How confident are you in IBR and the PSLF?

[Lifesaver]

For those of us who didn't get full/any funding and aren't independently wealthy, are you confident in the IBR and PSLF programs to help you pay back your debt? Are you afraid it's going to blow up in your face in a few years? Do you know anyone currently using those methods of repayment? Is it going well for them? Anyone have any good blogs/articles to read about the success and longevity of these programs?

[kgoodw2]

For those of us who didn't get full/any funding and aren't independently wealthy, are you confident in the IBR and PSLF programs to help you pay back your debt? Are you afraid it's going to blow up in your face in a few years? Do you know anyone currently using those methods of repayment? Is it going well for them? Anyone have any good blogs/articles to read about the success and longevity of these programs?

I AM confident in them, and many of my friends are using IBR with the intention of PSLF - HOWEVER - there is also the National Health Service Corps.  My work supervisor signed on and they forgave $60,000 in loans!  I am planning on staying with the mental health agency I work for currently after I get my clinical license (you need to be an LCSW already) to sign up.  Also, you need to work in an area or for an agency in which there is demonstrated need.  For example, I work in an urban area of Chicago where there is a great need for mental health services. 

 

It's not just arbitrary, though - you can google NHSC and find out which agencies, etc. are part of the program.  This is why if I get into UofC at 40/grand a year, vs. UIC at 10/grand a year, I still plan on going to U of C.  It's been my dream school for years, anyway.

 

I see you're from Charleston! I am travelling there next month for pleasure for a night as part of a road trip, and looking to stay in the historic district (EXPENSIVE I just discovered, jeez).  Any recommendations of sights, accomodations, restaurants to make sure to see in a 24-hour period, haha?

[Lifesaver]

It appears that you and I are the only ones thinking about repaying our loans, lol, so I'll focus on Charleston for a minute. 

 

Accomodations: I really don't have any idea if you're planning on staying downtown and won't have a rental car. The ones I know of are across the bridge and/or closer to the beach. I know people who have stayed at the Vendu and Francis Marion Hotel, but I can't personally vouch for them.

 

Sights: All depends on what you're into doing. Downtown there's the aquarium, a few art galleries and museums, the market, civil war sights, etc. You can take the ferry to Fort Sumter and Fort Moultrie. I did this with a friend and we enjoyed it. A lot of people come to Charleston to go to the beach, and there's 4 of them (Isle of Palms, Sullivans Island, Folly, Beachwalker). If you cross the bridge into Mt Pleasant, there's Patriots Point, which is a naval museum inside an old aircraft carrier. I think there's a destroyer and a submarine there now, too. You can take a dinner cruise around the harbor, which is nice. Again, most people come to C-town to go to the beach and eat, which brings me to...

 

Restaurants: We have a LOT of them. A few of my favorites are: Blossom, Husk, Halls Chophouse, Circa 1886, Basil, and Poogan's Porch. Those are all downtown and range in price a ton, so make sure you check the menu first. If you're out of the downtown area and perhaps in the John's Island area, Fat Hen and Wild Olive are really good. If you're like me and a huge fan of breakfast, I'd suggest Eli's Table or Toast. The staff at Toast have been a little on the rude side the last few times I've been there, but the food is great. If you're looking for Sunday brunch near the beach, Triange in Mt Pleasant is great. So is Sea Biscuit in Isle of Palms (cash only).

 

So, yeah, that's probably more than you can do in a 24 hour period, but at least you have options, lol.

[ontheswpath]

I am paying loans now under IBR with intent to apply for PSLF. I figure I have about 4 or 5 years of work qualifying already under PSLF. IBR definitely keeps my payments manageable. Going back to school and getting my MSW I know that I will also be working with intention of PSLF after I graduate. In CA there seems to be a few loan forgiveness or loan repayment programs for LCSWs that work with certain populations or in shortage areas and I may be able to take advantage of that eventually as well. So although I don't plan on making lots and lots of money as a social worker I feel as though there will be a light at the end of the tunnel. For me, IBR and PSLF is the way to go!

[ontheswpath]

Actually, with the new proposed budget provisions for PSLF I just read about tonight it may not be as helpful to some. However, It's still the route I'm leaning toward.

[teamus]

By April 5, 2014, Congress will vote on whether to cap the amount of direct student loans eligible for the Public Interest Loan Forgiveness program (also known as the Public Service Loan Forgiveness program) to $57,500. Many students and loan recipients that currently work in public service and hope to take advantage of the program’s benefits have direct loans that exceed this limit significantly. However, if 10,000 signatures are collected by the April 5^th deadline, then the cap will not be applied automatically and the proposal will be placed for review and reconsideration.  Please take the time to sign in to Whitehouse.gov and sign the petition – IT IS A VERY SHORT AND EASY PROCESS TO CREATE AN ACCOUNT AND SIGN. The link to the petition (@Whitehouse.gov) is:

 

https://petitions.whitehouse.gov/petition/retain-public-interest-loan-forgiveness-program-its-current-form-forgiving-all-qualifying-student/wkqnqBCH

 

PLEASE PASS THIS INFORMATION ALONG ON OTHER SCHOOL BOARDS AND SOCIAL MEDIA SITES TO GET THE WORD OUT – THERE ARE ONLY A COUPLE OF WEEKS LEFT!!!

