Posted by
Message
Hopeful Doc
LSU Fan
Member since Sep 2010
11723 posts

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

no wonder docs are notoriously bad with money, don't see that sheepskin as ever being worth that burden



There's more or less two kinds with very few shades of grey in between.
In residency, very few do anything stupid and still live meagerly. They're making about $50K/yr on average with an average debt of about $200K.

Then, after 3-7 years of 2-4% annual raises, they wind up with first jobs that tend to be on the low end $150K and on the high end a bit over $500K. Average probably closer to the low/mid-2 range but varies considerably by specialty. You're usually 28-32.


One group still drives beaters and Hondas. One group leases/buys Mercedes and BMW.
One group goes and lives in an apartment or sub $200,000 housing. One group, well, you get it.
The concept of delayed gratification has been pretty extensive, and one group really just can't wait any longer, starts putting their hands in everything and spreading themselves thin because so long as they can make minimum monthly payments, they're ok in their minds. Until they're not or something comes up.

There are a lot more than you'd think from what you read that go and knock out $200K in debt in 48 months or less, live sensibly, save for retirement, etc.


Replies (0)
Replies (0)
10
Teddy Ruxpin
LSU Fan
TX
Member since Oct 2006
33641 posts
 Online 

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

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.


Yep, though the 529 wouldn't push down AGI.

The 457 is also better than the 401k/403 IMO, especially if you are employed by the government. If just a non-profit, there is some risk of creditor seizure.
This post was edited on 11/9 at 7:43 am


Replies (0)
Replies (0)
00
The Torch
LSU Fan
DFW The Dub
Member since Aug 2014
10835 posts

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

My ex, who is an OBGYN


So she knew more about the cooter than you


Replies (0)
Replies (0)
12
Azazello
Tennessee Fan
Member since Sep 2011
2725 posts
 Online 

re: Largest student loan debt you have ever heard...
I graduated with ~$130k (MBA). I have $60k left and will have it fully paid off in the next 2-3 years.

Best investment I’ve ever made.


Replies (0)
Replies (0)
00
danilo
Member since Nov 2008
5612 posts
 Online 

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

I had student debt that was closing in on 400K after i got my PHD. I climbed out of it pretty quick once i was finished the schooling and landed the right job.

What was your field of study/career?


Replies (0)
Replies (0)
20
baldona
Auburn Fan
Florida
Member since Feb 2016
10671 posts

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

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.


I mean I can understand private school MBA, Law, or Med school as it could very much help your career.

Private Dental school? No one gives a frick where you went to dental school once you graduate. I’ve looked up my doctor’s Med degree, ive never once give a damn about where my dentist went.


Replies (0)
Replies (0)
00
danilo
Member since Nov 2008
5612 posts
 Online 

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

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

NPR has done stories in that ....programs exist on paper, hardly anyone actually approved though


danilo
Member since Nov 2008
5612 posts
 Online 

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

I was around 120k at the highest. Started making full payments second year of residency

Seems like that ain’t dick
$120k of debt to make, I don’t know, over 200k a year for the next 30 years? Worth it
This post was edited on 11/9 at 8:25 am


Replies (0)
Replies (0)
00
Adam4LSU
LSU Fan
Baton Rouge
Member since Mar 2008
11486 posts
 Online 

re: Largest student loan debt you have ever heard...
CNN tells me everyone has $100k in student debt
This post was edited on 11/9 at 8:29 am


Replies (0)
Replies (0)
00
Hopeful Doc
LSU Fan
Member since Sep 2010
11723 posts

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

NPR has done stories in that ....programs exist on paper, hardly anyone actually approved though




Yeah. Read them closely. The program exists and works. The applicants screwed up the application most of the time.


I find it hard to feel bad for people who can't follow directions.


Some got approved, so there are either adequate instructions available somewhere or a group of people capable of reading minds.


Just another "students needing to take out loans for college are victims (of the government)" hit piece at best.


TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
MrSpock
Toledo Fan
Member since Sep 2015
2967 posts

re: Largest student loan debt you have ever heard...
400K+

Lots of Tulane Undergrad + Tulane Med School people out there.


Replies (0)
Replies (0)
00
wasteland
LSU Fan
Member since Apr 2011
3591 posts

re: Largest student loan debt you have ever heard...
285k


Replies (0)
Replies (0)
00
danilo
Member since Nov 2008
5612 posts
 Online 

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

I find it hard to feel bad for people who can't follow directions.


99% can’t follow directions


rocket31
Toledo Fan
Member since Jan 2008
33981 posts

re: Largest student loan debt you have ever heard...
this one girl from tulane told me she had a million.

tulane medical student graduated a few years. she wasnt the type to lie buttt...


Replies (0)
Replies (0)
00
gthog61
Georgia Tech Fan
Irving, TX
Member since Nov 2009
48201 posts
 Online 

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

Do we know each other?

Never mind OT ballers don’t need student loans. Carry on.



