$430,000 in student loan debt with no M.D.

[qwerty89]

Sounds like the poor guy failed USMLE Step 1 a couple times and was dismissed from school. Currently works as a high school biology teacher...

Dave usually goes ape**** over high student loans, even with doctors, but even he felt bad.

He knows this guy is f*****.

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[libertyyne]

Sad story. Dude could probably get it discharged through bankruptcy considering the circumstances. An income based repayment for 30 years probably wouldn't be too terrible either.

 

[getdown]

****.

 

[hello1234!]

Student loans can’t be discharged with bankruptcy is my understanding

 

[ciestar]

Student loans can’t be discharged with bankruptcy is my understanding

Usually not, but not impossible in certain circumstances.

 

[libertyyne]

Student loans can’t be discharged with bankruptcy is my understanding

There are certain circumstances where they can be. Disability is usually a common way. This person has an almost certainty of inability to pay considering such a drastic change in his earning potential. He may be able to convince a bankruptcy judge.

 

[mistafab]

Wow - poor guy

 

[bananafish94]

This is the stuff of nightmares.

 

[deleted103644]

Sounds like the poor guy failed USMLE Step 1 a couple times and was dismissed from school. Currently works as a high school biology teacher...

Dave usually goes ape**** over high student loans, even with doctors, but even he felt bad.

He knows this guy is f*****.

It would still be an uphill climb, but he should become a nurse.

Relatively inexpensive education, his prerequisites should already be filled, and working extra shifts he could break 6 figures.

Can get an NP while working full time (and many jobs would pay for it) and then earn as much as some specialties.

 

[fldoctorgirl]

This is terrifying.

 

[TakotsuboOkazaki]

Outside of our campus hospital, on the side of a newsstand is an advertisement for the Doctors-Without-Jobs organization which echoes the same message.

The consequences of failure in medical school are calculable yet unfathomable.

It's like Sun Tzu's principle of 'death ground' or Cortez burning his ships once he reached the Americas. The only way out is through.

 

[AsianPersuasion]

I had to pop a xan watching this video.

 

[Tommy1234]

All these med schools and dental schools charged students so much that it's crazy. All these schools don't care if students find a job or passing the boards. It's all about business. There need to be a solution.

 

[Angus Avagadro]

Anyone who is smart enough to get into med school is smart enough to pass step 1. I suspect they continued to prepare the same way each time with the same result. Stress, depression, anxiety can all contribute to their failures. With so much money on the line, OP needs psychologicic evaluations and a life coach to help reach their goals. Never give up never surrender.

 

[Blanky]

Did we not mention the school? Could have been Carib?

 

[Goro]

Anyone who is smart enough to get into med school is smart enough to pass step 1. I suspect they continued to prepare the same way each time with the same result. Stress, depression, anxiety can all contribute to their failures. With so much money on the line, OP needs psychologicic evaluations and a life coach to help reach their goals. Never give up never surrender.

I seem to recall that the dude took three years to get to Step I. Red flag in there somewhere.

 

[Goro]

Did we not mention the school? Could have been Carib?

I have a sneaking suspicion that it was.

 

[Blanky]

He left that out surely, and mentioned he would need a year to work on prereqs for PA. Surely he has anatomy and physiology and micro from years 1-2 of med. those dont count? Even then he could take two semesters and finish and apply next PA cycle or go pharm/pod.

 

[ChrisTurkletonMD]

I think I’d just head to Alaska and hop on a crab fishing boat

 

[atomi]

I think I’d just head to Alaska and hop on a crab fishing boat

Yup this is a leave the country and start over with a new identity type of situation. Then eventually come back with said new identity. There are ways to make that happen,

 

[943710]

1. Move to new country

2. Find nice local girl to marry

3. Get new country's citizenship before IRS cancels passport

 

[Mad Jack]

Sad story. Dude could probably get it discharged through bankruptcy considering the circumstances. An income based repayment for 30 years probably wouldn't be too terrible either.

IBR forgiveness is taxed. His best bet is PSLF forgiveness after 10 years and praying the program isn't gutted.

 

[Ho0v-man]

I’d fake my own death. Seriously.

 

[BorntobeDO?]

Sounds like the poor guy failed USMLE Step 1 a couple times and was dismissed from school. Currently works as a high school biology teacher...

Dave usually goes ape**** over high student loans, even with doctors, but even he felt bad.

He knows this guy is f*****.

This is a nightmare. PSLF is the best way IMO. He just needs to hope he can get it. I hear the PA/ Nurse anesthetist options, but this guy would have to add another 200k just to do those, and his total would be probably over 750k by then. Even on 200k of salary, that won't disappear easily.

 

[libertyyne]

all this talk of leaving the country only works if this dude didnt have a family member co-sign his loans.

 

[W19]

The guy can become a RN in 2 yrs and make 80k+/year as long as he is willing to work 4 days/wk.

 

[Blanky]

The guy can become a RN in 2 yrs and make 80k+/year as long as he is willing to work 4 days/wk.

Not enough income, maybe at 120k after two years in a affordable area.

 

[Blanky]

4,500/ month mins like 2,500 to live leave you at 3k/month.
430k at like 7% after two years plus about 20k for RN is what?
How many months at 3k/mo?

 

[Blanky]

Thats 20 years at 3k/mo if here is 5% interest on 450k (after nursing)

 

[W19]

Not enough income, maybe at 120k after two years in a affordable area.

The guy is in a big hole, so 80k/year will help a lot. He can become an ICU nurse after 2 yrs being a RN and make 100k+/yr working 4 days/wk. Not bad!

 

[Blanky]

I was thinking eat the two hears and go PA, then look for some kind of loophole payment plan. Otherwise you find some contract PA work or something and slave away 100 hrs a week for like $200k/yr and you could knock it down in like 4 maybe?
Nah that would still take 7-8 years of slave labor to break even

 

[LM75]

Federal loans get IBR and/or many other options to pay or discharge so stop saying $400000 in debt as if someone is coming and knocking on their door and asking for $400K. It's never really 400K.

The only time you really have to scratch your head with student debt is if you took out private loans which are the dumbest thing anyone can do.

Even Caribbean students who, as you guys say, take a giant risk and take on that type of debt won't go to the poor house anytime soon.

Also, you have to understand the intricacies of how bankruptcies work. There are legal ways to even get private student loans modified. So don't take any of these "stories" at face value. I don't think it would look good if people started committing suicide over student loans so trust me the government wouldn't let that happen.

As to why this individual has not passed STEP 1 on their first attempt is the bigger concern; not the debt.

 

[GoSpursGo]

At least one post was removed for inappropriate language. Let's please keep this thread civil.

 

[sella.turcica]

At least one post was removed for inappropriate language. Let's please keep this thread civil.

Maybe they were right though.

 

[NITRAS]

There are certain circumstances where they can be. Disability is usually a common way. This person has an almost certainty of inability to pay considering such a drastic change in his earning potential. He may be able to convince a bankruptcy judge.

Doubt it. He'd have to prove that he would never be able to, which as a young, educated male he'd have a hard time doing. The truth is, he gets a good career, starts making north of a $100k headed towards $200k, he really can get out of this mess. It will just take him a long time. The most realistic solution to this man's problems is income, but it isn't going to be as a biology teacher.