I just found out that I might be over 250k in debt after I graduate

[Doctor Hue]

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Sorry some people just aggravated me a bit by giving negative facts and assumptions

Let's completely ignore undergrad debt here, so forget about the parent plus and the other loans. If if you don't consider those, you're still going to have at least $150k in loans from pharmacy school alone. I graduated in 2013, had a bit over $140k in loans by the time I got my license and first paycheck (interest went up a few grand from graduation when you go through the "exit counseling"). My minimum payment on the 10 year plan is something like $1600. That is a huge payment to be the bare minimum. Remember that a $100k income will be hit harder by taxes than an average income, expect to take home around 2/3 of that, depending where you live. What was deposited in my bank account this week was 58.8% of my gross income, after tax, 401k, etc. So if you're looking at 100k gross, that's $58,800 that actually goes into your account. Now that $1600 monthly loan payment x 12 months = $19,200 for the year, you are left with $39,600. But you've still got rent, groceries, car payment, gas, cell phone, internet, etc, to take care of. I won't bother coming up with figures for those, because they vary depending where and how you live. Bottom line, when you're planning a budget, don't think of $100k salary. Think of a $39,600 salary, because that's what you'll have for 10 years.

Oh, and that was ignoring the undergrad loans. You still have those to pay too, so that $1600 monthly payment will be higher.

I'm in a 6 year program. My undergard is 2 years. My 6th year is all rotations.

I just did a google search on the income of a pharmacist and this is what i got "Average Pharmacist Pay vs. All Health Care Jobs. Pharmacists have one of the highest average salaries of any of our Best Health Care Jobs, earning $114,950 in 2012. They make about $34,000 more than the average physical therapist, and approximately $47,000 more than a registered nurse"

Not to be "self absorbed" or whatever you'd like to call me but part of the reason I decided to do pharmacy was to become rich and make more than enough money to survive and live a comfortable/relaxing lifestyle. I don't want you to criticize my decision making but this is what I want to do with my life. You guys say that I won't be able to become rich as a pharmacist but if I earn about 110k a year and given all of the expenses and tax I'd probably end up with let's say 2/3 as you mentioned. I'm willing to say that I'd have a little bit more left over, like 42k, after all the loans per month and expenses like rent, groceries, car, gas and everything are covered. Do you know how great that sounds? That basically means I have 42k a year to spend for myself on whatever the hell I want. That's fantastic. That's about 3,500 a month. I could easily take 2 vacations a year with that type of money and still be well off financially. And I could easily maintain a relationship with a girl with that kind of money. I don't see my problem here if these are the numbers you're giving me??

 

[BMBiology]

And I could easily maintain a relationship with a girl with that kind of money.

 

[Doctor Hue]

I'm serious, I'll have more than enough money if I choose to go to expensive dinners and movies a couple times a month. And I'll have more than enough money if I decide to go to bars or clubs a couple times a month as well. I think it's important to calculate in these costs

 

[Momus]

Sorry some people just aggravated me a bit by giving negative facts and assumptions



I'm in a 6 year program. My undergard is 2 years. My 6th year is all rotations.

I just did a google search on the income of a pharmacist and this is what i got "Average Pharmacist Pay vs. All Health Care Jobs. Pharmacists have one of the highest average salaries of any of our Best Health Care Jobs, earning $114,950 in 2012. They make about $34,000 more than the average physical therapist, and approximately $47,000 more than a registered nurse"

Not to be "self absorbed" or whatever you'd like to call me but part of the reason I decided to do pharmacy was to become rich and make more than enough money to survive and live a comfortable/relaxing lifestyle. I don't want you to criticize my decision making but this is what I want to do with my life. You guys say that I won't be able to become rich as a pharmacist but if I earn about 110k a year and given all of the expenses and tax I'd probably end up with let's say 2/3 as you mentioned. I'm willing to say that I'd have a little bit more left over, like 42k, after all the loans per month and expenses like rent, groceries, car, gas and everything are covered. Do you know how great that sounds? That basically means I have 42k a year to spend for myself on whatever the hell I want. That's fantastic. That's about 3,500 a month. I could easily take 2 vacations a year with that type of money and still be well off financially. And I could easily maintain a relationship with a girl with that kind of money. I don't see my problem here if these are the numbers you're giving me??

