PSLFP—Update

[docstudent]

I have approximately $201,000 in total student loan debt and it will be canceled shortly due to the changes linked to the PSLFP. I received an email from the Department of Education and it noted that my account will be credited 70 payments and that brings my total to over 140 payments. The PSLFP notes that after 120 payments, the loan amount will be forgiven as long as the applicant is currently employed in a public service occupation. The limited modifications in the program will dramatically impact my financial picture in a positive way.

[Fishindude77]

All of the taxpayers picking up the tab are not nearly as excited about these deals.
Particularly those that have already paid for educations and / or repaid student loans.

[disneysteve]

That's awesome, docstudent. Congratulations! I'm glad you've been able to benefit from the program. As a taxpayer, I'm grateful that programs like this exist. I'm happy to see my dollars go for noble purposes like this instead of so much of the nonsense they generally go for.

What are your plans going forward? Do you think you'll remain in the public service job or will you switch to private sector where you can likely earn far more money?

[ua_guy]

I'll be that feels like a big burden off your shoulders, docstudent.

A lot of tax dollars go to education...but these types of programs have an even bigger, and very measurable impact. Not only is your degree already finished, but you are lending your skill to a public institution, and that's worth something. Public institutions attract talent where they otherwise can't with these programs--because private sectors can often pay more. There's a lot more to these programs than just forgiving or discharging debt!

[docstudent]

As Americans, “WE” all give and take along the way. As a single person, my tax dollars pay for public schools, child-tax credits and a ton of other things that don’t directly benefit me. During the pandemic, I did not review a single stimulus payment, but it what it is. To clarify, each person that received a cancellation made 120 payments and paid a large potion of the debt back. The bulk of my debt amount was attributed to the interest over time.

What am I going to do? I think I’m going to remain in the public service sector, but I’m not going to limit my options out my current field. Over the next few years, I will be able to make between 150G to 180G, so I don’t know if I’ll make much more in the private sector. I’m going to continue invest and work on paying down my mortgage. I would like to get another property in the LA basin and rent out my condo. However, I want to take a year to figure out what I want to do professionally.

[docstudent]

As the nation deals with the current teacher shortage, programs like this will provide a constant flow of people entering the public service sector. I think the revamping of the program will draw professionals to various fields in the PS sphere. If not, marginalized communities will be devastated by the vacancies Scorsese the board, especially in the areas of math and science.

[LivingAlmostLarge]

All of the taxpayers picking up the tab are not nearly as excited about these deals.
Particularly those that have already paid for educations and / or repaid student loans.

Actually we are not picking up the tab, DocStudent paid her dues by working for less money in an underpriviledged area. This was a contract. She was forgiven $x for service. We agreed to pay her so much for what she owed. I don't think we picked up the tab. Instead we paid someone to go work somewhere that other people are avoiding work.

Otherwise sorry to say how will you get public school teachers, dr, nurses to work in super low income areas?

[disneysteve]

Actually we are not picking up the tab, DocStudent paid her dues by working for less money in an underpriviledged area. This was a contract. She was forgiven $x for service. We agreed to pay her so much for what she owed. I don't think we picked up the tab. Instead we paid someone to go work somewhere that other people are avoiding work.

Otherwise sorry to say how will you get public school teachers, dr, nurses to work in super low income areas?

Well said. I’ll never understand people who oppose programs like this. They are vital in fields like public education and healthcare especially in rural and other underserved areas.

[Petunia 100]

Well said. I’ll never understand people who oppose programs like this. They are vital in fields like public education and healthcare especially in rural and other underserved areas.

It's a knee-jerk response, rather than a thoughtful response. Social work is another vital field which requires a great deal of education yet pays very little.

[LivingAlmostLarge]

It's a knee-jerk response, rather than a thoughtful response. Social work is another vital field which requires a great deal of education yet pays very little.

There are many jobs that are pretty vital but also pays very little. Most jobs do not pay commesurate with work and going to "Afford" college. And part of the bigger problem is that we don't think about what we want to do and make it affordable so a teacher can walk out with $100k in debt.