EPISODE · Feb 18, 2021 · 4 MIN
#30: The Finance Flash Go Podcast | Important Topics About Money | The Public Service Loan Forgiveness Program
from Finance Flash Go | Create and Grow Wealth | Lessons, Tips, and Strategy · host Taylor Brana
Welcome to another episode of the Finance Flash Go! podcast. On this episode, we’ll talk about the Public Service Loan Forgiveness (PSLF) program. Now, I am a big proponent of paying off your student loans as quickly as possible. This is how I am paying off my student loans as well. Our goal is that we need to pay these off in 5 years or less. But there is also the PSLF program. And that may be an option for some physicians. But who? Well, I could have taken advantage of the PSLF program because my training was 7 years, during which I could have made small income based repayments. Then I would only need 3 more years of repayments at a qualifying hospital to have the remainder of my loans forgiven. But I was ignorant and didn’t take advantage of this as a trainee. Now that my salary is much much higher, income based amounts are very high and any forgiveness, if at all, would be minimal. So, in general, if you have a longer training period and/or have a low income/debt ratio (<1), PSLF likely will be a good option for you. If neither of those are true, paying off your debt via an approach like the one above is likely your best option. Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!
What this episode covers
Welcome to another episode of the Finance Flash Go! podcast. On this episode, we’ll talk about the Public Service Loan Forgiveness (PSLF) program. Now, I am a big proponent of paying off your student loans as quickly as possible. This is how I am paying off my student loans as well. Our goal is that we need to pay these off in 5 years or less. But there is also the PSLF program. And that may be an option for some physicians. But who? Well, I could have taken advantage of the PSLF program because my training was 7 years, during which I could have made small income based repayments. Then I would only need 3 more years of repayments at a qualifying hospital to have the remainder of my loans forgiven. But I was ignorant and didn’t take advantage of this as a trainee. Now that my salary is much much higher, income based amounts are very high and any forgiveness, if at all, would be minimal. So, in general, if you have a longer training period and/or have a low income/debt ratio (<1), PSLF likely will be a good option for you. If neither of those are true, paying off your debt via an approach like the one above is likely your best option. Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected], and please be sure to check out Jordan Frey’s blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer While we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner’s responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!
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#30: The Finance Flash Go Podcast | Important Topics About Money | The Public Service Loan Forgiveness Program
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