There was no way for me to become a psychologist without taking out student loans, so my first day of graduate school was a blend of exhilaration about pursuing my vocational calling and dread over-committing myself to loans that were much larger than any amount of money I had ever earned. Four years later I had a graduate degree, a network of inspiring colleagues, a postdoctoral fellowship, and six-figure debt.
I am now debt-free, thanks to successful completion of the Public Service Loan Forgiveness (PSLF) program, and writing to share my story in case it helps others. PSLF is designed to provide debt relief to individuals who work in public service jobs, including many of the career paths that psychologists pursue. After making 120 qualifying payments, the remaining student loan balance is forgiven.
As a psychologist in the Department of Veterans Affairs (VA), my employment met the certification requirements for PSLF, and I paid into an income-driven repayment plan, picking the best option for me from among the PSLF repayment types. Since my payments were income-driven, the payments increased over time as my income increased. I started paying during my postdoctoral fellowship, when my income was lower, which was a wise decision.
The paperwork, in my experience, was straightforward. There was no need for a lawyer or financial adviser. I worked for the VA (at two different locations) the entire time, which meant my paperwork was simple. Once per year, I completed forms to verify my income level. I filed my employer certification paperwork twice during the 10 years (once with each VA location), and then submitted the application for loan forgiveness at the end. I believe that the current recommendation is to file employer certification paperwork every year. Please check the PSLF website for official guidance.
Because of Temporary Expanded Public Service Loan Forgiveness (TEPSLF) funding, I also received a refund of several thousand dollars. My first four student loan payments did not originally qualify for PSLF because I paid into the default loan repayment option, which was not a qualifying repayment type for PSLF. Thanks to TEPSLF, those initial payments were counted retroactively as qualifying payments, and thus my four final payments were refunded. When considering PSLF, make sure to check the official website for rules about which repayment plans qualify.
The monthly payments, though income-based, were significant and on par with my rent and monthly daycare bill. The amount I repaid came close to the amount that I borrowed, but because of interest, even after 120 payments, I had barely made a dent in the principal. Without PSLF, I was looking at another 15 years of paying back graduate school loans. PSLF has been life-changing for me and my family. While the PSLF program honors the importance of public service rendered during the repayment period, the post-loan forgiveness stage allows even more freedom for values-driven career decisions.
My graduate education at The Wright Institute focused on a clinician-to-society social justice model, has been invaluable and worth every penny. Because of the excellent instruction, empowerment, and role modeling I received in graduate school, I went on to develop a yearlong social cognition rehabilitation group for military Veterans with histories of traumatic brain injuries and psychological trauma that has been adopted at multiple VA medical centers nationwide and published in a peer-reviewed journal. I received funding for an Institutional Courage Initiative to study experiences of institutional betrayal and institutional courage among Veterans and VA health care providers, in an effort to improve the quality of care for Veterans and strengthen employee engagement. The PSLF is a gift of a lifetime that has allowed me a career focused on making the world a better place while having the financial security to build my own life as well.
There are many reports in the media of the failures of the PSLF program, but for me, it was a success. It worked for me, and it can work for you too.
