MtoM #34 - PSLF Forgiveness and Millionaires!

Oct 4, 2021

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ANECDOTE

PSLF Forgiveness Story

She started with $178,000 in federal loans and made small payments during residency and fellowship.
After 120 payments, the remaining balance was forgiven under Public Service Loan Forgiveness (PSLF).

ADVICE

Be Diligent With PSLF Paperwork

Stay diligent tracking your payment counts and submission paperwork for PSLF.
Resubmit paperwork promptly when counts are off to avoid delays in forgiveness.

ADVICE

Proactive Communication for PSLF Success

Stay on top of your loan accounts and paperwork submissions year by year.
Communicate proactively with multiple coordinators if working across different programs.

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Out of school they owed $178K, paid $20-30K off over the next 10 years, and had the rest forgiven. Be diligent, make sure you track each payment. Getting those loans forgiven gave them a significant boost to their net worth, reaching millionaire status! Read about tips and errors to avoid when going for PSLF. https://www.whitecoatinvestor.com/dont-give-up-pslf/

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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!

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