Page 22 - Layout 1

HEALTHCARE
COVERAGE

Public Service Loan Forgiveness

(PSLF) For Physicians

By Oakwell Private Wealth Management, Platinum Circle of Friends Sponsor of BCMS

W ealth management firms are a great resource for physi- PSLF Requirements and Qualifications*

cians to work with to provide ongoing financial planning
Under the new temporary rules, past periods of repayment will now
and wealth management services. With proper direction,
many physicians have begun taking advantage of the Public Service Loan count whether or not you made a payment, made that payment on
time, for the full amount due, or on a qualifying repayment plan. In
Forgiveness (PSLF) program, which offers loan forgiveness for qualify- addition to this, under the current waiver, even if you are not currently
ing applicants within the medical field. Already, many have had hun- working for an eligible employer, but have worked for one in the past,
dreds-of-thousands of dollars become eligible for forgiveness. you have the opportunity to count those years towards forgiveness (e.g.,
On October 6, 2021, the U.S. Department of Education (E.D.) an- working for a non-profit during a residency program).
nounced a temporary period during which borrowers may receive credit
for payments that previously did not qualify for the program which ex- The two critical components of qualification for this program
pands the possibility of more physicians qualifying. This change of re- include:
quirements and qualifications ends October 31, 2022, which makes now • Working for a PSLP qualifying employer
a crucial time for physicians to apply for this program. • Having consolidated loans under the Direct Loan Program

What is Public Service Loan Forgiveness? Now Is the Time to Apply
The Public Service Loan Forgiveness (PSLF) program gives physi- The temporary waiver for regular PSLF payment history qualifica-
cians tax-free forgiveness on the remainder of their federal loans after tions ends on October 31, 2022, so now is the time to act if you meet
120 payments (10 years). The PSLF program is an excellent way to the above essential requirements. First, go to the Federal Student Aid
manage loans for physicians working for a qualifying employer (em- website to see if you qualify. If eligible, you can fill out the PSLF form
ployed by a U.S. federal, state, local, or tribal government or not-for- and mail, fax, or upload it to the U.S. Department of Education.
profit organization).
Article written by Oakwell Private Wealth Management. The team at
PSLF Benefits for Physicians Oakwell Private Wealth Management offers comprehensive full financial
For physicians with years of training behind them, school loans can planning and investment management to physicians and medical profes-
become rather substantial. Using a combination of specific payment- sionals.
reduction programs and then working for a PSLF-qualifying employer,
you can get a significant amount of your loan forgiven under the PSLF For a complete listing and understanding of the requirements, visit the
program. With this program, whatever remains of your debt is forgiven Federal Student Aid website.
tax-free based on your past payment history.
With current waiver in place, more physicians are approved for the Brian Boswell, CFP®, QKA, is a Private Wealth Advisor at
PSLF program. So, even if you didn’t qualify before, there’s a good chance Oakwell Private Wealth Management and a Platinum Sponsor
you could qualify today through the October 31, 2022 deadline. of the Bexar County Medical Society He can be reached at:
bboswell@oakwellpwm.com or (800) 556-2593.

22 SAN ANTONIO MEDICINE • September 2022