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Scruffy
USA Fan
Member since Jul 2011
59289 posts
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re: Largest student loan debt you have ever heard...
quote:

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.
Where did you hear of that?

Never heard of anyone doing that.


777Tiger
LSU Fan
Member since Mar 2011
43143 posts
 Online 

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


JumpingTheShark
USA Fan
America
Member since Nov 2012
17654 posts

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


Areddishfish
Yale Fan
Luiziana
Member since Oct 2015
2099 posts

re: Largest student loan debt you have ever heard...
Someone on Dave Ramsey the other day had $1 million total.


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The Spleen
Alabama Fan
Member since Dec 2010
25905 posts

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


777Tiger
LSU Fan
Member since Mar 2011
43143 posts
 Online 

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


Slagathor
Makin' jokes about your teeny tiny
Member since Jul 2007
26152 posts
 Online 

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


777Tiger
LSU Fan
Member since Mar 2011
43143 posts
 Online 

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


tiggerthetooth
Houston Astros Fan
Big Momma's House
Member since Oct 2010
41276 posts

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



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Slagathor
Makin' jokes about your teeny tiny
Member since Jul 2007
26152 posts
 Online 

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


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Wally Sparks
Georgia Tech Fan
Atlanta
Member since Feb 2013
19886 posts

re: Largest student loan debt you have ever heard...
I qualified for PSLF and still found it a better deal to pay off my loans early (did it in 6 years)


RTRinTampa
Alabama Fan
Tampa, FL
Member since Jan 2013
1163 posts

re: Largest student loan debt you have ever heard...
The schools need to be backing these loans not the taxpayers!


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30
Roger Klarvin
Texas A&M Fan
Central Texas
Member since Nov 2012
41536 posts

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


GentleJackJones
Tennessee
Member since Mar 2019
390 posts
 Online 

re: Largest student loan debt you have ever heard...
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.
This post was edited on 11/9 at 7:03 am


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Hopeful Doc
LSU Fan
Member since Sep 2010
11728 posts

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


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GEAUXT
USA Fan
Member since Nov 2007
25778 posts

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


Eli Goldfinger
Alabama Fan
Member since Sep 2016
15166 posts

re: Largest student loan debt you have ever heard...
My bro came out with $350 in loans, but paid it off in 5 years.

He’s a Dr...was a great investment.


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GEAUXT
USA Fan
Member since Nov 2007
25778 posts

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


saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
23660 posts

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


Teddy Ruxpin
LSU Fan
TX
Member since Oct 2006
33667 posts

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