Income
120k income X 60% = 72k net after tax = $6000/mo

Monthly Expenses
250k loan 10 years repayment plan at 6.8% = $2,877.01
Average 1 bedroom rent in California = $1100
Cell Phone = $75
Car insurance = $60
Food = $250
Car Gas = $250
Gas/Cable/Electric/Internet = $150
Clothing = $100
Entertainment = $100
Misc personal expenses = $100
Total = $5062 (no car loan)

6000 - 5062 = $938 left over/month. I hope your girlfriend is not materialistic. You still feel rich now? You will NEVER be rich with your current mentality.

 

[anewmanx]

The average 1 bedroom rent in WA state is $600-750, plus no state income tax. Current salaries run around $114,000...

He might be able to afford a girlfriend with only one lazy eye if he moves there.

 

[Doctor Hue]

Income
120k income X 60% = 72k net after tax = $6000/mo

Monthly Expenses
250k loan 10 years repayment plan at 6.8% = $2,877.01
Average 1 bedroom rent in California = $1100
Cell Phone = $75
Car insurance = $60
Food = $250
Car Gas = $250
Gas/Cable/Electric/Internet = $150
Clothing = $100
Entertainment = $100
Misc personal expenses = $100
Total = $5062 (no car loan)

6000 - 5062 = $938 left over/month. I hope your girlfriend is not materialistic. You still feel rich now? You will NEVER be rich with your current mentality.

I appreciate this post even though you downplayed me at the end. But the thing is what if my loans aren't actually up to 250k? Did you see that site I posted? I checked it out and it only said I owed like 12k-14k. As for the parent plus loans I have no idea how that's handled. But surely I won't have to pay 2,877 a month yes? Perhaps I could get by with paying a little bit less like 2k and still be able to pay it off within 5-10 years whatever the amount would be. I don't live in california right now but it would be awesome to live there. 1100 rent seems like a lot though, if it's the average though then fine. If I don't end up paying as much on loans and all those numbers fluctuate I'll still have a decent amount left over for the month correct?

I could have an estimated amount of 1000 a month, that's not too bad. That's decent, I could spend 100-200 a month on dates if I had to. Or 100-200 on relationship expenses. I don't see the problems with have a free 1000 a month to spend for myself?

 

[Ackj]

Income
120k income X 60% = 72k net after tax = $6000/mo

Monthly Expenses
250k loan 10 years repayment plan at 6.8% = $2,877.01
Average 1 bedroom rent in California = $1100
Cell Phone = $75
Car insurance = $60
Food = $250
Car Gas = $250
Gas/Cable/Electric/Internet = $150
Clothing = $100
Entertainment = $100
Misc personal expenses = $100
Total = $5062 (no car loan)

Utility estimate seems low. I'm not from CA, but I thought I'd heard that electric rates are higher there. Internet alone runs you $50.

You're also not including 401k contribution, saving toward a home, any charity, healthcare costs (planned or otherwise - gotta build an emergency fund somewhere too), insurance, vehicle maintenance, gym membership (pre-requisite for that girlfriend). Then you've got stuff like CEs and work related things, license renewal, society memberships. Yeah, those are deductible, but you've gotta have the cash available for them, and you have to be able to itemize them. I know you know all this, just demonstrating for the boy. But he'll have $42k left over after all expenses are paid.

 

[Ackj]

I appreciate this post even though you downplayed me at the end. But the thing is what if my loans aren't actually up to 250k? Did you see that site I posted? I checked it out and it only said I owed like 12k-14k. As for the parent plus loans I have no idea how that's handled. But surely I won't have to pay 2,877 a month yes? Perhaps I could get by with paying a little bit less like 2k and still be able to pay it off within 5-10 years whatever the amount would be. I don't live in california right now but it would be awesome to live there. 1100 rent seems like a lot though, if it's the average though then fine. If I don't end up paying as much on loans and all those numbers fluctuate I'll still have a decent amount left over for the month correct?

I could have an estimated amount of 1000 a month, that's not too bad. That's decent, I could spend 100-200 a month on dates if I had to. Or 100-200 on relationship expenses. I don't see the problems with have a free 1000 a month to spend for myself?

