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Message
student loan forgiveness
Posted on 1/14/15 at 10:13 am
Posted on 1/14/15 at 10:13 am
I've seen many healthcare professionals qualify for some type of student loan forgiveness. I've also seen programs involving rural areas or working with kids.
Does anyone have any info regarding student loan forgiveness programs for PTs? I've seen some proposed in legislation, but I can't find a good place to research possible options.
Any assistance would be appreciated.
*physical therapists*
Does anyone have any info regarding student loan forgiveness programs for PTs? I've seen some proposed in legislation, but I can't find a good place to research possible options.
Any assistance would be appreciated.
*physical therapists*
This post was edited on 1/14/15 at 10:15 am
5
Posted on 1/14/15 at 10:17 am to blueboxer1119
If you work in a healthcare network that is a 501c3 instead of private practice, your loans can be 100% forgiven after 10 years of minimum payments.
All you need to know: LINK
But if you have any questions, I work in higher education, and this program is one of my areas of expertise. I will be happy to answer any questions. One of the things I would recommend is that if your loan balance is greater than your adjusted gross income, you can qualify for forgiveness in the lower cost income-driven plans rather than making the standard payment. This is very typical of early career medical professionals.
All you need to know: LINK
But if you have any questions, I work in higher education, and this program is one of my areas of expertise. I will be happy to answer any questions. One of the things I would recommend is that if your loan balance is greater than your adjusted gross income, you can qualify for forgiveness in the lower cost income-driven plans rather than making the standard payment. This is very typical of early career medical professionals.
This post was edited on 1/14/15 at 10:20 am
Posted on 1/14/15 at 10:21 am to blueboxer1119
quote:
Does anyone have any info regarding student loan forgiveness programs for PTs?
If you find any, let me know. I'm paying $1220 a month for my wife's.
That was the 10 year plan. We're on year 4 and I'm finally about to be able to start hitting it hard. With the interest accruing, I really wish I could've done it sooner.
Posted on 1/14/15 at 10:26 am to CQQ
Here's a real world example that I just worked out for someone a few days ago:
$90,000 loan balance at 4.25% (Direct Consolidated)
$72,000 AGI (Family of 2)
$456/month for 10 years and balance is forgiven. If they had two kids the payment drops to $302.
$90,000 loan balance at 4.25% (Direct Consolidated)
$72,000 AGI (Family of 2)
$456/month for 10 years and balance is forgiven. If they had two kids the payment drops to $302.
This post was edited on 1/14/15 at 10:27 am
Posted on 1/14/15 at 10:40 am to anc
ANC wins the prize for most useful thread of the week. Too many folks repaying loans don't understand the various payment reduction options available to them. Kudos to you for helping people out.
Posted on 1/14/15 at 10:56 am to anc
My interest rate is 2% and my wife is at 1.5%, I guess I cant complain.
Posted on 1/14/15 at 11:02 am to SippyCup
quote:
My interest rate is 2% and my wife is at 1.5%, I guess I cant complain.
Yeah, but if you worked in an eligible workplace (hospitals, universities, schools, public service), you could pay that 2% amortized over 30 years and be done in 10 years.
Posted on 1/14/15 at 11:08 am to anc
quote:
Yeah, but if you worked in an eligible workplace (hospitals, universities, schools, public service), you could pay that 2% amortized over 30 years and be done in 10 years.
From everything I looked at...PT's were not eligible for any loan forgiveness.
Posted on 1/14/15 at 11:10 am to Golfer
quote:
From everything I looked at...PT's were not eligible for any loan forgiveness.
Has nothing to do with what your career is. If the organization that files a W-2 on you is a 501(c)3, you are eligible, whether you are a doctor, an engineer or a janitor.
Posted on 1/14/15 at 11:19 am to anc
Oh...well any outpatient PT isn't going to be eligible. 
Posted on 1/14/15 at 11:23 am to Golfer
quote:
Oh...well any outpatient PT isn't going to be eligible.
Not true. If said outpatient PT worked for an Ocshner PT clinic, BINGO. More hospitals & clinics are nonprofit than you'd think...plus, this might serve as incentive to make a job switch to a nonprofit health system. State/gov't jobs count too.
Posted on 1/14/15 at 12:52 pm to anc
Would working for the school system qualify you for the loan forgiveness after 10 years?
What about if you did contract work through a company hired by the school board? Do you need to be directly working for the school?
*Doing PT for kids at school.
What about if you did contract work through a company hired by the school board? Do you need to be directly working for the school?
*Doing PT for kids at school.
Posted on 1/14/15 at 12:57 pm to blueboxer1119
quote:
Does anyone have any info regarding student loan forgiveness programs for PTs?
No. But hopefully they don't.
Posted on 1/14/15 at 1:09 pm to blueboxer1119
quote:
Would working for the school system qualify you for the loan forgiveness after 10 years?
Yes, but the school system would have to issue your W-2. That's the verification mechanism.
Posted on 1/14/15 at 8:11 pm to blueboxer1119
quote:
Does anyone have any info regarding student loan forgiveness programs for PTs? I've seen some proposed in legislation, but I can't find a good place to research possible options.
DPT here. For my loans, I traveled for 3 years, busted my arse and took the most lucrative job offers around the country and paid my 93k off in 25 months. I highly recommend it.
Posted on 1/15/15 at 8:46 am to St Augustine
quote:
DPT here. For my loans, I traveled for 3 years, busted my arse and took the most lucrative job offers around the country and paid my 93k off in 25 months. I highly recommend it.
OP and other deadbeats in this thread need to get off their butts and pay off their loans. Where the hell did people's self respect go?
Posted on 1/15/15 at 9:29 am to anc
quote:
anc
Any way you can shoot me an email? Since you seem to have an understanding of this, I'd like to give you the breakdown on what we are doing and see if we have options.
coryquebedeaux@yahoo.com
Posted on 1/15/15 at 9:30 am to Ole War Skule
quote:
OP and other deadbeats in this thread need to get off their butts and pay off their loans. Where the hell did people's self respect go?
I don't see the problem with trying to benefit from every advantage made available to DPTs.
If you'd like to label me as a "deadbeat" for not attempting to benefit from these programs that's fine.
However, I would say anyone that doesn't use programs designed specifically for their profession is worse than a deadbeat. They are simply an idiot.
Posted on 1/15/15 at 11:30 am to blueboxer1119
After 10 years you have paid off the original amount of the loan. the rest is interest.
Posted on 1/15/15 at 11:38 am to blueboxer1119
quote:
However, I would say anyone that doesn't use programs designed specifically for their profession is worse than a deadbeat. They are simply an idiot.
I wouldn't worry about them. Your morality lies with doing what is best for you and your (future) family. "Selfish" self interest and all of that.
Good luck
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