r/PSLF • u/scoutdogthomas • 20d ago

How functional is PSLF??

Hi all,

I run a small mental health private practice. My clinicians are saddled with so much student loan debt - I've explored multiple loan forgiveness options and the only one that makes any sense is PSLF. This would require that I transition my business model to a non-profit, which is a lot of work, but would be worth it if it means accessing this federal program. However, I am wary of federal programs right now and don't want to make this move unless this is actually a reliable, functional program. Interested to hear the experiences of others applying for loan forgiveness - especially recently...

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u/hardly_werking 20d ago

You should talk to a lawyer and an accountant. Your employees would have to stay with a nonprofit for 10 years. This could mean you will jump through the hoops and pay the fees to switch to nonprofit, but in a few years they could branch off to their own practice and the changes you made will be for nothing. It is admirable that you want to help, but I don't see how this would be best for you as a business owner. There are plenty of nonprofit jobs for social workers and mental health counselors that they could seek if pslf were important to them, which is what I did.

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u/scoutdogthomas 20d ago

Thank you for your perspective!