Anyone get public service loan forgiveness? The stats of only 1% qualifying is always wild to me. I know people have made blatant errors (not make sure their jobs qualify, not consolidating their loans, etc) but still....

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I’m looking into PSLF as well. For one, that 1% qualifying rate is outdated; I think it’s up to around 10% now (it used to be 1% around 5 years ago. I think this was because the program had just turned 10 years old, so the people attempting to qualify were the first batch). I think the increased rate is due to people figuring out the program better.

Don’t get me wrong, I’m nervous about it too (unless I’m mistaken, there’s nothing stopping Congress from simply scrapping the program once you/I am say, 9 years into qualifying payments).

On the other hand, the way money is just getting printed like crazy (potentially leading to inflation), and a political climate that is warming towards loan forgiveness generally, my incentives to pay my loans off are low. I’ve been on Income Based Repayment, and given my “low” income, I’ve been making “qualifying” payments of $0 each month. Hopefully it works out.

One positive on all this: over half of the people who successfully qualified are...government employees. If anyone can figure out how to use this government program, it’s government lawyers.

If you’re curious about the numbers I cited, as well as the professions of those who have successfully qualified, go to the PLSF website (I forget what is actually called, unfortunately); they post all their numbers.

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To put your mind at ease a bit, PSLF is built into the promissory notes that we all signed for our federal student loans, meaning it’s built into every federal loan issued since then. So Congress likely couldn’t yank the rug out from under us at the 11th hour. They could kill the program going forward for future borrowers, but I don’t think they can eliminate the program for those borrowers who already have loans with PSLF built in.

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I just had six figures' worth of loans forgiven under PSLF in June. It was a long and sometimes frustrating road but I'm glad I did it. (I have two other friends who graduated with me who also had their loans forgiven around the same time.)

That statistic is very old and has been blown way out of proportion by the media, which is a real shame, as it discourages people from taking advantage of the program. That number was from the very first year that people were eligible (2017) and was largely due to people who either applied too early or people who submitted the incorrect form.

The program has vastly improved and the guidance is so much better now than it used to be. When I first graduated law school in 2010, there were no blogs or Facebook groups I could go to for guidance, so I figured it all out myself. Now there's a lot of free help out there for folks pursing this.

Happy to chat privately if you want more info.

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