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This thread makes me want to marry a rich girl...
For all of the unsubsidized loans, the interest accrues from when it was disbursed..
It is ridiculous.. the student parking lot is full of BMWs, and Mercs..I've even seen a tesla roadster. What's even worse is this kid in my class bought a new Patek Philippe.. coming from the midwest, I just figured ppl in FL had more money, but who knows...Tuition is 42K and you can max out your federal loans to 85k
Those who join the military for the money usually wind up disappointed ...
This thread makes me want to marry a rich girl...
Medical students are given the maximum stafford amount for med school loans (~$40K / yr). The COA at most schools is beyond this, and how the student makes up the difference is left as an exercise to the reader, although GradPLUS is a popular option. These are not your father's staffords either. Starting in 2012 the 6.8% interest starts accruing on day 1 of med school.
Up to about $300K the loans aren't that difficult to pay off, even on a private FP paycheck. Beyond $300K things get a little iffy. If the loans truly become unmanageable, the debtor will just remain on IBR, paying 10% of their discretionary income for 25 years until the loan is forgiven. So it might be best to think of it as a 10% surtax on income at that point.
Also, there is a quirk in the average reported indebtedness - this reported figure is usually the mean of the debt of the students that chose to take out student debt. Many wealthy students took the free subsidized stafford loans and just paid them right back after graduation. But starting in 2012 there are no subsidized staffords for graduate students, so these students will take zero student debt, and the average student indebtedness figure will skyrocket over the next 4 years to a less misleading value.
Subsidized loans for all graduate students have been phased out starting this year anyway, so it's a non-issue. All loans are un-subsidized from this point on.
The amount of surprise in this thread is pretty funny. Some of you guys have been out of the loop for a while huh?
Wow. We didn't have anything that blatant in the lot while I was on campus (been gone pretty much all M4). I don't care if someones parents buy them some expensive car, but doing that kind of thing on your own while a student shows amazingly bad judgement.
Yup, it's gonna cost em 3x that in the long run. IMHO an A4 is not worth 90k.
It competes with the BMW 3 series.
Ubelievable. $85 K per year maximum? WTF??
A loaded up A4 is like $45K or more. It competes with the BMW 3 series. If you want a well-equipped car for under $30K then it's the Acura Tsx.
http://www.acura.com/modellanding.aspx?model=tsx
Thats a matter of opinion.
On the other hand, the military would own your AS5... which doesn't seem that freeing to me.
Cause everyone knows the audi is a better car
Thanks for the clarification. So, since all loans now carry a hefty interest rate starting on day one(started this year) will the average debt per student actually go down? Or, will the statistics only report those students who take out loans so the average debt actually goes up?
The 5-10 percent of each class simply will borrow zero while the remaining 90 percent borrows $180K. I think that's your point and it makes sense.
I would tell youmtomlook up Jet's post in the FM forum for some answers but that would get me in trouble Suomi won't tell you to do this.
It is my understanding the govt. charges a disbursement fee of 4% on some of these loans and charges you a high interest rate from day one. Is that correct?
Damn. Vinny isn't the only loan shark any longer.
This thread makes me want to marry a rich girl...
Seems like the military might become a good option again.
Zero debt is freeing.
Thats my plan. I know their are alot of things to be desired with mil-med however for what ammounts to 4 years of payback its a good financial deal. Especially if I plan on going into FM.
I came out with $275.
Been working my arse off.
Paid it off my first year out.
There is still plenty of light for the motivated.
Subspecialty is the way to go... as is private practice.
For now, work hard and be the best you can be.
Everything else will work itself out.
Agree. Although Army or AirForce sounds better than the Navy from what PGG says about being deployed prior to Residency.
I didn't want this thread to be all doom and gloom. I've provided evidence that you can pay back those $400K student loans with ease provided you match into the right specilaty.
I was looking through a radiology job site where I found a job in the mid-west for 700k with 3 months vacation!
Seems like a great field. The sticking point, from what I've gathered, is many assume that these opportunties may not exist in the future.
I came out with $275.
Been working my arse off.
Paid it off my first year out.
There is still plenty of light for the motivated.
Subspecialty is the way to go... as is private practice.
For now, work hard and be the best you can be.
Everything else will work itself out.
Blade,
I'm glad you started this thread. The costs are even worse for dental school--easily 400K plus tuition if you decide to specialize. Unreal. The bubble is forming...
Yup. The situation even worse for pharmacy. Their school costs is on the same magnitude, but their earning potential is far less than that of physicians and dentists.
Blade,
I'm glad you started this thread. The costs are even worse for dental school--easily 400K plus tuition if you decide to specialize. Unreal. The bubble is forming...
Throw law school on the pile. Plenty of debt, but lots of them are simply unemployed when they finish.