Bill passes House that will cap student loan borrowing

[0bliqueridge]

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Nothing wrong with admitting there are stupid people out there. If you listen to his show you would know what I mean.

My point is that many people think Dave Ramsey's advice doesn't apply to them for one reason or another. Those people are wrong. You can listen to whoever you want for financial advice.

Dave Ramseys advice is for low earners in credit card debt and not worth much else

 

[Big Time Hoosier]

Dave Ramseys advice is for low earners in credit card debt

So…new grad dentists from NYU or USC…?

Big Hoss

 

[SuxDrugs&Rocuronium]

So…new grad dentists from NYU or USC…?

Big Hoss

 

[psyduck____]

It’s called the Uniparty, comrade. If you’re going to just rage about a single “party,” you have no credibility. None.

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The whole system is rigged against you. But, I assure you communism or “democratic socialism” is not the answer. Do you really think that giving more power and control to the same people who rigged the system is the answer? Seriously, do you? Remember, you can always vote yourself into communism, but you have to shoot your way out.

The country is $37,000,000,000,000 in debt. That’s a lot of zeros. If you factor in unfunded liabilities, it’s probably north of $150 TRILLION. You can thank the Federal Reserve Act of 1913 and leaving the gold standard for making all that debt possible. It’s also enabled the financialization of everything that’s driven the wealth inequality. Your real beef is with the bankers who’ve bought and sold our country.

The No-Win Bubble "Wealth Effect": Either Way We Lose | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Big Hoss

I never said anything about communism you stupid boomer. Liberalism failed and people like are the reason why people chose right wing extremism. The counties that voted for Trump also voted heavily for Bernie. God forbid I care more about human lives than my profits of a dying system. With the way yall losers reacted to Zohran, I could care less about your feelings

 

[psyduck____]

Sounds like you want stuff without too much work

Sounds like you wanna die for a country that doesn't care about you. I've worked in veterans hospitals before and I know the dangers of war between them. A majorly of the military is also minorities which yall call. DEI. You ****s don't deserve anything

 

[Big Time Hoosier]

I never said anything about communism you stupid boomer.

Big Hoss

 

[JacquesVallee]

I never said anything about communism you stupid boomer. Liberalism failed and people like are the reason why people chose right wing extremism. The counties that voted for Trump also voted heavily for Bernie. God forbid I care more about human lives than my profits of a dying system. With the way yall losers reacted to Zohran, I could care less about your feelings

Dude, relax.

 

[Big Time Hoosier]

Dude, relax.

Marxists can’t relax, it is their nature. I blame it on the purple hair dye.

Big Hoss

 

[Big Time Hoosier]

Marxists can’t relax, it is their nature. I blame it on the purple hair dye.

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Big Hoss

Big Hoss

 

[JacquesVallee]

Y'all don't do any semblance of research and just spout the most ignorant advice ever. Yall need to be called out more.

Yall disappoint me with your ignorance.

You're not for the American people. You're for yourself and not worth respecting

Lol you voted for the party of racists and losers. You had no morals to begin with.
FYI Trump said all this about his daughter. So tell us would you leave Trump alone with your daughter or your niece? You lot are seriously just a bunch of greedy losers.

Republicans All delayed the vote to release the files while democrats wanted to release the files. Why would they do that if they didn't wanna defend any pedos? Any liberal would tell you they hate hate Clinton and say throw anyone who's associated with Epstein. You're nothing more than a loser who defends an egoistical criminal who doesn't care. You sold your soul to the devil and you will learn true pain. I'm tired of you subhuman trash that preach they care about healthcare and yet voted to defund Medicare and rural hospitals for the 1 percents.

I never said anything about communism you stupid boomer.

You ****s don't deserve anything

Incredibly unhinged behavior. That's what is horrible about being online and anonymous. You say things to people that you would never say face-to-face. Psyduck clearly cannot engage in behavior online becoming of a mature adult.

 

[Big Time Hoosier]

Follow the money…

The Student Debt Racket | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Big Hoss

 

[JacquesVallee]

I've ended up meeting pre-dents in real life. None of the ones I've met are even remotely concerned with the costs of dental school and are still eagerly applying to USC, NYU, etc. I tried warning them to no avail. Assuming private loans come through for them and they are representative of the applicants, I fear the day of reckoning for the dental schools could be another 5-10 years away.

 

[Big Time Hoosier]

I've ended up meeting pre-dents in real life. None of the ones I've met are even remotely concerned with the costs of dental school and are still eagerly applying to USC, NYU, etc. I tried warning them to no avail. Assuming private loans come through for them and they are representative of the applicants, I fear the day of reckoning for the dental schools could be another 5-10 years away.