My first post illustrated loans around $150k. That's not counting paying back your parents and that 14k from undergrad. $150k is just P1-P4. Assuming roughly $35k per year, times 4 years, plus interest. That will get you a monthly payment around $1700 for JUST those loans, not including undergrad. Whether or not you pay your parents back or they are taking care of that parent loan is a separate issue.

 

[Doctor Hue]

Basically from what I'm getting here is that I'll have somewhere between 1000-3000 a month after all my monthly loans are taken care of and my other expenses? If that's the case that's not too bad, I could always put a portion of that into savings each month so I can eventually upgrade by buying a house or further advancing my life. It seems to me that I'm not totally doomed and I could live the lifestyle that I want even with these loans, is that the case?

 

[TheWeeIceMan]

Basically from what I'm getting here is that I'll have somewhere between 1000-3000 a month after all my monthly loans are taken care of and my other expenses? If that's the case that's not too bad, I could always put a portion of that into savings each month so I can eventually upgrade by buying a house or further advancing my life. It seems to me that I'm not totally doomed and I could live the lifestyle that I want even with these loans, is that the case?

How do you figure anywhere near 3000 left over each month? I don't think anyone alluded to you having that much to throw around.

I'm not sure how old you are (though I could guess), but I think you will find that once you actually start working and living on your own, you won't have nearly the lifestyle that you are imagining. At least not for quite a while.

 

[Gombrich12]

True, if you have $1000/month left over after loans and all your expenses you are doing much better than the average American. What you don't realize is the amount of risk carrying that much debt entails, you have no margin for error (job loss, health/family crisis) for 10+ years while you pay that monster off. Also how do you fell about going to school for 8 years to make an effective salary of around $55,000?

 

[Momus]

Basically from what I'm getting here is that I'll have somewhere between 1000-3000 a month after all my monthly loans are taken care of and my other expenses? If that's the case that's not too bad, I could always put a portion of that into savings each month so I can eventually upgrade by buying a house or further advancing my life. It seems to me that I'm not totally doomed and I could live the lifestyle that I want even with these loans, is that the case?

You'll not have 3000 left over LOL... $1000 (250k loan) to 2000 left over (150k loan) max with normal/low life style as I outlined above. With the kind of moderate to high lifestyle you are imagining (eating out often, new car, new tech toys, 2 vacations/year, taking care of girl friends = easily $2k), you'll have less than 0-$500 left over for you by the end of the month. That's my best projection for you at the moment. I suggest you work out 5 days a week, and trick a sugar momma to support your high lifestyle.

 

[Doctor Hue]

You'll not have 3000 left over LOL... $1000 (250k loan) to 2000 left over (150k loan) max with normal/low life style as I outlined above. With the kind of moderate to high lifestyle you are imagining (eating out often, new car, new tech toys, 2 vacations/year, taking care of girl friends = easily $2k), you'll have less than 0-$500 left over for you by the end of the month. That's my best projection for you at the moment. I suggest you work out 5 days a week, and trick a sugar momma to support your high lifestyle.

That's honestly not that bad. I would assume I'd have at least around 500 by the end of the month so I could just throw that in savings since I already used as much money as I want to enjoy the month. That seems pretty swell to me. Also, I refuse to get a "sugar momma", when I hear that term I think of a 25 year old+ woman who just has a lot of money. That's not gonna happen, attractive and young is a must for me, after that's checked off I'll start looking at her financial situation.

True, if you have $1000/month left over after loans and all your expenses you are doing much better than the average American. What you don't realize is the amount of risk carrying that much debt entails, you have no margin for error (job loss, health/family crisis) for 10+ years while you pay that monster off. Also how do you fell about going to school for 8 years to make an effective salary of around $55,000?

Yeah I was actually worried about that. It could be really stressful for me for 10 years knowing that if I screw up once my life would downhill. I don't think my dad realizes this though.

 

[TheWeeIceMan]

How does "less than 0-$500 left over" translate into "at least $500 left over?"

This is some next level self-delusion.

 

[radio frequency]

...and this thread is why students should get some real world experience before attending pharmacy school. #nomoneymoproblems #delusionsoftheyoungandimmature

 

[Doctor Hue]

How does "less than 0-$500 left over" translate into "at least $500 left over?"

This is some next level self-delusion.

Okay sir, so how much would you say I would have left over, 200? If that is the case then yeah 200 isn't that much to have left by the end of the month but I'll still be able to live the lifestyle that I want and still have my loans covered. Can you please tell me the problem here?

