YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven

Mar 24, 2022

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Robert Lopez, CFP® and YFP Planning Lead Planner, discusses the current state of the PSLF program, plus three pharmacists share their PSLF success stories. Key Points From This Episode

Introducing today’s topic: the PSLF success stories of three pharmacists.
A reminder of who Robert Lopez is and his role at Your Financial Pharmacist.
An overview of the first and second half of the show and what we will cover.
The basics of PSLF, Public Service Loan Forgiveness, and who qualifies.
Which changes were made to the rules of PSLF.
What the big news comes down to: you don’t have to rule out forgiveness.
What the limited waiver meant for those in the military.
Optimization strategy with PSLF and how Robert recommends you reallocate your finances.
The benefit of switching to a lower payment plan while achieving a long-term forgiveness plan.
An introduction to Kimberly Gale’s journey into the world of pharmacy.
The amount of debt she graduated with and how much was ultimately forgiven.
How she discovered PSLF through a friend’s recommendation.
Challenges she faced along the way, including communication at the beginning.
How PSLF helped her to afford the lifestyle she wanted for her family.
Ashley Hicks’ story of gravitating towards pharmacy because of her love for people.
How much Ashley ultimately had forgiven through PSLF.
The challenge that uncertainty and anxiety posed within her PSLF process.
How optimization and strategy can help navigate late discovery loans.
The opportunities that PSLF opened up for her and her husband to focus on other goals.
Meet Kyle Sobecki and learn about his work as a pharmacist in a nonprofit hospital.
Kyle’s story of having had exactly $189,038.72 forgiven.
Homework he has done along the way leading up to choosing PSLF.
How PSLF works when you work for a non-profit.
Uncertainties and challenges he had along the way.
His advice with regards to filing your paperwork on time each year.
Goals the PSLF plan freed Kyle up to pursue including paying off personal debt.

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