And earliest four years no body you can expect to located loan forgiveness inside individuals provider mortgage forgiveness system up until

Which was diluting you to amount method much below what it is, but in the last four, 6 months, for that reason waiver, there’ve been about 70,100000 or 80,000 people that have now received public service loan forgiveness

Dr. Jim Dahle:
You’re basically at the end of this process, everybody’s getting PSLF that knows the rules and is qualifying for them. I think it’s probably time to maybe even phase out the idea of a PSLF side fund except to protect you from your own career changes. You think it’s too early to say that, Andrew? You think they still need to keep it in relatively safe stuff, at least some of it?

Andrew:
I think at this stage in the game, they’re close enough there. And if they’re just going to stick around in that position for two more years with the increase of people that are actually receiving public service loan forgiveness. A couple of years ago, it was like 3% or 4%, but over the last couple of months, we’ve seen that success rate move up to somewhere in the teens. And I’m assuming that that number will continue to go up that it’s a pretty sure-fire thing now that they’re going to get there and receive that loan forgiveness.

Andrew:
I definitely think they can start shifting their mindset towards some of their other financial goals like you had stated earlier. Saving for different things other than just putting money aside for this side fund.

That has been diluting one count way much less than what it is, but during the last four, six months, this is why waiver, there has been in the 70,000 or 80,100 some people that have today acquired public service financing forgiveness

Dr. Jim Dahle:
Yeah, for sure. It’s been interesting to watch the last few years as it becomes a trickle to more of an avalanche. Even those numbers you’re throwing out there though, where it was 1% of the people that applied, those are really honest numbers. Those aren’t people who actually qualify to get PSLF. Most of them didn’t qualify. And I think the denominator they’re using is everybody filing an annual certification form. 16% of those filing an annual certification form is not too bad, given that most of those people don’t have their 120 payments yet.

Andrew:
Yeah. So, you had all these people applying back then in the early days. And they were factored into the overall success rate number. And obviously, nobody could receive it until that point in time.

You have you to definitely financing who has an one hundred, and then you had one that provides 80

Very, it simply has the matter up to throughout the 90,100 since in the first several years, there were only about ten,100000 – 12,100000 – 15,000 or more consumers that had gotten they. But during the last 6 months approximately one to number provides moved way up. Therefore, we’ll obviously start seeing that the is much more from a yes-flame matter. Whenever your meet the requirements, without a doubt place your cap indeed there, and present they an attempt.

Which had been diluting one to amount way much less than what it is, however, over the past five, 6 months, because of this waiver, there’ve been on 70,one hundred thousand or 80,one hundred thousand people that have today gotten public-service loan forgiveness

Dr. Jim Dahle:
Yeah, for sure. All right. The second part of his question was initially when graduating from medical school, I was given bad advice, conflating consolidation with refinancing. Therefore, I didn’t consolidate my federal debt for fear of eliminating PSLF eligibility. My PSLF qualified payment counts are identical on all of my 20 or 30 individual direct loans. And all of them are PSLF eligible.

Which was diluting that count means much below what it is, loan company Louisiana but over the past five, 6 months, this is why waiver, we have witnessed about 70,000 or 80,100000 people that have now received public service financing forgiveness

Dr. Jim Dahle:
Is there any benefit for me in consolidating now under the waiver? Would it raise my credit score, for example, to have a smaller number of loans, even though the balance is the same? I’m buying my first home in the next two to three years.

Andrew:
Yeah. Short answer, no. Doing a direct federal consolidation, it’s not going to benefit you at this point. And like you stated, the number of your payment count, and this is a huge concern for so many out there. If that was a situation then, okay, perhaps you could look into consolidation. But at this point in time where the counts are the same, your eight and a half or so years in you’re only two years out, why would you make things more complicated in this situation?