An MBA graduate recently contacted us about his eligibility for PSLF on his $300k in federal student loans. He’d inquired with the career advisor from his MBA program, and this “resource” sent this article in response: TEPSLF Rejections.

Wow. If we hadn’t spent so many years studying the evolution of this program and advocating borrowers who qualify, we might have the wind blown out of our sails by such data! It’s incredible how misinformed so many “resources” are on this topic still today. Fortunately, you have DWOQ in your corner. We calculated about $200k in savings for our MBA friend based on the job offer he was contemplating.

Just to reiterate, the federal government didn’t “nationalize” student loans until July 2010. Prior to this date, a majority of borrowers received FFEL loans, which are not “Direct” and therefore not eligible for PSLF or TEPSLF unless they’ve been consolidated to Direct Loans. These are the folks who represent the majority of declinations today. We won’t see meaningful amounts of loan forgiveness granted through PSLF until mid-2020 and increasing dramatically year-over-year afterwards. Unfortunately, loan servicers weren’t helping borrowers over the past decade, and the recent news about Navient (formerly Sallie Mae) helps explain why: Navient Deception.

So, long story short… don’t believe the media hype! We are ALWAYS available to discuss your concerns and update your action plan.

Separately, for those of you in training and positioning for PSLF, we continue to gather desired employment data once you transition. We’re working closely with non-profit recruiters this time of year, so if you haven’t yet shared your profile with us for PSLF-qualified employers, you can do so here: https://fs22.formsite.com/DWOQ/1sbru0nhux/index.html

Also… if you graduated school in 2019 and have procrastinated on entering repayment, your grace period will be ending soon! Let us help by registering for a consultation HERE.

Lastly, on the refinancing front, the fed lowered rates AGAIN last week, and rates remain competitive in the private marketplace. Physicians transitioning in 2020 can secure today’s rates as well as up to ONE FULL YEAR of deferment, once you have a contract in hand, with our top lending partners. If you’d like to discuss the suitability of refinancing, let me know and I’ll get you on my calendar ASAP.

Finally, we’ve re-designed our blog to offer easier access to our marketplace updates and musings. Save it to your favorites, if you’re so inclined.

‘til DEBT do us part,

Goal-Oriented, Servant Leaders with a Warrior Spirit.

This post was originally written by Jason Dilorenzo of Doctors Without Quarters.

Securities and advisory services offered through Cetera Advisors LLC, Member FINRA/SIPC, a broker/dealer and a Registered Investment Advisor.  Cetera is under separate ownership from any other named entity.