Case Study: Samantha* and the Public Service Loan Forgiveness Program
Samantha’s case study demonstrates how well we understand our clients’ financial lives, and that we are constantly thinking of them.
Samantha is a young doctor working at a non-profit hospital. She takes advantage of the Public Student Loan Forgiveness (“PSLF”) program. It encourages medical professionals to work at non-profits by forgiving a significant portion of their educational loans after 10 years.
But the requirements for loan forgiveness are complex, and many doctors, including Samantha, have found that the program’s record-keeping is poor or that the rules are not clear. In Samantha’s case, her statements did not accurately reflect her years of loan payments, raising the threat of losing some of the forgiveness on over $100,000 of loans. This was through no fault of her own and despite repeated attempts to have her statement corrected.
One of our advisors read a New York Times report about doctors, teachers and others facing a similar problem. The report mentioned a little-known agency where borrowers could have their payment records corrected. We alerted Samantha, who succeeded in correcting the errors in her payment record.
* name changed to protect privacy
Additional Public Service Loan Forgiveness Resources
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