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$2,000 a month is only $24k a year. When you're earning $300k a year that leaves plenty of $ left over.
Would you rather make $100k a year with $200 a month in student loans
or $300k a year with $2000 a month in student loans?
You forgot to factor in a decade of lost wages. And the interest credit phase out, and the higher interest on graduate loans, and the lack of sub'ed graduate loans. All things considered, just might take the $100,000 option.
I couldn't be in a relationship with this person. Just wouldn't work for me. If he wants to quit med school, FINE! but make a plan and live it, don't just sit and wait for something to happen. Does he think the teaching profession is EASY? That just anyone can teach? not the case. He'll have to spend some time in school for that also.
Having worked in higher education for years, I think many would be shocked at just how many exorbitant student loan debts there are out there today. I had a TA with well over $100K in debt with more school to go, and she would say that she was maxing out her loans because she didn't want to live like a "college student". She also said all of her friends in school were doing the exact same thing, lol. Crazy times.
Having worked in higher education for years, I think many would be shocked at just how many exorbitant student loan debts there are out there today. I had a TA with well over $100K in debt with more school to go, and she would say that she was maxing out her loans because she didn't want to live like a "college student". She also said all of her friends in school were doing the exact same thing, lol. Crazy times.
sooner than later, she will be living in reality and regret the things she's doing today.
If you want to eat cat food ramen noodles and support this girl/guy for life then stick with them. Student loans are generally non-dischargable debt... so this person is screwed unless they become an ex-patriate and move away.
Work on paying it off...create an blog/vlog on your progress, create a webpage, youtube, facebook, twitter, ect. Write a book...make money off your bad decision. Maybe even help some people avoid this mistake. Maybe people will help you a bit if you are nice person.
I am with someone who is no longer interested in pursuing medicine and has accumulated 300k of student debt.
The person is not working and if the individual continues the program, the school had noted they may have to dismiss the individual due to lack of grades, performance, etc. I understand med school is not for everyone, I don't think I could ever do it-- but what is the outlook on this person's life?
The person is currently not working and not yet interested in working, likely because there is ~50k-100k of student loan money that is available to this person in the bank (I believe).
I have tried to explain the gravity of the situation to the individual but the person responds "all you care about is money." This seems like a no-win situation, am I wrong?
If this person has $300K in student loan debt, I can understand the lack of interest in working. This burden can be overwhelming. Without a high paying job, how can anyone ever pay off this kind of loan? I'd certainly be depressed.
It's a shame this person quit med school after racking up such a debt. I don't know the specifics but if the school was a for-profit school and this friend just found out the degrees from those schools are pretty much worthless, I can understand the sudden lack of interest in pursuing medicine because it will only increase the debt and bury the person further.
Student loan debt is killing the future of this country and most of that debt was created through for-profit schools. And most of those degrees aren't worth a damn.
If this person isn't one of those unfortunate who was duped by the for-profit crooks, I would hope you can convince him or her to go back to school and get that degree in medicine. There are few good paying jobs left in this country.
The other thing to do is join an organization that fights student loan debt and make the schools that sell students on the value of a degree be responsible for delivering a degree of value.
The OP's girlfriend has $50k-$100k in cash, so it's more like $200k in debt. Still definitely a burden (that's a mortgage payment), but manageable.
That being said, I've watched good people that "settled" for someone with very little ambition get dragged down with their partner, and it's not a pretty sight. It's only going to get worse the farther in he goes (marriage, kids, etc).
The OP hasn't responded in a week though, he might need some time to catch up to our discussion.
Open every credit card possible. Pay off all your student loans with the credit card debt. Declare bankruptcy. Spend 18 months in jail for fraud.. come out and start your life over.
Just for a moment look at the situation as being married and this is a debt for both of you and consider her mindset. Now consider your single and her mindset. Should you stay or should you go now? Cause if you stay there could be trouble.
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