 

[TheWeeIceMan]

Okay sir, so how much would you say I would have left over, 200? If that is the case then yeah 200 isn't that much to have left by the end of the month but I'll still be able to live the lifestyle that I want and still have my loans covered. Can you please tell me the problem here?

The basic problem here is that with the amount of money you will have left over after basic expenses and loan payments, you will not be living the type of lifestyle that you are envisioning. Hard to give you an exact number with all the moving targets, but I would wager that it definitely won't be enough to live anything beyond a basic, middle class lifestyle.

 

[Doctor Hue]

The basic problem here is that with the amount of money you will have left over after basic expenses and loan payments, you will not be living the type of lifestyle that you are envisioning. Hard to give you an exact number with all the moving targets, but I would wager that it definitely won't be enough to live anything beyond a basic, middle class lifestyle.

I'm not envisioning a lot though. Just eating out a couple of times a month and going out a couple of times a month. A nice apartment and nice car. Maybe 1-2 vacations a year. That's not a lot to be honest. Sure I won't be high class or extremely rich but I'll definitely be able live a satisfying life with a bank account that can supply it.

 

[BidingMyTime]

Its amazing how many people fell for this troll.... :troll:

Yeah, I got suckered! You have to admit, he's played this very well. But hopefully others will carry on and feed him, this is quite an entertaining thread, sure beats TV!

 

[Doctor Hue]

Yeah, I got suckered! You have to admit, he's played this very well. But hopefully others will carry on and feed him, this is quite an entertaining thread, sure beats TV!

Whatever man, I'm legitimately writing what I want out of my life and what I want to do for my life and you're just sitting here thinking it's a joke.

 

[owlegrad]

I think you guys are being too hard on OP. Here, let me offer my help. Just private message me your name, DOB, and SS# and I will find out how much debt you are in. I may even be able to help you get new loans.

 

[Jibby321]

I think you guys are being too hard on OP. Here, let me offer my help. Just private message me your name, DOB, and SS# and I will find out how much debt you are in. I may even be able to help you get new loans.

Lolololol

 

[Doctor Hue]

You trolls lol, but honestly I actually did some research and while determining my credit score I found out that I actually have $12,000 in loans. This isn't that much at all right? The parent plus loans though I have no idea how that works, all I know is it's under my father's name and apparently he said he will transfer it to my name once I graduate.

 

[TheWeeIceMan]

You trolls lol, but honestly I actually did some research and while determining my credit score I found out that I actually have $12,000 in loans. This isn't that much at all right? The parent plus loans though I have no idea how that works, all I know is it's under my father's name and apparently he said he will transfer it to my name once I graduate.

You mean 12k not including the Parent Plus loans? I would just include those in your total loan calculation, since they will be yours to pay back.

 

[Doctor Hue]

You mean 12k not including the Parent Plus loans? I would just include those in your total loan calculation, since they will be yours to pay back.

Yes 12k not including the parent plus loans. I don't know how to calculate those parent plus loans though because I know my father is currently paying for them monthly and I've also received merit awards and grants. So I don't know the exact numbers and my father doesn't want to be bothered with looking up online to finding the exact numbers (he's not good with computers). All my father told me was it's been costing 33k a year and he's paid for 3 years, if my living situations change I won't have to take out loans for living on campus so that drops it down by 10k a year, so 23k for the last 3 years. Or maybe 2 years and a little bit less for the last year because I don't know how registering for the rotations works. With all the interest I might be able to make it to less than 180k-200k but this is all rough estimates. I have some hope to believe that my father paid some money or did something out of pocket so that my costs wouldn't be this extremely high.

 

[Momus]

Parent plus loan can not be transferred. Your parents are approaching retirement and have a son that's so irresponsible about finances. If your dad didn't know this, he is just as clueless as you. I feel bad for your parents.

 

[Dalteparin]

The thing is I don't really know if I have 100k in loans. Perhaps I should just remove this whole post, or I should have just left out the numbers completely and asked where I could find this information. Because now people like you and everyone else can just pull numbers out of thin air without anything to back it up and it's just annoying me. I've received merit awards and grants for a certain amount of years for attending this 6 year program. I'm not sure what it's all totaled up to be but I have definitely gotten some awards to cut back on these costs so I highly doubt the total amount is 100k. And did you even read my post?

