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Old 07-02-2013, 12:45 PM
 
5,500 posts, read 10,486,199 times
Reputation: 2302

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Quote:
Originally Posted by jobaba View Post
It's not as bad as it sounds.

Let's say worse case scenario she makes 100K out of school. Living on a 'typical' professional's budget of 50K, she should be able to pay off 50K a year. With 7% interest, she's looking at paying it off in about 7 years, with total interest being around 65K.

Let's say at that time, she'll be 32. She has 20 years to live HIGH off the hog.

None of the doctors and dentists I know struggled with loans. And I know a lot of them.

More than I care to know considering how much I make myself.
Many like to jump lifestyle up significantly and let those loans hang around from the ones I know. I do agree it can be done if you want.
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Old 07-02-2013, 12:53 PM
 
Location: Florida
861 posts, read 1,449,766 times
Reputation: 1446
This makes me glad I never went to college. Have a good job that don't need no degree.
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Old 07-02-2013, 01:10 PM
 
12,101 posts, read 16,994,987 times
Reputation: 15764
Quote:
Originally Posted by Gatornation View Post
Many like to jump lifestyle up significantly and let those loans hang around from the ones I know. I do agree it can be done if you want.
Right. Well, that was under the premise that she'll be making 100K. In all likelihood, she'll be making more.

My friends in that situation mostly had their tuition paid for, so they had to take care of loans for 4 years of living, which usually amounts to around 100-150K.

I laugh a little when doctors still in school and those outside the profession say that after the tremendous cost of medical school, that they are right there with the rest of us.

Not true by a long shot. Sure, there are some lucky people in other fields making the same kind of $. But their counterparts aren't even close. And they don't have anywhere near the same job security and mobility.

Say thanks to the AMA!
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Old 07-02-2013, 01:12 PM
 
9,678 posts, read 11,043,048 times
Reputation: 8391
Quote:
Originally Posted by jmgg View Post
Love your post. We have some parallel lives going on here.
It's probably a Midwest parallel thing. The next thing you are going to tell me is that you like eating at Minerva's.

I've spend hundreds of hours in your fine town calling on Raven Industries, Lodgenet, etc and staying at the Ramkota. There are a lot of great people in SD.
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Old 07-02-2013, 01:23 PM
 
9,678 posts, read 11,043,048 times
Reputation: 8391
Quote:
Originally Posted by jobaba View Post
Say thanks to the AMA!
Don't get me started with that monopoly. They like to control the supply under the lie that they only want to let in the best. Well, establish the bar high and let anyone who passes in the club. You don't need to allocate the total numbers.
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Old 07-02-2013, 09:55 PM
 
186 posts, read 347,460 times
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My comment will most likely be the most ignorant comment read, but I don't care about how much student loan debt I go into. As long as I fulfill my life long goal of getting a degree I will be satisfied. If I went into $1 million worth of debt it will be worth it just going to school. I will pay back the money, of course, but if I am not able to, I will not stress and cry over debt than I incurred.

My warped frame of thought says to me that when the bubble finally burst the government will fix it. They always do. I feel I have the right to get a education, and I have the right to get it by any means necessary, even if that means incurring a lot of debt and not paying it back quickly.

Sorry, I know am a horrible person.

Also I am not going to live frugally to pay back my student loan debt. I worked hard in school to live a certain lifestyle and on my hierarchy of bills, student loan payments do not rank that high.

My warped thoughts came from being in foster care until I was 18. Sorry I is what I is (in my best Paula Dean voice)
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Old 07-03-2013, 04:46 AM
 
219 posts, read 429,315 times
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Quote:
Originally Posted by Scared to Life View Post
My comment will most likely be the most ignorant comment read
You are correct. No worries though. I am sure the government will fix your ignorance too.
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Old 07-03-2013, 06:08 AM
 
412 posts, read 681,798 times
Reputation: 676
College will become so expensive that only the wealthy and very intelligent (through scholarships) will be able to attend without incurring massive debt. There are so many ways that the government could help but why should Congress care? There is no danger that their kids will be unable to attend college due to the possibility of debt.
My school loan was at a higher rate since it was unsubsidized and we paid that off this year. My husband's loans were subsidized and we are working on paying his off now. My grad school is being paid in cash.
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Old 07-03-2013, 06:16 AM
 
5,500 posts, read 10,486,199 times
Reputation: 2302
Quote:
Originally Posted by Scared to Life View Post
My comment will most likely be the most ignorant comment read, but I don't care about how much student loan debt I go into. As long as I fulfill my life long goal of getting a degree I will be satisfied. If I went into $1 million worth of debt it will be worth it just going to school. I will pay back the money, of course, but if I am not able to, I will not stress and cry over debt than I incurred.

My warped frame of thought says to me that when the bubble finally burst the government will fix it. They always do. I feel I have the right to get a education, and I have the right to get it by any means necessary, even if that means incurring a lot of debt and not paying it back quickly.

Sorry, I know am a horrible person.

Also I am not going to live frugally to pay back my student loan debt. I worked hard in school to live a certain lifestyle and on my hierarchy of bills, student loan payments do not rank that high.

My warped thoughts came from being in foster care until I was 18. Sorry I is what I is (in my best Paula Dean voice)
You should start planning for what country you are going to move to.
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Old 07-03-2013, 08:38 PM
 
24,488 posts, read 41,003,023 times
Reputation: 12919
Quote:
Originally Posted by mkpunk View Post
That could be true, the issue is with the increase in tuition as well as the interest rate, is college worth it? Things are getting even worse now with the increase with rates. Even if they were like this pre recession. This is mainly due to the fact that job prospects after college are not really much better than they were just 4 years ago.
I don't know if it's worth it to you. It was worth it to me. 100 years ago, college was more expensive and there were no federal loans.
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