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frankthetank
LSU Fan
Member since Oct 2007
945 posts

re: Largest student loan debt you have ever heard...
I've got over 300k in student loans. Seriously.








Edit: I took out around 175k but interest has taken it to what it is now. I currently pay about 1500/month.
This post was edited on 11/7 at 3:00 pm


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70
Wally Sparks
Georgia Tech Fan
Atlanta
Member since Feb 2013
19865 posts

re: Largest student loan debt you have ever heard...
$500K (med school)


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40
TheWiz
LSU Fan
Third World, LA
Member since Aug 2007
10153 posts

re: Largest student loan debt you have ever heard...
$248,000. My MBA and my wife's Medical Degree. Yay!!!


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42
billjamin
Member since Jun 2019
68 posts

re: Largest student loan debt you have ever heard...
60k, undergrad and MBA


mswiggins
Member since Jun 2014
213 posts

re: Largest student loan debt you have ever heard...
I have heard two different people call Dave Ramsey that had over $1,000,000 in student loan debt. I think they were both Orthodontist and went to expensive private school.

I think one was paying almost $6,000 a month to basically cover the interest.

Dave Ramsey $1,000,000 Student Debt
This post was edited on 11/7 at 3:17 pm


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11
Hou_Lawyer
Rice Fan
Houston, TX
Member since Jun 2019
219 posts

re: Largest student loan debt you have ever heard...
$1,500/month payment for me for 10 years. And that's w/ parents paying full ride for undergrad.

I don't know how people get professional degrees w/ six figure loans and pay them off making < six figures.


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00
marchballer
Stanford Fan
The Greatest Country on Earth
Member since Aug 2008
3803 posts

re: Largest student loan debt you have ever heard...
People have had a lot of trouble collecting this debt forgiveness program. After going over a few administrations and different program leads, tracking has been sparse and inconsistent. So many people are having issues having their debt forgiven using this program.


Boring
Member since Feb 2019
184 posts
 Online 

re: Largest student loan debt you have ever heard...
Briefly worked in admissions/financial aid for a (not highly regarded) private law school. Assuming no scholarship/grants etc., most kids were looking at between 250k - 300k. Most were SJW types committed to going the public interest route, banking on that loan forgiveness.

This wasn't the kind of school that churned out Big Law associates, but assuming one somehow managed to land a gig straight out making 150k-175k, I'd say they were still looking at getting F'd in the A for the next decade of their lives.

That was a large part of why I left. I couldn't stomach selling a garbage program for what we charged to wide-eyed, bushy tailed kids just trying to do well for themselves. They didn't know better and you can argue that they should have given the horror stories online, but I still think most universities are predatory. I see the bloated administrations and the party/travel budgets they have, all under the BS guise of """conferences""" which for some reason take place in expensive hotels in destination cities.

I'd venture to guess that less than 10% of what an average university spends its time/money on is beneficial for the students. Student success is far far far down the list of priorities at most institutions.


Clames
LSU Fan
Member since Oct 2010
10882 posts

re: Largest student loan debt you have ever heard...
My fiancée's co-resident has well over $600,000. She was utterly clueless on how much debt she actually had until a few months ago too. Northwest far-lefty with all the usual trademarks of a Millennial out of touch with reality. Even with solid $175k - $200k earning potential she will be crushed by that debt for years to come.


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31
Lawyered
Ole Miss Fan
The Sip
Member since Oct 2016
5808 posts
 Online 

re: Largest student loan debt you have ever heard...
Sitting about 190 now..

$2500 a month for another 8 years left

Sigh... this shite sucks.


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LSU Coyote
Houston Astros Fan
Member since Sep 2007
24737 posts

re: Largest student loan debt you have ever heard...
My sister in med school in some goofy Carribean school. Think the school is Saba? She is dumb. But whatever.

Something like $400K.

Edt: This is before interest. Not sure which have interest and how much interest. You would most likely need some crazy model in Excel to figure out.
This post was edited on 11/7 at 3:30 pm


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Hou_Lawyer
Rice Fan
Houston, TX
Member since Jun 2019
219 posts

re: Largest student loan debt you have ever heard...
quote:

Briefly worked in admissions/financial aid for a (not highly regarded) private law school. Assuming no scholarship/grants etc., most kids were looking at between 250k - 300k. Most were SJW types committed to going the public interest route, banking on that loan forgiveness.

This wasn't the kind of school that churned out Big Law associates, but assuming one somehow managed to land a gig straight out making 150k-175k, I'd say they were still looking at getting F'd in the A for the next decade of their lives.

That was a large part of why I left. I couldn't stomach selling a garbage program for what we charged to wide-eyed, bushy tailed kids just trying to do well for themselves. They didn't know better and you can argue that they should have given the horror stories online, but I still think most universities are predatory. I see the bloated administrations and the party/travel budgets they have, all under the BS guise of """conferences""" which for some reason take place in expensive hotels in destination cities.

I'd venture to guess that less than 10% of what an average university spends its time/money on is beneficial for the students. Student success is far far far down the list of priorities at most institutions.



This is directly on point. Unless you're in a top 15 law school, odds are vast that you're not getting the $160k big law job out of law school. Probably making $75k at a small shop. Interest will eat you up.

Law school is a scam.


tigerinthebueche
LSU Fan
Erwinville, LA.
Member since Oct 2010
22117 posts

re: Largest student loan debt you have ever heard...
ZERO.


full ride for all 4 years


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17
real turf fan
Tennessee Fan
East Tennessee
Member since Dec 2016
2394 posts

re: Largest student loan debt you have ever heard...
Law degree from Vandy. At least she's employed now.


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20
LSU Coyote
Houston Astros Fan
Member since Sep 2007
24737 posts

re: Largest student loan debt you have ever heard...
quote:

$160k big law job out of law school. Probably making $75k at a small shop. Interest will eat you up.

This is crazy.

Plant life is the way to go, really. You can be a dumb Project Controls person and push $150K. Some usually have no degree.


bmy
East Carolina Fan
Nashville
Member since Oct 2007
47695 posts

re: Largest student loan debt you have ever heard...
quote:

Teachers can have their loans forgiven in a couple of different ways


10 years of on time payments


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10
Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
70276 posts

re: Largest student loan debt you have ever heard...
quote:

People have had a lot of trouble collecting this debt forgiveness program.


People are stupid, too.

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


I'm not saying the servicers are blameless (some put out bad poop, some mismanaged their information about payments, etc.), but folks see they're going to get forgiven and don't read the fine print - they try to bring private loans in. No. They try to shoehorn ABA Non-profit Law Center work in. No. They try to get clever with their repayment plans. No.

The first people even theoretically eligible would have made their 120 payments in October 2017 - and no question, the system got overloaded.

But, most of the folks with problems getting forgiven don't meet all 4 mandatory requirements and aren't eligible for the program, thus skewing the approval numbers.
This post was edited on 11/7 at 3:31 pm


The Spleen
Alabama Fan
Member since Dec 2010
25859 posts

re: Largest student loan debt you have ever heard...
quote:

Knew a doc who did 4 years undergrad and med school there and has well in excess of $300K



Yep, pretty common. 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.


MSTiger33
LSU Fan
New York City
Member since Oct 2007
15228 posts

re: Largest student loan debt you have ever heard...
I have a $23k balance on my law school loan. Interest rate is 1.8%. I am in no rush to pay that off.


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20
Scruffy
USA Fan
Member since Jul 2011
59219 posts

re: Largest student loan debt you have ever heard...
quote:

Know plenty of people with tree fiddy and even some upwards of 600k.
Know some doctors with >$500k.


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