Yes. Specifically, I read the post where you said that your dad didn't tell you exactly how many loans he'd taken out for you and the one above where you say that you don't even know what merit awards you received. I have to ask, how can a person not know what scholarships they received? This is why some people think you're trolling; we find it hard to believe that a person going into a high-stress profession where they make decisions that affect other people's lives can be so ignorant about their situation. Sit your dad down and tell him that the two of you need to talk, man-to-man, and discuss the loans he's taken out. You need to know exactly how much he's taken out so that you can get an idea of how much you owe now, how much you will owe when you finish pharmacy school, and how long it will take you to pay it back. $250K is a LOT of money - hell, that's more than the mortgage on my house, and I expect to spend 30 years paying my mortgage off! Your dad has done you a huge disservice by not cluing you in to the financial realities of going to pharmacy school, and he must clear this up with you while you still have time to back out.

Also, please don't tell me I need to get a grasp on my situation before entering school. Again useless bit of information that I don't need to know. I'm already in school and now I'm trying to get a grasp on the situation now.

I think there's been a misunderstanding. We all know you're in college now, however, hen we say "before entering school", we mean pharmacy school, which you technically won't start until the new school year. You say you'll be attending a 3 year program, so I'm guessing you'll start in late July/early August? That gives you roughly 6 weeks to figure out exactly how much you currently owe, estimate how much you'll rack up by the end of pharmacy school, and calculate how long it might take you to pay it off. As others have said, you can't completely forget about the loans in your parents' names; if something happens to them and they aren't able to pay the loans back (e.g. death, major illness/disability that makes them unable to work), their loans become your responsibility.

As far as living a "moderate to high lifestyle" (however you define that) as a pharmacist… well, good luck. It depends on where you live; if, like me, you're lucky enough to be in a part of the country where the cost of living is relatively low and you escape pharmacy school without crushing debt, you can have a great lifestyle… if you find a job. Check out some of the threads on job market saturation in pharmacy and see what you're up against. With all the new schools opening up, it's only going to get worse by the time you graduate.

Good luck.

 

[HouTX]

you guys aren't spoonfeeding me the specific information I need for my situation. wahhh u guys suck and call me doctor

 

[n64bomb]

I lived off 14K last year total. Single guy, no student debt, no car debt (own car outright). Of that 14k, I think 9500 of it or so was apartment rent/utilities/insurance. I live like a dog 🙂. I could seriously live off my technician's salary........and of that money i spent, 600 was new laptop and 800 on car repairs/tuneup. Man, if I had a gf, my expenses would be soo high 😛. I also like to joke with coworkers whenever they ask me about why i dont have cable, i say "i cant afford it". It doesnt seem to be as funny as I intended LOL. The 14K im talking about is after tax too.

 

[anewmanx]

I lived off 14K last year total. Single guy, no student debt, no car debt (own car outright). Of that 14k, I think 9500 of it or so was apartment rent/utilities/insurance. I live like a dog 🙂. I could seriously live off my technician's salary........and of that money i spent, 600 was new laptop and 800 on car repairs/tuneup. Man, if I had a gf, my expenses would be soo high 😛. I also like to joke with coworkers whenever they ask me about why i dont have cable, i say "i cant afford it". It doesnt seem to be as funny as I intended LOL. The 14K im talking about is after tax too.

That is seriously impressive.

 

[PumpkinSmasher]

I'm not envisioning a lot though. Just eating out a couple of times a month and going out a couple of times a month. A nice apartment and nice car. Maybe 1-2 vacations a year. That's not a lot to be honest. Sure I won't be high class or extremely rich but I'll definitely be able live a satisfying life with a bank account that can supply it.

I think a good question for you to answer is, what do you consider rich in terms of financial situation?

When you are thinking of rich are thinking of material/non-asset things like: Are you going to try to live in a high rise apt in downtown metro city, drive around in a brand new BMW/Audi, go out to top rated restaurants and take multiple international vacation a year?

Money and material crap is not what is going to lead to a satisfying life...trust me. Managing the income you do have, saving for the future and not living beyond your means will allow you to focus on the things in your life that do matter and allow you not to worry about finances all the time. Living paycheck to paycheck is not a satisfying life in my mind.

