If I did it I would find out the payment if I did it myself and put the difference in an investment so if I wanted leave for some reason I wasn’t tied to it. If I made it, hey I’m pretty well set.
Public Service Loan Forgiveness
- Thread starter Clonefan32
- Start date
this is the ridiculous part. if you're using the standard repayment plan, which most people are, your 10-year clock hasn't ever started. it's only if you're doing income-based repayment (or one other plan, IIRC, which all have lower payments). they threw out a token amount of additional funds this year after they realized how many people were ******, specifically earmarked for those that were ******, but it's only enough for a few thousand people at most. my wife, a middle school teacher, is one of those that will never see a dime back. oh well, plenty of other people/things to be mad at these days i guess, i try not to let this keep me up at night.
I'm finding out finally how profitable the private sector can be. If you're in construction, get out of residential and do commercial. The money is insane.
If you are a healthcare provider, such as a doctor, nurse, dentist, physicians assistant, nurse practioner, therapist, psychologist, etc., you can get your loans paid off. This is a good organization. This is how I paid off my loans as well as several of my colleagues. They paid mine off all at once and I had to promise to stay at my site for two years. They even flew me to Norfork Virginia for training and a seminar.
https://nhsc.hrsa.gov/loan-repayment/index.html
https://nhsc.hrsa.gov/loan-repayment/index.html
I first read this as "7 years in prostitution". I'm leaving this thread now.
The issue with this whole thing is approach. If the only reason you are doing a public service job is to get at the pslf stuff then you're better off in the private sector and just paying it off.
There are a lot of people who aren't money driven who choose to work for non profits and this is meant to simply be an incentive. I started with Red Cross 8 years ago and moved up in the company to where I'm making much more than my MA in History should make me as part of the national leadership team. Yes, I can convert this management and operations experience into the private sector but there is simply more risk there then I am currently experiencing. I have encountered numerous people who joined Red Cross because they are looking at is as a peace corps type of thing where after 10 years they get a tax free bonus. They end up frustrated with pay and upward mobility they feel they are owed and almost always leave.
The only issue I currently see with PSLF is the lack of information on the process. Nobody was told there is essentially one loan company that handles all of this. even if you're at another company in order to submit the PSLF that loan needs to be transferred to the right company. In the early years the form changed every year so if you didn't submit annually and just tracked on your own you likely have a few years of invalid forms. Lastly the ICR stuff. A lot of people fall of this because they forget to do their annual renewal.
What would help everyone is transparency in qualified payments. On edfinancial you cannot see how many or even review your submitted employers from the previous years. A simple PSLF area that compares your payments to your qualified work history would do wonders. The size of the loans forgiven to date seems to be related to highly educated very indebted people like doctors and attornies. The visibility into the issues and process isn't a government failure thing. It is a lack of transparency in a process.
Fun note there is now a new version of PSLF for those who were denied that claims to address the reasons for denial and help fix them. They could have saved all this egg on their face by more clearly laying out things for everyone before hand.
There are a lot of people who aren't money driven who choose to work for non profits and this is meant to simply be an incentive. I started with Red Cross 8 years ago and moved up in the company to where I'm making much more than my MA in History should make me as part of the national leadership team. Yes, I can convert this management and operations experience into the private sector but there is simply more risk there then I am currently experiencing. I have encountered numerous people who joined Red Cross because they are looking at is as a peace corps type of thing where after 10 years they get a tax free bonus. They end up frustrated with pay and upward mobility they feel they are owed and almost always leave.
The only issue I currently see with PSLF is the lack of information on the process. Nobody was told there is essentially one loan company that handles all of this. even if you're at another company in order to submit the PSLF that loan needs to be transferred to the right company. In the early years the form changed every year so if you didn't submit annually and just tracked on your own you likely have a few years of invalid forms. Lastly the ICR stuff. A lot of people fall of this because they forget to do their annual renewal.
What would help everyone is transparency in qualified payments. On edfinancial you cannot see how many or even review your submitted employers from the previous years. A simple PSLF area that compares your payments to your qualified work history would do wonders. The size of the loans forgiven to date seems to be related to highly educated very indebted people like doctors and attornies. The visibility into the issues and process isn't a government failure thing. It is a lack of transparency in a process.
Fun note there is now a new version of PSLF for those who were denied that claims to address the reasons for denial and help fix them. They could have saved all this egg on their face by more clearly laying out things for everyone before hand.
I wonder if the public sector tends to "compress" pay scales closer to the middle? IE, pay the less skilled jobs that require no college more than they're worth, but pay the highly educated skilled jobs less than they're worth.
I see a lot of custodians and maintenance workers who are employed by the 3 public universities here in Iowa who have worked there 20+ years and are making $65,000 per year, fully funded TIAA-CREF, and cadilac benefits. I have to imagine they're sticking around so long because there's no way they could go to the private sector and make even close to that. Just a best guess.
I think we are close to the same age but when I graduated in 2001, the state auditors were starting at 28,000 and pubic accounting was starting at 38,000. I know a few years later the state auditors tried to get their pay a bit more in line.
As an aside, boy does it make me feel old to think I started at 38,000. And one wonders where my money currently goes since it doesn’t feel like I live much differently.
I found that to be the case in my situation, at least. Long story short, took a 33% pay cut to work at a university. Got tired of that ****, got a job similar to my previous job, making what I was before.
I'm enrolled in this program. Mostly because it isn't like there are any more financially attractive positions as a teacher and this seems like a no brainer. Currently year 4 into 10. Hoping to fit a master's in there somewhere to get paid off as well since federal aid for master's programs is much higher than undergrad, although I haven't looked into this for a couple years. It would be nice to fit in some graduate study to then launch me out of public schools and into higher pay. We will see.
