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A person who works full time in education, non profit, or the government who makes the minimal payments on their student loans for 10 years can have them discharged if the student loans are federal.
I looked up the payement options for student loans and they do have several flexible payment plans. One were you student loan payment only accounts for 10% of your monthly salary. Another (graduated plan) were your initial payments start of low for the first two years then gradually increase every two years.
I didn't know they had such flexible payment options for student loans. These are for federal loans not private student loans though.
In that case there shouldn't be any reason why someone defaults on their student loans, they are pretty reasonable with the payment options.
The people I know that racked up 60K+ did so through one of the following:
Med school, which usually pays off in the end
Law school, which they thought would pay but the job market for lawyers is saturated now. People have figured that out.
PhD program, sometimes pays off, sometimes not. In my experience, it's about a 50/50 shot of being worth it.
Just thought I'd mention (since there seems to be widespread confusion about this) that paying tuition for a PhD program is not the norm in the US anymore. I'm sure that there are some programs somewhere that do still charge, but for a PhD in most fields a student's tuition is "paid" by the school in exchange for a teaching assistantship or research assistantship, which also usually brings a yearly stipend. Not a bad deal.
I hope you are a doctor, pharmacist, dentist, or lawyer coming out with a 100k in student loan debt.
If someone comes out of school with a 100k of debt in art history they are going to be in trouble.
Art History probably would not cost $100K.
Funny story that I use when people say that: I work at a college and was on the hiring committee to replace one of our retiring Art History professors. The field of Art History succumbed to this "economically useless" group-think about 15-20 years ago, so many AH graduate programs either shut down or drastically reduced their enrollment.
Keep in mind this is a job in a medium sized desirable town, paying about $50K with benefits.
We put out a national search and had about 25 applicants, 4-5 of which were not qualified and 2-3 more did not have the correct degree (art history) but tried to argue they could teach it. A few more did not follow the application instructions so we eliminated them automatically. 5-6 more were from overseas and since we did not reimburse travel for interviews none of those agreed to come out. That left us with about 8 to choose from, we chose the top 4 and 2 of those dropped out of the running because either they or their spouses got better jobs in a bigger city.
That left us with 2 candidates to choose from. Luckily one of them was good or else we would have just not had an art history professor for a year.
I've actually been arguing that every discipline should do what art history has done and only take the very best candidates for graduate programs; it has at least resolved their saturation crisis.
Just thought I'd mention (since there seems to be widespread confusion about this) that paying tuition for a PhD program is not the norm in the US anymore. I'm sure that there are some programs somewhere that do still charge, but for a PhD in most fields a student's tuition is "paid" by the school in exchange for a teaching assistantship or research assistantship, which also usually brings a yearly stipend. Not a bad deal.
However, professional school ( MD, law, physical therapy, pharmacy, etc) doesn't work that way.
I've known too many people that ran up huge student loan debts by going to private colleges and partying on their loans and either dropping out or getting a near useless degree. My Brother wound up with $150K in debt but with a degree in Orthodontia but he's now making 7 figure income so it was a great investment.
Seven figure income? I had to brace myself while computing that. He must have a bunch of chairs and a group of assistants.
Quote:
Originally Posted by Tall Traveler
I've known too many people that ran up huge student loan debts by going to private colleges and partying on their loans and either dropping out or getting a near useless degree. My Brother wound up with $150K in debt but with a degree in Orthodontia but he's now making 7 figure income so it was a great investment.
Funny story that I use when people say that: I work at a college and was on the hiring committee to replace one of our retiring Art History professors. The field of Art History succumbed to this "economically useless" group-think about 15-20 years ago, so many AH graduate programs either shut down or drastically reduced their enrollment.
Keep in mind this is a job in a medium sized desirable town, paying about $50K with benefits.
We put out a national search and had about 25 applicants, 4-5 of which were not qualified and 2-3 more did not have the correct degree (art history) but tried to argue they could teach it. A few more did not follow the application instructions so we eliminated them automatically. 5-6 more were from overseas and since we did not reimburse travel for interviews none of those agreed to come out. That left us with about 8 to choose from, we chose the top 4 and 2 of those dropped out of the running because either they or their spouses got better jobs in a bigger city.
That left us with 2 candidates to choose from. Luckily one of them was good or else we would have just not had an art history professor for a year.
I've actually been arguing that every discipline should do what art history has done and only take the very best candidates for graduate programs; it has at least resolved their saturation crisis.
I'm surprised only 25 individuals applied for that position. Usually there are a 100+ applicants for a job paying 50k with benefits.
Is it fair to call him more of a businessman than an orthodontist? He has probably never met most of his patients.
He runs his practice as a business enterprise and he is a supercharged Type A personality, born that way.
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