Public Service Loan Forgiveness Eligibility Question

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  • Avatar jehan 
    Posts: 2
    Joined: 06/19/2016

    Posting the following on behalf of a colleague regarding their Public Service Loan Forgiveness eligibility:

    “I’m a pediatrician. I’ve been working exclusively for non profit hospitals for the last few years. I only have a few years remaining to hit the 120 payment mark for public service loan forgiveness.

    Recently I have been in talks for a job with a non PSLF eligible employer and there is a very strong possibility that I will leave my current role for this new one. This of course puts me in a bad position for PSLF.
    At the same time, I have been volunteering for a pediatric cancer 501c3 for years. This is a passion of mine and I dedicate a lot of time to this organization. Easily averaging 30+ hours a week. I was discussing my PSLF dilemma with the director and they offered to put me on the payroll and make me an official, contracted, full time employee. The director said they will pay me whatever amount per hour qualifies for PSLF and I can donate the salary, keep it, whatever I want (I would probably just donate it back).
    Would this scenario – full time doc at a non PSLF employer and full time employee at a 501c3 – work for PSLF?

    I’ve read through the employment certification form (…/public-service-employment-certification-form.pdf ) and it seems like it would. But I know that the government is looking for ways to deny people. I’ve also called FedLoan and they have no idea.

    Thank you!”
    #198410 Reply
    Status: Physician
    Posts: 2126
    Joined: 06/24/2016

    If you’re a full-time employee of a qualifying non-profit organization for whom you’ll file an ECF annually, then it doesn’t matter what you do over and beyond that. It doesn’t say anywhere that you can’t have any additional employment or income.

    "I like money." - Frito Pendejo (Idiocracy)

    [Not a financial professional (yet), lawyer, or employee of The White Coat Investor]

    #198470 Reply
    Liked by Peds

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