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YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven

Mar 24, 2022

Robert Lopez, CFP® and YFP Planning Lead Planner, discusses the current state of the PSLF program, plus three pharmacists share their PSLF success stories. Key Points From This Episode

  • Introducing today’s topic: the PSLF success stories of three pharmacists.
  • A reminder of who Robert Lopez is and his role at Your Financial Pharmacist. 
  • An overview of the first and second half of the show and what we will cover.
  • The basics of PSLF, Public Service Loan Forgiveness, and who qualifies.
  • Which changes were made to the rules of PSLF. 
  • What the big news comes down to: you don’t have to rule out forgiveness.
  • What the limited waiver meant for those in the military.
  • Optimization strategy with PSLF and how Robert recommends you reallocate your finances.
  • The benefit of switching to a lower payment plan while achieving a long-term forgiveness plan.
  • An introduction to Kimberly Gale’s journey into the world of pharmacy.
  • The amount of debt she graduated with and how much was ultimately forgiven.
  • How she discovered PSLF through a friend’s recommendation.
  • Challenges she faced along the way, including communication at the beginning. 
  • How PSLF helped her to afford the lifestyle she wanted for her family.
  • Ashley Hicks’ story of gravitating towards pharmacy because of her love for people.
  • How much Ashley ultimately had forgiven through PSLF.
  • The challenge that uncertainty and anxiety posed within her PSLF process.
  • How optimization and strategy can help navigate late discovery loans.
  • The opportunities that PSLF opened up for her and her husband to focus on other goals.
  • Meet Kyle Sobecki and learn about his work as a pharmacist in a nonprofit hospital.
  • Kyle’s story of having had exactly $189,038.72 forgiven.
  • Homework he has done along the way leading up to choosing PSLF.
  • How PSLF works when you work for a non-profit.
  • Uncertainties and challenges he had along the way. 
  • His advice with regards to filing your paperwork on time each year.
  • Goals the PSLF plan freed Kyle up to pursue including paying off personal debt.

Links Mentioned in Today’s Episode