You’re correct. It may take an entire cohort of students to go through this mess before the word really gets out and things fall apart. In 4-6 years, the picture of how these changes materialize in the lives of dentists will have become crystal clear.

Big Hoss

 

[New_Vegas]

I honestly feel bad for these people. They have no idea what they are about to get themselves into. Even when you remove debt part of the equation it's still so rough out there. Many days of sorrow and frustration ahead for new grads.

 

[JacquesVallee]

I've ended up meeting pre-dents in real life. None of the ones I've met are even remotely concerned with the costs of dental school and are still eagerly applying to USC, NYU, etc. I tried warning them to no avail. Assuming private loans come through for them and they are representative of the applicants, I fear the day of reckoning for the dental schools could be another 5-10 years away.

I talked to a D1 the other day. I explained debt to income ratio and how I as a young associate was making a minimum of 15k a month on four days a week or 33% production, whichever was higher, in a small town where I was booked out months and how even with my income I wouldn't be able to afford most dental schools. He straight up told me that my income was "low" because I was living somewhere rural and I should've been practicing dentistry in a city lol.

Bear in mind, clearing about 200k with production bonuses is significantly more than almost all of my friends. Pre-dents and dental student seem to think 250k+ is the norm. I was in shock. There is simply no reasoning with pre-dents/dental students. As long as the loans are available, they will take them.

 

[D1Bound]

I talked to a D1 the other day. I explained debt to income ratio and how I as a young associate was making a minimum of 15k a month on four days a week or 33% production, whichever was higher, in a small town where I was booked out months and how even with my income I wouldn't be able to afford most dental schools. He straight up told that maybe income was "low" because I was living somewhere rural and I should've been practicing dentistry in a city lol.

Bear in mind, clearing about 200k with production bonuses is significantly more than almost all of my friends. Pre-dents and dental student seem to think 250k+ is the norm. I was in shock. There is simply no reasoning with pre-dents/dental students. As long as the loans are available, they will take them.

Lol

 

[Big Time Hoosier]

He straight up told me that my income was "low" because I was living somewhere rural and I should've been practicing dentistry in a city lol.

Big Hoss

 

[JacquesVallee]

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Big Hoss

At this point, I genuinely feel like the conversation is pointless. There is no possible argument I can use to change their minds. I met a girl who is applying to USC and NYU and even after I explained that paying back 700k+ of student loan debt as a dentist is impossible especially in light of the BBB, she wasn't swayed at all. It will take either 1) private lenders not giving them money or 2) them taking out 400k+ of private loans at 12-13% and then defaulting to stop this mess.

I think pre dents have simply moved over to other echo chambers such as pre-dental reddit. They don't want to be convinced of the financial gravity of paying for dental school. Here, I feel like we simply have dentists already agreeing with each other that costs are too much. Pre-dents quit engaging on here because as soon as they'd ask about getting into Columbia or Penn they'd get bombarded by us (especially myself and good friend @Big Time Hoosier) wisely asking how they will pay for it. That's not the question they wanted to get asked. It forces them to confront an uncomfortable reality they want to pretend doesn't exist. Hence, they've left.

This forum has 20k views. Yet, I have to ask myself, did a single pre-dental mind even get changed?

 

[D1Bound]

At this point, I genuinely feel like the conversation is pointless. There is no possible argument I can use to change their minds. I met a girl who is applying to USC and NYU and even after I explained that paying back 700k+ of student loan debt as a dentist is impossible especially in light of the BBB, she wasn't swayed at all. It will take either 1) private lenders not giving them money or 2) them taking out 400k+ of private loans at 12-13% and then defaulting to stop this mess.

I think pre dents have simply moved over to other echo chambers such as pre-dental reddit. They don't want to be convinced of the financial gravity of paying for dental school. Here, I feel like we simply have dentists already agreeing with each other that costs are too much. Pre-dents quit engaging on here because as soon as they'd ask about getting into Columbia or Penn they'd get bombarded by us (especially myself and good friend @Big Time Hoosier) wisely asking how they will pay for it. That's not the question they wanted to get asked. It forces them to confront an uncomfortable reality they want to pretend doesn't exist. Hence, they've left.

This forum has 20k views. Yet, I have to ask myself, did a single pre-dental mind even get changed?

Just enjoy the decline

 

[Big Time Hoosier]

Yet, I have to ask myself, did a single pre-dental mind even get changed?

Big Hoss

 

[TheLastDance]

At this point, I genuinely feel like the conversation is pointless. There is no possible argument I can use to change their minds. I met a girl who is applying to USC and NYU and even after I explained that paying back 700k+ of student loan debt as a dentist is impossible especially in light of the BBB, she wasn't swayed at all. It will take either 1) private lenders not giving them money or 2) them taking out 400k+ of private loans at 12-13% and then defaulting to stop this mess.

