"Dr. Adrienne Colman is living her best life, student loans be damned."

[distressstudent]

https://www.cnbc.com/2020/08/27/this-30-year-old-has-over-230000-in-student-loan-debt.html

Article leads off with the statement : "Dr. Adrienne Colman is living her best life, student loans be damned. "

Dr. Coleman works 7 days a week. And expect her private loans to be paid off in 8, and expects her federal loans be paid off through Forgiveness in 25.

It is absolutely horrifying how monstrous student debt is just normalized now.

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[deleted480308]

https://www.cnbc.com/2020/08/27/this-30-year-old-has-over-230000-in-student-loan-debt.html

Article leads off with the statement : "Dr. Adrienne Colman is living her best life, student loans be damned. "

Dr. Coleman works 7 days a week. And expect her private loans to be paid off in 8, and expects her federal loans be paid off through Forgiveness in 25.

It is absolutely horrifying how monstrous student debt is just normalized now.

I didn’t think forgiveness was 25yrs now, but either way this is what you get when govt enters the student loan market

 

[RangerBob]

I didn’t think forgiveness was 25yrs now, but either way this is what you get when govt enters the student loan market

IBR/REPAYE is 25yrs, and the forgiven amount is taxable.

 

[FlowRate]

I didn’t think forgiveness was 25yrs now, but either way this is what you get when govt enters the student loan market

Two different types of forgiveness. Public Service Loan Forgiveness is 10 years (working for qualified employer, making qualified payments). IBR plan forgiveness (REPAYE etc.) is after 25 years of income-based payments.

Wonder why that young woman isn't working for a not-for-profit, pretty sure a DPT can make decent money (60k-100k) working for a n-f-p hospital. Then they'd be forgiven in 10 years.

And yeah, guaranteed federal loans have allowed schools to explode their administrative and facilities budgets, all paid for by tuition. Big, new, nice expensive dorms which ironically attract students who then pay extra for those big fancy dorms. And then complain about how much a college education costs...

Eventually something will have to give. Hopefully.

 

[Medisaint]

I found this article very misleading. Instead presenting Colman as someone who had to adopt a more austere lifestyle due to crushing debt mixed with COVID, the author misuses tenses to suggest that Colman is able to pursue two very different financial priorities simultaneously.

-First we are told she IS able to live her best life while spending on "travel, nights out with friends and family and weekend shopping trips". We hear how despite being a quarter million in debt, "I don’t let it hinder me in the way that I live my life...I’d rather live my life than throw thousands of dollars into trying to pay this debt off".
-Then we learn that she works 7 days a week
-Then Coronavirus hits and she doesn't work as much. Income affected, concern for job security, priorities reassessed.
-No traveling, less shopping, more money diverted toward savings and tackling credit card debt.
-The showcased post-Covid month has only 5% of income going toward recreation (misc + streaming) w/ $50/m spent on food because "Colman’s boyfriend buys most of the couple’s groceries".
-wistful about having incurred debt from private school
-will pay off loans someday
-“I spend money on what I want to,” she says. “And I’m still able to live the life that I want.”

Lots of mixed messages. The funny thing is that Colman is actually in a much better position to aggressively pay off her loans than many millennials. No kids, high income, medium expense city (i.e. not SF, LA or NYC).

 

[wamcp]

Do you think the gov, after screwing it up for borrowers in the first place by inflating tuition across the board for decades with guaranteed loan money, will help docs with student debt?

Senators Elizabeth Warren and Chuck Schumer say U.S. should immediately cancel $50,000 in student loans for millions of borrowers

'Even before the COVID–19 pandemic, the United States also faced a historic student loan crisis, which is currently holding back our struggling economy,'...

www.marketwatch.com

nah, we will “make too much” income

Plus since i paid mine off entirely already am I gonna get free rebate on that? LOL

 

[Medisaint]

Do you think the gov, after screwing it up for borrowers in the first place by inflating tuition across the board for decades with guaranteed loan money, will help docs with student debt?

Senators Elizabeth Warren and Chuck Schumer say U.S. should immediately cancel $50,000 in student loans for millions of borrowers

'Even before the COVID–19 pandemic, the United States also faced a historic student loan crisis, which is currently holding back our struggling economy,'...

www.marketwatch.com

nah, we will “make too much” income

Plus since i paid mine off entirely already am I gonna get free rebate on that? LOL

Don't hold your breath.

That said, if ever there was a group of lost souls to use the debt-cancelling magic wand on it would be the medical school drop outs and unmatchable doctors who find themselves unemployed with hundred of thousands of dollars in debt.

