Does PSLF work in Neurosurgery

[Broke]

As the name implies is public service loan forgiveness compatible with neurosurgery.  Assuming you do pay-as-you-earn in residency.  Residency is 7 of the 10 years, how much of my $280k loan can I expect to pay back, and have forgiven.

[Tintinnabulum]

(01-11-2018, 12:21 AM)Broke Wrote: As the name implies is public service loan forgiveness compatible with neurosurgery.  Assuming you do pay-as-you-earn in residency.  Residency is 7 of the 10 years, how much of my $280k loan can I expect to pay back, and have forgiven.

Oh lord I never thought about this

[Guest]

nope it doesn't unfortunately. kind of bs that it doesnt

[Guest]

Why? I thought you just need 7 years of residency and 3 years working at a nonprofit. The only issue may be the amount you have to pay that last 3 years with the expected salary of 500k+.

[Guest]

You have a tax bill at the end of it, I can't remember the rate, but my ~300k in loans plus interest would equal about 62K in a tax bill at the end of the 10 years. I'm not sure if you can make installment payments on the tax bill, but if a neurosurgeon is responsible he or she should have 62k in cash by the end of 3 years of practicing.

It's also important to note that not 100% of residency programs out there are non-profit. I think almost over 90% of residency programs are non-profit, but you have to submit a form to your program to be forwarded to the dept of education that certifies your employer (residency program) has 501©(3) status.

It's also helpful to know that the 10 years is cumulative, not consecutive. obviously the biggest financial benefit comes from running 10 consecutive years, but if you change employers to a non-profit it can be a good strategy for lessening the student loan burden.