Trainee Reliance on Public Service Loan Forgiveness

Area of Science:

• Medical Education
• Public Health Policy
• Financial Literacy for Physicians

Background:

• The Public Service Loan Forgiveness (PSLF) program offers federal education debt relief to medical trainees.
• Understanding the prevalence and impact of PSLF on trainee career decisions is crucial.

Purpose of the Study:

• To assess the utilization of the PSLF program among medical trainees.
• To determine the impact of PSLF participation on career choices.
• To evaluate trainees' comprehension of PSLF eligibility criteria.

Main Methods:

• An IRB-approved, anonymous online survey was administered to physician trainees across multiple institutions.
• Survey questions covered demographics, financial status, PSLF participation, career impact, and understanding of program qualifications.

Main Results:

• 44.5% of 934 respondents were participating in or planning to use PSLF, with surgical specialty trainees showing higher participation rates (53.1%).
• 19.7% of PSLF participants reported it impacted their career decisions.
• Only 13.9% of participants correctly identified all PSLF criteria, indicating a significant knowledge gap.

Conclusions:

• A substantial number of trainees depend on PSLF for loan forgiveness, with a notable percentage experiencing career decision impacts.
• The majority of trainees demonstrate incomplete understanding of PSLF program requirements.
• Educational institutions should implement formal training on PSLF to ensure trainees can effectively utilize this benefit.