Career and Life Planning Guidebook for Medical Residents

1. Does this cover my field of practice? 2. Can you get forgiveness on multiple loans? 3. Is this an employer or a state funded program? 4. Are the benefits taxable? 5. What is the length of the commitment? 6. Does the employer or state pay down the loan each year or do they wait until the end of the commitment? Let’s look at a couple of examples of some debt forgiveness programs… THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAM (PSLF) The most common debt program that physicians look into is the Ten-Year Public Loan Forgiveness program. This is sponsored by the federal government and can cover virtually any field of practice. You don’t have to specify a particular loan because it can cover all of your loans (assuming they have been Stafford, Perkins, and other federally-backed programs). The benefits are currently not taxable, but this could change in the future. As the name mentions, it is a 10-year program . The federal government will not forgive the balance until the end of the program. It can feel like a hamster wheel turning round and round with no end. Managing Your Student Debt 369 WWW.PHYSICIANCAREERPLANNING.COM