Did you know there are debt forgiveness programs specifically for physicians? 

In our latest video, James provides an overview of the Public Student Loan Forgiveness (PSLF) program, which can be a lifeline for physicians weighed down by student loan debt. 

Related: How to Tackle Your Med School Loans

This government program offers loan forgiveness for those who commit to working at not-for-profit organizations for at least 10 years. When you make regular monthly payments throughout this period, the remainder of your loan balance will be forgiven by the federal government at the decade’s end (assuming you meet any other qualifying requirements, of course).

And it’s never too early to start planning for how you will manage your debt!

“The bottom line is most physicians do qualify for PSLF in some capacity – and the time to start thinking about that and really getting it figured out and set up is during residency, during training, before you finish training,” James explains.

The last thing you want to do is leave the amazing benefits of debt forgiveness programs on the table, and early planning can potentially ease the financial burden of your student loans.

Navigating the PSLF program can seem complex, with its myriad rules and regulations. That’s where a financial advisor can provide value – they can help you understand the nuances of the program and avoid potential pitfalls that could jeopardize your eligibility. An advisor may also be able to optimize your payment strategies, especially during times when your income might be lower (such as during residency) to maximize your benefits.

Still not sure if you’re eligible for a debt forgiveness program like PSLF, or simply want to learn more? Click here to schedule a meeting with a member of the Equitta team. 

Chapters

• 00:00:10 - James provides an overview of Public Student Loan Forgiveness (PSLF).
• 00:00:22 - Familiarize yourself with the requirements for PSLF, like working at a not-for-profit.
• 00:00:33 - Discover how loan forgiveness is possible after 10 years of payments.
• 00:00:45 - Timing is key when considering this debt forgiveness program–the earlier you start planning, the better.

3 Key Takeaways

1. Public Student Loan Forgiveness (PSLF) is a government program that offers loan forgiveness to physicians who work at a not-for-profit organization for 10 years and make monthly payments during that time. 
2. Most physicians are eligible for PSLF in some capacity – so it's crucial to start thinking about and planning for this program early on, ideally during residency or training. 
3. By understanding the requirements and planning ahead, physicians can maximize the benefits of this federal program and alleviate the financial stress associated with student loans.

Plan for Debt Forgiveness Early with Equitta

Still not sure if you’re eligible for a debt forgiveness program like PSLF? Click here to schedule a meeting with a member of the Equitta team. 

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