3 ms·
My wife has $4000,000 med school loans. We are on PSLF and payments are 10% of (adjusted gross income minus 150% fed poverty line). She’s an attending now an
by sykh 8y ago
My wife has $4000,000 med school loans. We are on PSLF and payments are 10% of (adjusted gross income minus 150% fed poverty line). She’s an attending now and we do everything we can to decrease our adjusted gross income. Our payments do not cover interest on the loans. The balance increases each month.
In 8 years, if everything goes according to plan, her loans will be forgiven and be near $600,000. It’d be a lot more cost effective for society to just offer free med school and lower doctors’ wages. But our society has opted for inefficiency. Her large doctor salary is necessary to pay for her schooling but when the loans are paid off her salary won’t decline.
- riahi 8y agoWhy did her time in residency not count toward pslf?
- sykh 8y agoIt should have but she wasn’t aware of the program until after we met. I researched her options and PSLF is the best one. She works at a Hospital and thus has qualifying employment.
- riahi 8y agoUnless she wasn't on an appropriate payment plan during residency, that time still counts. I'd look into it.