 

[BidingMyTime]

Parent plus loan can not be transferred. Your parents are approaching retirement and have a son that's so irresponsible about finances. If your dad didn't know this, he is just as clueless as you. I feel bad for your parents.

I would feel bad for his parents...except they are were the ones responsible for raising him. As I see it, they have made their own problems. Was nobody in the family smart enough to read the loan document before signing it?

 

[bobanderson214]

Obvious troll is obvious.

 

[jasonkido]

Doctor Hue just seems like a huge troll. This guy can't be serious.

 

[Torkey]

Going into Pharmacy for the money is like going to ethiopia for thanksgiving dinner

 

[akaykay]

You sound like me 🙂 I spent about 12-13k last year and 3k of that was vacationing. On a pharmacist salary that leaves you with plenty to save. I think the problem today with most people today is living within their means. You should try to live below your means in case of job loss/sickness/unexpected expenses. Doesn't mean you can't enjoy life but try to keep it simple. I save a lot so that I can vacation a lot. But then again I don't have kids so that's a different situation

I lived off 14K last year total. Single guy, no student debt, no car debt (own car outright). Of that 14k, I think 9500 of it or so was apartment rent/utilities/insurance. I live like a dog 🙂. I could seriously live off my technician's salary........and of that money i spent, 600 was new laptop and 800 on car repairs/tuneup. Man, if I had a gf, my expenses would be soo high 😛. I also like to joke with coworkers whenever they ask me about why i dont have cable, i say "i cant afford it". It doesnt seem to be as funny as I intended LOL. The 14K im talking about is after tax too.

 

[MackandBlues]

That's honestly not that bad. I would assume I'd have at least around 500 by the end of the month so I could just throw that in savings since I already used as much money as I want to enjoy the month. That seems pretty swell to me. Also, I refuse to get a "sugar momma", when I hear that term I think of a 25 year old+ woman who just has a lot of money. That's not gonna happen, attractive and young is a must for me, after that's checked off I'll start looking at her financial situation.

25 is old? lol you will be at least 24 when you graduate from pharmacy school

 

[PharFromNormal]

Income
120k income X 60% = 72k net after tax = $6000/mo

Monthly Expenses
250k loan 10 years repayment plan at 6.8% = $2,877.01
Average 1 bedroom rent in California = $1100
Cell Phone = $75
Car insurance = $60
Food = $250
Car Gas = $250
Gas/Cable/Electric/Internet = $150
Clothing = $100
Entertainment = $100
Misc personal expenses = $100
Total = $5062 (no car loan)

6000 - 5062 = $938 left over/month. I hope your girlfriend is not materialistic. You still feel rich now? You will NEVER be rich with your current mentality.

Wait did I miss where you included saving for retirement?

 

[Momus]

Wait did I miss where you included saving for retirement?

Someone like him doesn't think very far ahead. So, I only put down the basic living expenses enough to survive and live paycheck to paycheck.

For me, I save around 50% of gross income every year at least with expenses of ~$1k/a month... I need to not save so much LOL -_-;

 

[Cauris]

Very entertaining thread

thank you "doctor" hue
not pretentious at all.

 

[TheWisePharmacist]

Lol!!!!! This thread is really grim. In all honesty OP you can definitely live whatever dream you want regardless of what people say on here, you just need to be smart about it. Start keeping track of your finances, so you know where you can cut back if things get tough. I use Mint to keep track of my finances. I just recently graduated and am out on my own with a little over $150 k in debt. I live frugally but not 14k a year frugally😵 (I have cable and internet Lol!). One suggestion is to extend your loan repayment plan. I'm huge into investing so I liked the $700/ month I saved in pushing my loans back. Also if your smart with your credit card and pay your loans on time your credit score will be fine. I have a credit score of 730 while only a few months ago I had no credit score. Stay committed to your dreams and there will be nothing you can't accomplish.

P.S.- In terms of extra spending money I put away $3,000 every month for future investments, so its definitely possible to live your lifestyle...Good Luck!🙂

 

[Xeal0007]

25ok is a lot of money but I don't think its all downhill from here. At least now that you know you can make the right decisions to try and make that debt less. Maybe staying at home while in school instead of an apartment, investing some of the money you get from the loan refund, or just giving it back to the lender, and working while in school(lots of people do it). Just be proactive and you will be alright. You are not the first and you are surely won't be last.

besides....25ok in debt is a lot but so is 150k, how much better is a person's lifestyle who owes 150k, than one who owe 250k?....$1-2k a month more money to throw around monthly? its all about lifestyle and you can always stretching out the loan payment anyway.

