I am lucky to have graduated with less than 80k in student loans as a pharmacist and work at a PSLF eligible job. When I first ran the calculator, I was convinced that this was the best option and essentially would allow me to not pay any interest over the life of the loan with over 30k forgiven. After doing taxes this year (with a salary bump), the calculator shows no benefit with PSLF. My payments aren't certified yet, but I'm unsure if it even matters at this point. 30k of my loans are at 6.7% so I feel very compelled to pay rn. I've thought of consolidating to private, but I feel loans are a political football and hope to not miss out on any potential future benefits on public loans.
Does the commonly cited wisdom hold that if your salary is higher than your loan balance than PSLF is not worth it? I won't get to deduct interest on my taxes either :,(
To pay or not to pay now (and pursue PSLF)
byu/DefiantDruggist69 inStudentLoans
Posted by DefiantDruggist69
1 Comment
Usually when your starting salary is more than your starting loan balance it isn’t worth it, but there are a ton of variables like family size, expected growth, career stability (most pharmacists aren’t in PSLF eligible jobs, just for example), etc.