…

    Haha none taken.  I agree it seems like it could cause issues but I only hear about people hoping for it and planning around it.  Just looking to start a conversation that might give a student some pause prior to going down the wrong road.

     

    “Never let your sense of morals prevent you from doing what is right.”

    #198108 Reply
    Liked by Tim
    Avatar Nysoz 
    Participant
    Status: Physician
    Posts: 29
    Joined: 10/23/2017

    Yeah, I think PSLF is a golden carrot that’s being dangled in front of the newer graduates. I don’t think it was ever really intended for physicians, but more for teachers and other fields that have a much lower income potential.

    I’m not sure the ballooning average medical school debt is only from poor lifestyle choices from the students and taking out more than they need to. I think a handful have the mindset of living lavishly and taking out more loans expecting everything to be forgiven in the future.

    I think the bigger problem is cost of education in the country. I looked up average tuition for medical school earlier today out of curiosity and found that average tuition in the past 10-15 years has tripled. This doesn’t take into account inflation or cost of living that the newer generation has to deal with as well. This leads to a lot of the newer grads being much more in debt than the older generation. Attending or resident salaries haven’t gone up by the same amount I’m pretty sure over the past 10-15 years so that leads to more people looking for help through PSLF.

    We’ll have to see what happens as more and more people get their loans forgiven in the next few years and what the government does to the program.

     

    #198112 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 802
    Joined: 02/11/2019

    No doubt tuition is rising.  My medical school when from 18K to 32K in the 4 years I was there.  I just looked it up and it is now 43K for in state residents 7 years later.  I am sure this is a bigger issue then “living it up as a student on loan money”  However we have little choice in how much the cost of tuition is. You can choose the cheapest school you get into but not everyone is so lucky to get multiple choices.  We can choose how we live and students already live on “play money”  I would hate to take the last bite of fear of paying this back out of the loans.

     

    “Never let your sense of morals prevent you from doing what is right.”

    #198132 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3024
    Joined: 01/14/2017

    Why would the promise of debt forgiveness ever inspire more reckless spending? Say it ain’t so!

    #198134 Reply
    Liked by Lordosis, Tim

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