Just don't let people destroy you with all their negativity, because you probably wouldn't have even gotten into school if you did that from the start. Work smart!

 

[molyhelp]

......I have a credit score of 730 ..........🙂

Thanks you for your wisdoms...Impressive credit score of 730. How do you keep your good credit score from being abused by crooks?

 

[molyhelp]

I'm not envisioning a lot though.....Maybe 1-2 vacations a year. That's not a lot to be honest. Sure I won't be high class or extremely rich but I'll definitely be able live a satisfying life with a bank account that can supply it.

Now this reply from you tells me you are smart man...Perhaps 1 of those vacations would be a good trip to join the mission of Doctor Without Borders? Hue city still has lots of kids that need help...

 

[trailerpark]

25ok is a lot of money but I don't think its all downhill from here.
besides....25ok in debt is a lot but so is 150k, how much better is a person's lifestyle who owes 150k, than one who owe 250k?....$1-2k a month more money to throw around monthly? its all about lifestyle and you can always stretching out the loan payment anyway.

There's a HUGE difference between 150k and 250k in loans. I don't understand how people can be so blasé about student loans.

 

[Xeal0007]

There's a HUGE difference between 150k and 250k in loans. I don't understand how people can be so blasé about student loans.

My attitude isn't nonchalant at all. But in all honesty what should one do? not go to school? It's all about your attitude. Numbers don't lie but a proactive approach is better than wallowing in self pity over student loans.

 

[Cauris]

My attitude isn't nonchalant at all. But in all honesty what should one do? not go to school? It's all about your attitude. Numbers don't lie but a proactive approach is better than wallowing in self pity over student loans.

My sister (pharmacist) had the same attitude when i asked about my future loans. Absolutely right, we don't have a choice.

However, the OP's obscurity is quite concerning. We can only hope this doesn't blow up in his parents' face.

 

[BMBiology]

My attitude isn't nonchalant at all. But in all honesty what should one do? not go to school? It's all about your attitude. Numbers don't lie but a proactive approach is better than wallowing in self pity over student loans.

And what is the proactive approach? I don't see him significantly reducing his 250 k debt unless he (1) makes a lot more money which most likely mean he would need to work more hours or/and (2) dramatically reduce his living cost. So what if he feels bad? Those are the facts. He knows what he needs to do. Whether he does it or not is his choice. It is his debt. His life.

 

[Xeal0007]

And what is the proactive approach? I don't see him significantly reducing his 250 k debt unless he (1) makes a lot more money which most likely mean he would need to work more hours or/and (2) dramatically reduce his living cost. So what if he feels bad? Those are the facts. He knows what he needs to do. Whether he does it or not is his choice. It is his debt. His life.

Its year 1. He doesn't owe 250k yet. Proactive would be cutting down how much he has to borrow yearly. If school is ~30k yearly and he finds a way to borrow around ~30-35k yearly(after year 1 at least) thats significantly reducing how much he will owe(~140k compared to ~250k). that includes things like, living at home during school(if possible) and working during school.

Im only saying this because im going to be a P1 in August as well, and if i was to take everything in loans that was offered to me, then I too would be well into ~250k in debt too(borrowing ~61k yearly). However, living at home and commuting 40mins to school alone saves me sooo much that i only need to borrow enough to pay for tuition and books which is about ~36k yearly(meaning i will owe ~144k in 4 years, before interest of course). Everything else I have to pay for myself, at the moment, like car payments, cell phone, and possibly car insurance(if my parents decide to make me pay for it myself 🙁 ), i deal with by working right now. So its doable. Everyone situation is different, we just have to sacrifice different things, at different times.

That's what i mean by being proactive...

 

[BMBiology]

^ same concept.

You have not even started school yet? Of course it is nice to have a plan but let's see what you will do when you see your classmates going out to eat at a nice restaurant after a big exam, buying a new car with student loans, going on vacation with student loan money.

BTW, why are people so afraid of "negativity" nowadays? Just because someone is "negative" doesn't mean his point is not valid.