We boomers didn't


Easy shite millenial


Replies (0)
Replies (0)
01
Hopeful Doc
LSU Fan
Member since Sep 2010
11723 posts

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



99% can’t follow directions




I'm aware. ~3/4 of them never enrolled in PSLF. 10% hadn't made 120 consecutive payments.


quote:

While the vast majority of borrowers' TEPSLF requests (71%) were denied because they had not yet applied for PSLF, 10% of requests were rejected because borrowers had not been repaying their loans for a full 10 years. Another 6% got hung up on a technicality created by Congress: When borrowers apply for help, their most recent payment, as well as the payment they made 12 months before applying, must be equal to or greater than what they would have paid on an income-driven repayment plan.



81% of the problem, before digging any farther, is people not following directions.


Same article:
quote:

Another 6% got hung up on a technicality created by Congress: When borrowers apply for help, their most recent payment, as well as the payment they made 12 months before applying, must be equal to or greater than what they would have paid on an income-driven repayment plan.


This means you have to be enrolled in a qualified payment plan or paying the outright scheduled payment. This 6% is underpaying what they owe outside of a federally qualified repayment plan which is pimped all over every student loan servicer's website. It is equivalent to saying that you must make 120 qualifying payments. Now, maybe this 6% is in a servicer-approved but not federally-approved repayment schedule. That would qualify as annoying to me. But it doesn't disqualify them from participation in the PSLF. It more or less makes their payments increase for 12 months by some amount which is less than the the actual 10-year amortization they originally agreed to when they borrowed the money.


Now, this article does not have the percentage that had non-qualified loans. I have seen that number up between 5-10% at other websites.



Here's another website's take:

1/4 didn't send a complete application.

quote:

In addition to the more than 70% of applications rejected because borrowers were ineligible, another 28% of the applications for forgiveness were rejected because they were incomplete, according to the government. Officials advised these borrowers to submit complete applications.


If 99% of people got it wrong, then maybe the instructions weren't that easy to follow. But we are talking about literally having the government write off your debt with no increased tax burden, some people were capable of doing it right, and a quarter never even finished the application but are counted in the "denials." Exactly how spoon-fed should people getting free money be?



And to clarify:
I had the opportunity to do this. It didn't look as appealing as just buckling down lifestyle and paying what you owe without taking out more than you owe. And I also knew that being the guinea pig in a government-run program of essentially any type wasn't appealing to me. But the articles are slamming the PSLF for mostly bad applications. No one is asking how the folks that did it right did it right. And the rules, as presented to me about 7 years ago were:
1) file a tax return the year before you graduate so you'll show 0 income
2) enroll in a qualified income-driven repayment plan ( I think there are 4 of them that qualify)
3) apply for PSLF
4) your payments start with residency which starts in July. They'll be $0 for the first 12 months
5) year 1 of residency tax return only showed months 7-12 of income, so you'll continue to qualify for hardship, and you reapply for income driver repayment plans annually. Because you only had income for 6 months, you'll pay about $50-60/m on this $200K debt. At that point, you're 20% through the program and out of pocket $600. Then you keep in the hardship program through residency if you qualify and fellowship if you can. Then you have to shift to a standard payment plan until month 120 and apply while continuing to make payments during processing.


This is obviously an understanding tailored to those in the medical field. But I can't find a single instance of anyone who was told all of those things- and they were all told to me in fall 2012-spring 2013- who had difficulty getting their application approved.

If you can, I genuinely would like to read it.


But I haven't seen it yet. And, as said before, I have a hard time feeling bad for people who didn't get free money for not following directions.


YipSkiddlyDooo
Member since Apr 2013
2572 posts

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

What you got?


Couple of medical school classmates with around $100k in undergrad then another $200k in medical school. Which means between $350k and $400k by the time they finished residency


Replies (0)
Replies (0)
00
supadave3
LSU Fan
Baton Rouge
Member since Dec 2005
20868 posts

re: Largest student loan debt you have ever heard...
I know a guy that had 100K for a dual major of History and Religious Studies.

After a short teaching stint, he’s now manager of a hot dog place in Nee Orleans. That debt has to be crushing him.


Replies (0)
Replies (0)
20
AutoYes_Clown
USA Fan
Baton Rouge, LA
Member since Oct 2012
3788 posts

re: Largest student loan debt you have ever heard...
Friend of mine had $150k and his newly wed wife was in $500k after medical school. Together they were $650k+. He had a very nice .com boom IT job and they crushed the debt in just a few years. At the same time they renovated a historic house and had a kid.

The kicker of the story is that they were true swingers and had open relationship since dating in college. I told him he was an idiot for keeping the lifestyle going after growing into professionals and he needed to grow up. The month they paid off her student loan, she blind sided him with divorce. She had all the evidence against him due to the lifestyle and she hid her involvement. She got custody of their 1 child, got the renovated historic house, and no liability for any debt. Two years removed from the divorce and she is debt free, making $800k /yr, and lives in historic house probably worth $1M.


GEAUXT
USA Fan
Member since Nov 2007
25736 posts

re: Largest student loan debt you have ever heard...
Yeah, like I said, it's a pain in the ass, but if you stay on top of it it's manageable.

We've had to submit the same form like 10 times before it would be accepted. They will find ANY technicality to reject it, and often they will just reject it for no reason.

I have to credit my wife for being so diligent about it. After the 2nd or 3rd rejection I probably would have said frick it and given up.


Replies (0)
Replies (0)
00
first pageprev pagePage 4 of 6next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram