A student loan forgiveness program exists that encourages individuals to work in the public sector to be eligible for loan forgiveness; however, that program faces scrutiny over “low” approval rates. The Public Service Loan Forgiveness (PSLF) program was implemented in 2007 and followed up by a secondary, expanded program aimed to include more borrowers: the Temporary Expanded Public Service Loan Forgiveness. Even with the expanded program, the U.S. Department of Education has only approved a small percentage of applicants.
According Daniel Burke, a CERTIFIED FINANCIAL PLANNER™ professional and the President of Burke Financial Group, LLC, a Nashville, Tennessee, company dealing with personal, business, and estate planning, enrollees are not passing the program’s requirements because they must complete all the program’s requirements and check in annually to ensure they remain compliant.
“Micromanagement is key for success and to ensure there are no surprises in 10 years,” Burke said after listing several in-depth requirements that applicants must follow.
There are several avenues to learn more about the program(s) and how to enroll. You can start here with “Applying for Public Service Loan Forgiveness: 5 Tips for Success.”
Don’t miss the Memphis Medical Society’s upcoming Money & Medicine Series to learn more about financial well-being:
Money & Medicine: Students on Nov. 5 featuring Daniel Burke. Burke will present on financial wellness: investments and retirements. All UTHSC medical students are welcome to attend.
Money & Medicine: Physicians in all career stages on Nov. 6 featuring Dan H. Murrell, CFRE, Director of Planned Giving at The University of Memphis. Murrell will present: Will & Estate Planning: Planning for the largest single transfer of wealth you may ever control. All members are welcome. You can register here.