I think pre dents have simply moved over to other echo chambers such as pre-dental reddit. They don't want to be convinced of the financial gravity of paying for dental school. Here, I feel like we simply have dentists already agreeing with each other that costs are too much. Pre-dents quit engaging on here because as soon as they'd ask about getting into Columbia or Penn they'd get bombarded by us (especially myself and good friend @Big Time Hoosier) wisely asking how they will pay for it. That's not the question they wanted to get asked. It forces them to confront an uncomfortable reality they want to pretend doesn't exist. Hence, they've left.

This forum has 20k views. Yet, I have to ask myself, did a single pre-dental mind even get changed?

People going to dental school now with 500-600K in debt have no idea what they're in for with this BBB on cap borrowing. Private lenders are going to rake you through the coals on 10-20% annual interest for the extra 300-400K you have to take out after 200K federal unsubsidized. You'll never pay back that extra 300-400K on 10-20% interest. You're at a guaranteed 800K-1M for a standard dental degree with those interest rates on a 25 year minimum SAVE plan after school. Unless you're a 1%er super GP owner, you'll never make enough money to pay through those interest payments to hit the principal. This is before any obvious debts to (1) run a dental practice, (2) own a home, or (3) own any asset expense outside of dentistry. We're in a scary moment for dental students going forward. If you don't have a wealthy family outright to pay your principal you will never pay it back.

Some of my friends say "why would private loan companies do this?" Uh, because they can? You have no other choice if you have to take out 520K for dental school. Why would they charge the standard 5-8% rate that the federal loans offer?

 

[PictureMeRollin]

I talked to a D1 the other day. I explained debt to income ratio and how I as a young associate was making a minimum of 15k a month on four days a week or 33% production, whichever was higher, in a small town where I was booked out months and how even with my income I wouldn't be able to afford most dental schools. He straight up told me that my income was "low" because I was living somewhere rural and I should've been practicing dentistry in a city lol.

Bear in mind, clearing about 200k with production bonuses is significantly more than almost all of my friends. Pre-dents and dental student seem to think 250k+ is the norm. I was in shock. There is simply no reasoning with pre-dents/dental students. As long as the loans are available, they will take them.

Truth. Pre-dents listen to this guy. Unfortunately, years ago I put the final financial USC dental nail in my coffin. Great school and great people, but the cost absolutely insane fueled by unlimited government money. Time to wake up, and walk away.

 

[JacquesVallee]

Just checked the pre dental section of reddit... yikes. They're all freaking out. I feel their pain. I can't imagine working so hard to get into dental school and then having the rug pulled from me. What they don't realize is this is likely saving them financially as I hope most of them will not attend dental school. What they also don't realize is if the government didn't cut off this source of infinite loans, tuition would reach 7 figures at many schools soon. This cap is needed but sadly came way too late.

There is also talk of this ruining specialties like ortho as almost every ortho residency requires tuition. Ironically, this may help solve the insane orthodontic saturation. @New_Vegas

I just don't think there are enough wealthy people to pay 500k for dental school. An overwhelming majority of my state school class took out 200k+ in loans. I don't see how some of these schools will survive. If they do, once thousands of dentists are riddled with predatory loans and people see how horrific it is, students will stop applying. Maybe I'm being hopeful but I think the house of cards may be coming down.

edit: I spent about an hour thoroughly perusing pre dental reddit. Many many pre dents are talking about no longer applying to dental school. Pre dents are scared. This makes me hopeful.

So, funnily enough, pre-dental Reddit was initially nothing but pre-dents freaking out over the BBB when it passed, so much so that I thought this would significantly affect this application cycle. However, the mods started a "BBB megathread" and corralled any mention of the BBB to that thread which completely killed the discussion. Now, it's an afterthought. The pre-dents there can now safely talk about their interviews at schools that cost 500k+ in peace. It's actually shameful.

 

[Big Time Hoosier]

So, funnily enough, pre-dental Reddit was initially nothing but pre-dents freaking out over the BBB when it passed, so much so that I thought this would significantly affect this application cycle. However, the mods started a "BBB megathread" and corralled any mention of the BBB to that thread which completely killed the discussion. Now, it's an afterthought. The pre-dents there can now safely talk about their interviews at schools that cost 500k+ in peace. It's actually shameful.

Big Hoss

 

[D1Bound]

So, funnily enough, pre-dental Reddit was initially nothing but pre-dents freaking out over the BBB when it passed, so much so that I thought this would significantly affect this application cycle. However, the mods started a "BBB megathread" and corralled any mention of the BBB to that thread which completely killed the discussion. Now, it's an afterthought. The pre-dents there can now safely talk about their interviews at schools that cost 500k+ in peace. It's actually shameful.

Bro 150k is plenty no worries everyone has loans