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re: Largest student loan debt you have ever heard...
Posted on 11/7/19 at 3:36 pm to The Spleen
Posted on 11/7/19 at 3:36 pm to The Spleen
quote:Where did you hear of that?
They live off credit cards during medical school and residency and pay off the credit cards with the loans. So it's not always all tuition.
Never heard of anyone doing that.
Posted on 11/7/19 at 3:37 pm to The Spleen
quote:
They live off credit cards during medical school and residency and pay off the credit cards with the loans.
no wonder docs are notoriously bad with money, don't see that sheepskin as ever being worth that burden
Posted on 11/7/19 at 3:37 pm to Bronson2017
A girl I know has about $100k and not because she has an important high paying job. All because it was private college. Does some kind of marketing at a law firm. Makes minimum payments every month.
Posted on 11/7/19 at 3:39 pm to Bronson2017
Someone on Dave Ramsey the other day had $1 million total.
Posted on 11/7/19 at 3:40 pm to Scruffy
quote:
Where did you hear of that?
Well, maybe it's not common but I know of 3 doctors that did that. All 3 had their loans at least partially paid by their eventual employer though. One story I heard was pretty recently because she was talking about how many miles/points she had racked up while in medical school and was looking forward to traveling.
Posted on 11/7/19 at 3:40 pm to JumpingTheShark
quote:
A girl I know has about $100k and not because she has an important high paying job. All because it was private college. Does some kind of marketing at a law firm. Makes minimum payments every month.
a friend of my daughter has a degree from DePaul that qualifies her to be a pre-school "teacher," $10-15/hr., she racked up 6 figures of debt for that world beater degree
Posted on 11/7/19 at 3:43 pm to 777Tiger
quote:
a degree from DePaul that qualifies her to be a pre-school "teacher," $10-15/hr., she racked up 6 figures of debt for that world beater degree
shouldn't that alone preclude her from being around impressionable young minds?
Posted on 11/7/19 at 3:46 pm to Slagathor
quote:
shouldn't that alone preclude her from being around impressionable young minds?
absolutely, she is an
quote:
impressionable young mind
and shame on Depaul for offering a degree like that
Posted on 11/7/19 at 3:49 pm to The Spleen
quote:
One story I heard was pretty recently because she was talking about how many miles/points she had racked up while in medical school and was looking forward to traveling
Do doctors get a lot of time off? I guess she means weekend traveling?
Posted on 11/7/19 at 3:49 pm to 777Tiger
quote:
and shame on Depaul for offering a degree like that
if you offer it, they will matriculate
Call me later, I might need some start-up capital for my MLM-structured university
Posted on 11/9/19 at 6:12 am to Ace Midnight
I qualified for PSLF and still found it a better deal to pay off my loans early (did it in 6 years)
Posted on 11/9/19 at 6:24 am to Wally Sparks
The schools need to be backing these loans not the taxpayers!
Posted on 11/9/19 at 6:31 am to Bronson2017
There’s some rookie numbers in this thread.
Private/out of state medical school sends plenty of people north of 500k when combined with undergrad debt.
Private/out of state medical school sends plenty of people north of 500k when combined with undergrad debt.
Posted on 11/9/19 at 7:00 am to Roger Klarvin
Assuming there is no scholarship or aid given, most, if not all, private schools will run you $45,000+ a year for tuition. Most out-of-state, pubic school tuition will run you $30,000+ a year. Most in-state, public school tuition is at least $10,000+ a year. Keep in mind, that tuition doesn't include living expenses, books, and various "fees."
The fact of the matter is that college tuition has gotten ridiculous. Tuition prices have simply skyrocketed in the past 10 or 15 years. As a society, we've ingrained in our youth that you must go to college if you want to be somebody. The problem with that is, most 17-year-olds don't have a clue in what they want to do in life, and sign up for a university because friends or there, they like the campus, or they like the _________ (insert academic department that they'll end up switching their major out of, some multiple times).
We should be imploring them to take gap years. Go move off and work somewhere. Gain some practical knowledge, make a little money, and see different things. It'll give you a chance to grow, mature, and figure out more what and what not you want to do. Repeat to them, college isn't going anywhere. College isn't going anywhere. College is not going anywhere. Additionally, if you move off somewhere and really happen to love that particular state/area, you automatically qualify for in-state tuition as a state resident.
The fact of the matter is that college tuition has gotten ridiculous. Tuition prices have simply skyrocketed in the past 10 or 15 years. As a society, we've ingrained in our youth that you must go to college if you want to be somebody. The problem with that is, most 17-year-olds don't have a clue in what they want to do in life, and sign up for a university because friends or there, they like the campus, or they like the _________ (insert academic department that they'll end up switching their major out of, some multiple times).
We should be imploring them to take gap years. Go move off and work somewhere. Gain some practical knowledge, make a little money, and see different things. It'll give you a chance to grow, mature, and figure out more what and what not you want to do. Repeat to them, college isn't going anywhere. College isn't going anywhere. College is not going anywhere. Additionally, if you move off somewhere and really happen to love that particular state/area, you automatically qualify for in-state tuition as a state resident.
This post was edited on 11/9/19 at 7:03 am
Posted on 11/9/19 at 7:15 am to Bronson2017
Heard of?
A couple med school classmates of mine had gone to a private undergrad and was somewhere around $350K.
Mine was just a measly $197,000 when I finished (combined).
A couple med school classmates of mine had gone to a private undergrad and was somewhere around $350K.
Mine was just a measly $197,000 when I finished (combined).
Posted on 11/9/19 at 7:18 am to Ace Midnight
quote:
I may be eating some crow on this next year, but you need 4 and only 4 things:
1. Right kind of loans
2. Right kind of employment
3. Qualifying repayment plan
4. Make your 120 payments under #3
The other key is not waiting until the end of the 10 years to try and retroactively get everything approved.
They really drag their heels on everything, but if you're persistent it gets done. Wife and I are both hospital employed, and between that and residency we already have 5 years of payments certified and approved.
Not to say something will change, but when I hit the 120th qualifying payment I'm not paying another cent until they approve everything.
I had a much smaller loan debt than my wife, but together we have about $350k. We did the math, and with the 10 year forgiveness we come out ahead, but still end up paying a shite ton.
Posted on 11/9/19 at 7:23 am to Bronson2017
My bro came out with $350 in loans, but paid it off in 5 years.
He’s a Dr...was a great investment.
He’s a Dr...was a great investment.
Posted on 11/9/19 at 7:25 am to GEAUXT
The 1 silver lining with the student loans is that it forces us to be aggressive with our retirement savings. Between 403s, 457s, and 529s we can decrease our AGI a very large amount keeping the payments down.
Posted on 11/9/19 at 7:37 am to GEAUXT
Private graduate schools are no joke. Don’t see why anyone would go to Tulane medical school if you could go to a public med school.
Posted on 11/9/19 at 7:38 am to GEAUXT
quote:
Not to say something will change, but when I hit the 120th qualifying payment I'm not paying another cent until they approve everything.
I wouldn't do that if I were you.
I believe the very last requirement for the loan forgiveness approval is you must still be current on loan payments and still employed at the qualifying employer.
That's gonna get some people eventually when someone quits their qualifying job after 120 months and then applies for forgiveness.
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