 

[Dr. Brandon Green]

Forgiveness in 25 years isn’t a guarantee. It’s based on current administration at the time. Like most high earners a lot of the incentives don’t apply to physicians. The interest rate and weight on your shoulders will weigh you down. Pay off your loans ASAP. You’ve held off on pleasure and grinds out work for around 20 years. What’s another few years living like a resident and paying this off. Plus time flies and you need to get on to retirement savings. Run any investment calculator and see if you purchase a $100k vehicle at 30 y/o by retirement even at a low refund rate that’s nearly a $1million loss in retirement. Don’t get caught up in the doctor image race, a couple of good decisions early can pay off exponentially in the future. Besides why is the government still giving out student loans if they plan on forgiving them. This is a large money maker from professionals to pay high interest for 25 years and then taxes on what’s forgiven that year for the government and they’re not giving that up easily. Determine your own future.

 

[qwerty89]

Graham Stephan nearly had a heart attack with this one.

 

[LADoc00]

Dear lord, LADOC rule #12 is free for you guys today: ALWAYS run a background check on potential serious spouses. Its like 20 bucks, the best $20 you will ever spend and you will be able to identify people carrying around more unsecured debt than a third world country. Avoid them at all costs.

 

[RangerBob]

Dear lord, LADOC rule #12 is free for you guys today: ALWAYS run a background check on potential serious spouses. Its like 20 bucks, the best $20 you will ever spend and you will be able to identify people carrying around more unsecured debt than a third world country. Avoid them at all costs.

Running a background check on a potential spouse? Why not send a private eye after them? It's not just that the advice is bad, but the mindset that you can't trust someone enough that you need to resort to invading their privacy in such a manner is the bigger issue.

Just ask someone how much they owe if it matters that much to you. If it's that big a deal, tell them it scares you.

 

[LADoc00]

Running a background check on a potential spouse? Why not send a private eye after them? It's not just that the advice is bad, but the mindset that you can't trust someone enough that you need to resort to invading their privacy in such a manner is the bigger issue.

Just ask someone how much they owe if it matters that much to you. If it's that big a deal, tell them it scares you.

Bob you clearly havent interacted with someone on a date who has mad students loans. They would sooner be honest about having herpes than massive student debt nowadays. And the whole reason you can run the background check is its NOT private, its public information. And you also find out if they have any racked up credit cards, skipped out on rent, criminal convictions etc. All around good info.

 

[RangerBob]

Bob you clearly havent interacted with someone on a date who has mad students loans. They would sooner be honest about having herpes than massive student debt nowadays. And the whole reason you can run the background check is its NOT private, its public information. And you also find out if they have any racked up credit cards, skipped out on rent, criminal convictions etc. All around good info.

My wife grew up lower middle class, bars on windows, had to borrow for public school undergrad (scholarships covered a good amount though), so your statement is not correct. She was upfront from the start about her loans, credit card debt, etc.

Have faith in people, and they will have faith in you.

Regardless, I replied to another one of your posts in another thread and it seems clear to me now we have polar opposite views here. You’re entitled to your beliefs.

 

[LADoc00]

Have faith in people, and they will have faith in you.

Regardless, I replied to another one of your posts in another thread and it seems clear to me now we have polar opposite views here. You’re entitled to your beliefs.

Bob you clearly dont live in California. Where are the Elysian Fields you are practicing in where I can trust everyone? I will move there.

 

[dpmd]

My wife grew up lower middle class, bars on windows, had to borrow for public school undergrad (scholarships covered a good amount though), so your statement is not correct. She was upfront from the start about her loans, credit card debt, etc.

Have faith in people, and they will have faith in you.

Regardless, I replied to another one of your posts in another thread and it seems clear to me now we have polar opposite views here. You’re entitled to your beliefs.

He has an extremely jaded view of life and how it affects finances.

 

[RangerBob]

Bob you clearly dont live in California. Where are the Elysian Fields you are practicing in where I can trust everyone? I will move there.

I do live in CA. I grew up here. Lived in the Midwest for about 8yrs, otherwise I’ve been here. Both places have been wonderful places to live. Taxes are higher here and certainly the weather is worse in the Midwest, but to me neither place is any “better” than the other. I live where my family is because that’s what matters to me.

 

[RangerBob]

He has an extremely jaded view of life and how it affects finances.

Yes, I see that now. If it works for him that’s fine but I hope he doesn’t spread that jadedness to other premeds/med students here just looking for help and guidance.

 

[KnuxNole]

I don't usually splurge, but I have about 250K in loans as well, and have always been told that I'll be paying student loans for almost all of my life. I do IBR and usually have auto-pay a set amount they tell me to pay each month. I'm honestly bad at personal finance in that I have no idea what my salary is and forget how much money is in my account. I keep things simple: rent a townhouse, have a car that I paid off already with little/no maintenance, single with cat, food/entertainment budget small, travel occasionally(less with rona).

So I kinda agree with the sentiment. In some sense I'm "living my best life" while not getting overly worried about loans. They exist, but they are getting paid off and I'm blessed to not have to worry about having money in my bank.