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Started By
Message
re: Anyone gone into over 150k in student loan debt?
Posted on 4/16/16 at 2:38 pm to rpg37
Posted on 4/16/16 at 2:38 pm to rpg37
quote:
Message Anyone gone into over 150k in student loan debt? by rpg37 A dentist makes on average $150k/year. If you have $180k in student loan debt, that is $5,000/month for 36 months. Interest is tax deductible, so let's just call it 38 months. While this seems like a lot of money, the average dentist would still be clearing $90k after all those payments.
Actually, only a portion of interest paid is tax deductible and at that income it won't be much. We didn't qualify for any interest deduction last year due to our household income.
2
Posted on 4/16/16 at 4:04 pm to Upperaltiger06
Dentist on avg is 200K+ easy.
Obama passed a new law, if you're on disability, your student debt can be forgiven.
Obama passed a new law, if you're on disability, your student debt can be forgiven.
Posted on 4/16/16 at 4:18 pm to tuptiger
quote:
If so, how long did it take you to pay it off. It's probably going to be in the neighborhood of 180k actually.
Go exempt on your taxes for a few years and put the money you would have paid towards taxes towards your student loan debt. Make sure to file your taxes, just don't send any money with your return.
Also, work on getting credit cards with a high balance, use the credit to pay down your loans. Then once your student loan debt is paid off start paying your taxes on time. The IRS will catch up to you eventually but by then your student loans will be paid off and you can just do a BK which will wipe out all of your IRS and credit card debt. That is how you can legally turn student loans into debt that can be wiped out with a BK. It will set you back a few years credit wise but hey you will have saved 180k plus interest.
Posted on 4/16/16 at 4:19 pm to tuptiger
quote:
They can. That sucks. She'll have to spread her loans out over like thirty years.
Nope. She can PAYE/IBR them for 20/25 years and pay taxes on the forgiven amount.
In fact, she should probably stop deferring so she can start the clock.
This post was edited on 4/16/16 at 4:27 pm
Posted on 4/16/16 at 4:20 pm to auzach91
shite those root canals will never go down in price!
Posted on 4/16/16 at 4:23 pm to tuptiger
You'll be fine. You starting at LSU in the summer?
Posted on 4/16/16 at 4:29 pm to tuptiger
As a dentist myself I'd have to say it will be worth it in the long run. The money doesn't come flooding in when you start a practice like everyone assumes but if you work hard and live well within your means it will pay off. One of my mentors gave me some great advice once. "If you live like a doctor in school, then you'll live like a student when you get out. I've seen way too many dental students that feel entitled to driving a BMW and living the high life in school on loans and they end up in bankruptcy or worse when they get out.
This post was edited on 4/16/16 at 4:36 pm
Posted on 4/16/16 at 4:34 pm to tuptiger
About to graduate law school with 280k. 150k doesn't sound bad at all. 
Posted on 4/16/16 at 4:42 pm to tuptiger
quote:
Anyone gone into over 150k in student loan debt?
Dave Ramsey is your friend. Google him dude.
Posted on 4/16/16 at 4:48 pm to tuptiger
quote:
apprehensive about this amount of debt accruing 6% interest.
As you should be!!!
Posted on 4/16/16 at 4:53 pm to lsunurse
quote:
She is single too. Imagine you start dating a girl and then she tells you "oh btw, I've got over 500k in student loan debt...for a career I'm physically allergic to"
She'd be a gone pecan from that moment. Promise you that!
Posted on 4/16/16 at 5:16 pm to tuptiger
quote:
The loan repayment for rural areas is generally capped. The military is probably the best route for loan repayment, but I'm not sure I am giddy about the lifestyle of the military.
I don't know what programs are still available, but at one time there were military scholarships for medical and dental school, they picked up the whole tab while your were in school. The obligation was only a year for a year, if they paid for four years you were obligated for four years service. Couple of friends did it for the Air Force and Navy, one as a dentist, the only military aspect to the lifestyle is you wear a uniform and work on a base. There was a fairly short indoctrination for medical professionals, no OTS or boot camp type stuff, in the Air Fore you entered as a captain. My friends had some great duty stations and walked out with money in the bank and no debt. None of this is applicable to the Marine Corp., you are marine first and a doc or dentist second.
Posted on 4/16/16 at 5:19 pm to Big Floppy TDs
Paging 911Moto
Posted on 4/16/16 at 5:23 pm to KindaRaw
Please don't.
Posted on 4/16/16 at 5:24 pm to barry
quote:
Is there any real benefit to going to the best Dental School in the country v an average school?
It might help with placement into better OMFS programs (another 6 years after dent school) or better orthodontics programs (not sure of the length of these).
Just a guess though, not sure as I am not a dent student.
Posted on 4/16/16 at 5:26 pm to Pavoloco83
Work for George Soros as a BLM activist.
Posted on 4/16/16 at 5:33 pm to EA6B
Yeah. There are definite deployments, though. Not sure how I feel about that.
It is a great deal.
It is a great deal.
Posted on 4/16/16 at 5:46 pm to tuptiger
I'm about to graduate med school with 320k, quit being a pussy.
Posted on 4/16/16 at 5:55 pm to tuptiger
Yes. $200k+
Posted on 4/16/16 at 6:20 pm to Golfer
quote:
Posted by Golfer
on 4/16/16 at 12:49 pm to tuptiger
Sounds like he'll pay around $12k/mo. Which is doable if he's making around $200k/yr.
Lol not even close to possible. $200k salary..no shot he can pay $12k month just for student loans.
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