 

For more information about the Public Service Loan Forgiveness program, go to:

 

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

[kgoodw2]

By April 5, 2014, Congress will vote on whether to cap the amount of direct student loans eligible for the Public Interest Loan Forgiveness program (also known as the Public Service Loan Forgiveness program) to $57,500. Many students and loan recipients that currently work in public service and hope to take advantage of the program’s benefits have direct loans that exceed this limit significantly. However, if 10,000 signatures are collected by the April 5^th deadline, then the cap will not be applied automatically and the proposal will be placed for review and reconsideration.  Please take the time to sign in to Whitehouse.gov and sign the petition – IT IS A VERY SHORT AND EASY PROCESS TO CREATE AN ACCOUNT AND SIGN. The link to the petition (@Whitehouse.gov) is:

 

https://petitions.whitehouse.gov/petition/retain-public-interest-loan-forgiveness-program-its-current-form-forgiving-all-qualifying-student/wkqnqBCH

 

PLEASE PASS THIS INFORMATION ALONG ON OTHER SCHOOL BOARDS AND SOCIAL MEDIA SITES TO GET THE WORD OUT – THERE ARE ONLY A COUPLE OF WEEKS LEFT!!!

 

For more information about the Public Service Loan Forgiveness program, go to:

 

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

Thanks!  I signed and reposted on Facebook!  I bet they will get the additional signatures that they need by the early April date!

[Figaro]

I'm going to be watching this, but so far, even if they make changes to either IBR or PSLF, it seems unlikely that they'll be willing to screw over the people who have already borrowed money and chosen their careers based on those programs.  You don't have to go to grad school to take advantage of either, BTW. If any changes are made, I bet they will be at a future date to apply for only new borrowers (as in, first year college students) and forward. Otherwise, thousands of lawyers, doctors and others will get really screwed over and given the political clout some of these people have in our society, I just don't see that happening.  It would be very unfair to people who relied on them being there and they outcry would be enormous. We already have a shortage of doctors, so imagine if we pull that rug out from under thousands of them.  So - I feel pretty confident that it will be there in its present form for us and maybe another year or two of new borrowers.  After that, who knows?  

I do understand the argument that grad students benefit the most from these programs, but given that the national rate of graduation is not that impressive, at least with grad students the help is going to proven and tested good students who aren't as likely to default.  If they shovel the money instead toward funding Animal House types, it's just going to get wasted. At least grad students are good students.  

[citychild]

Thanks for the link, I signed too. Currently, 33,000 more signatures are needed.

[Figaro]

Another thing to worry about is the Tax Reform Act of 2014, which also, really sticks it to student loan borrowers by increasing the taxes on student loans and by making the PSLF amount forgiven taxable at the end of 10 years of payments.  Right now, it's not taxable. This little gem is a creation of Republican Congressman Dave Camp. Because Republicans just can't think of enough ways to hurt college students and those trying to make their loan payments in a down economy.  On the bright side, Camp's Act has very little chance of passing and the President's Proposed Budget is just a proposal (but troubling anyway because it shows a willingness on his part to go along with a gutting of the PSLF program) is also likely to go nowhere and even it does, it is highly unlikely to apply to present borrowers and grads who already based their plans on the federal govt's promise of these things.  Look up the Tax Reform Act of 2014. It's flipping unbelievable what this a-hole wants to do to students.

[KevinDosi]

I'm planning on working in public service, so am basing my decision on whether or not I'll be eligible for the PSLF program. I'm still trying to decide between 2 schools though: one would require I take out $100k in loans (yikes), and the other would require around $60k. When I plug in the figures at the online calculator, it seems  that I'd essentially be paying the same amount over 10 years regardless of which school I attend, but that much more would be forgiven if I attend the more expensive school. I've called the finaid offices at my schools only to be referred to the actual federal aid website. When I called them, I'm not confident that the person on the other end really knew what she was talking about. Am I looking at this right, though?

[jarenolds]

I don't think anyone in your school or at the government institution in charge would really have much of a guess at the future of PSLF. It will really come down to a political decision which at this point is pretty tough to predict. I would guess that it will still exist for a while down the road but I personally would be hesitant to bet $40,000 on it. 

[meep15]

For those of us who didn't get full/any funding and aren't independently wealthy, are you confident in the IBR and PSLF programs to help you pay back your debt? Are you afraid it's going to blow up in your face in a few years? Do you know anyone currently using those methods of repayment? Is it going well for them? Anyone have any good blogs/articles to read about the success and longevity of these programs?

I am confident that both the IBR and PSLF programs will help forgive the debt I accrue in grad school. If I didn't have confidence in them, I do not know how I would pay and would be quite anxious about pursuing a M.S.W.. 

I hope that these programs remain sustainable in the future, but we all just have to hope for the best and adapt to the changes if we need to. We'll all find a way.