"Mounting student loans a 'debt bomb' waiting to explode"

[mike3kgt]

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Word is getting out... and the scary thing is that they gave $25k of student loans as an example of debt out of control.

I love dentistry but I strongly advise you to think again if this profession is worth over 400k.

 

[8 SNAKE]

While the student loan debt is certainly a problem, I strongly disagree with those who want to make it easier to discharge that debt via bankruptcy or some other means. It isn't difficult to figure out what many kids right out of school with massive student loan debt and no assets will be tempted to do. That will simply create a whole new mess of problems.

I know that wasn't your point, but thought it was still relevant to the discussion.

 

[yappy]

If people can walk away from their homes, medical bills, and cars - students should be able to bankrupt out of student loans. However, not allowing any of these and placing leans on property/paycheck/retirement seems better. Basically, make people take responsiblity for their debt. As it stands it's an unequal playing field because younger people dont vote.

Imagine the outrage from baby-boomers if they could not walk away from their homes that they took 2nd and 3rd mortages out on...

 

[suarez 7]

Is dentistry still worth it (financially) if my dad loans me $300k to pay for dschool?

 

[mike3kgt]

Is dentistry still worth it (financially) if my dad loans me $300k to pay for dschool?

I'd say that's a great way to go, especially if he's quasi serious about you repaying it. Meaning, yes, of course you would be making payments to him, but do you think that he'd let you go into a situation where you were choosing between paying your debt vs. buying food?

I would imagine that he wouldn't charge interest either... go for it.

 

[Sublimazing]

Is dentistry still worth it (financially) if my dad loans me $300k to pay for dschool?

There are a lot of factors, but yeah a parent loan is a great to go if you can.

I assume he's not charging you interest and he can wait 10 years pg for payback?

 

[suarez 7]

Thanks for the opinions.

I'd say that's a great way to go, especially if he's quasi serious about you repaying it. Meaning, yes, of course you would be making payments to him, but do you think that he'd let you go into a situation where you were choosing between paying your debt vs. buying food?

I would imagine that he wouldn't charge interest either... go for it.

Yeah he wouldn't charge interest and he would be pretty lax about payments. My plan is just to give him $1.5-2k every month until the loan is over.

There are a lot of factors, but yeah a parent loan is a great to go if you can.

I assume he's not charging you interest and he can wait 10 years pg for payback?

No interest and he has no urgency for immediate payback.

 

[thewobblytooth]

Thanks for the opinions.



Yeah he wouldn't charge interest and he would be pretty lax about payments. My plan is just to give him $1.5-2k every month until the loan is over.



No interest and he has no urgency for immediate payback.

Do it. He's basically paying for school. The most expensive thing about financing dental school is the interest that piles on top. We accrue the moment we pick up any loans. You can easily pay him back whenever.

 

[DMDWANNABEE]

Is dentistry still worth it (financially) if my dad loans me $300k to pay for dschool?

If you are OK with leaching 300k from your father, then yes.

Hopefully he is young for a father of a 20-something, because he isn't going to be seeing any of his retirement money until he is very old... or any return on it to offset inflation for that matter.

 

[Bereno]

If you are OK with leaching 300k from your father, then yes.

Hopefully he is young for a father of a 20-something, because he isn't going to be seeing any of his retirement money until he is very old... or any return on it to offset inflation for that matter.

lol. I would be giving him the benefit of the doubt. Who knows, his father could have a million for retirement, and thus 300k would not matter much. It could also be that his dad in still in his 40s, and won't even be retired by the time Suarez 7 starts paying it back. All said and done, I don't think his dad would loan him the money if he was not able to. 👍

 

[8 SNAKE]

If people can walk away from their homes, medical bills, and cars - students should be able to bankrupt out of student loans. However, not allowing any of these and placing leans on property/paycheck/retirement seems better. Basically, make people take responsiblity for their debt. As it stands it's an unequal playing field because younger people dont vote.

Imagine the outrage from baby-boomers if they could not walk away from their homes that they took 2nd and 3rd mortages out on...

Apples and oranges. When you walk away from a home, you no longer benefit from it. Your education lasts a lifetime and they can't take it back.

 

[yappy]

I'm saying that all decisions should be made at the point of purchase. That is why I'm against people being able to discharge debts.

I think someone could resign a college diploma with all professional privlidges. Post bankruptcy benfit is a red herring.

Apples and oranges. When you walk away from a home, you no longer benefit from it. Your education lasts a lifetime and they can't take it back.

 

[8 SNAKE]

I'm saying that all decisions should be made at the point of purchase. That is why I'm against people being able to discharge debts.

I think someone could resign a college diploma with all professional privlidges. Post bankruptcy benfit is a red herring.

It's absolutely not a red herring. You still possess the knowledge that was gleaned from the education, which has value. In some careers that require a license (dentist, attorney, doctor, etc) there is some merit behind the idea of surrendering a license to practice. That's a small percentage of the overall degrees, though. What are you going to do to the rest of them? Simply resigning the college diploma will not have nearly the same impact in their professional careers.

 

[8 SNAKE]

I'm saying that all decisions should be made at the point of purchase. That is why I'm against people being able to discharge debts.

That's a good idea, in theory. Unfortunately, it only addresses a portion of bankruptcy situations in America. Bankruptcy protection, when not abused, certainly has its place.