Now that is some debt

[Justanothergrad]

Mike Meru Has $1 Million in Student Loans. How Did That Happen?

Not psych, but given all our discussion of debt in earning graduate degrees it seemed worthwhile. Also, who at the company set repayment for 1500/month. 50 years of paying that and it still wouldn't be paid off.


What the hell, in general, for this story.

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[Temperance]

Also, who at the company set repayment for 1500/month. 50 years of paying that and it still wouldn't be paid off.

It sounds like the monthly payments aren't even enough to cover interest, since the article estimates that the loan amount will balloon to $2 million in 20 years. I can't see behind the pay wall, but are all of these federal loans? No sensible private creditor would allow this repayment plan.

 

[Justanothergrad]

It sounds like the monthly payments aren't even enough to cover interest, since the article estimates that the loan amount will balloon to $2 million in 20 years. I can't see behind the pay wall, but are all of these federal loans? No sensible private creditor would allow this repayment plan.

He ran up a million dollars in studentloan debt en route to becoming an orthodontist - MarketWatch

That has it from unbehind the paywall. Unreal.

 

[Jegg]

He should have taken a class on installing diamond teeth in Beverly Hills...

 

[Sanman]

That is some leave the country and forgo your citizenship debt. Just start over and default by that point. Even on income based repayment the taxes due after forgivensss are not payable.

 

[psych.meout]

That is some leave the country and forgo your citizenship debt. Just start over and default by that point. Even on income based repayment the taxes due after forgivensss are not payable.

I wonder how difficult the licensure process is to go from the US to the UK, EU, AUS, etc. for orthodontics.

 

[rerope]

I have 5K (out of 10) from UG left and that bothers me. I can't imagine the toll a number like that takes. How is that possible especially when he graduate UG debt free?

I get following your dreams but still...also more power to his wife; I could not be married to someone with debt like that (unless it was some sudden medical issue).

 

[SpartanWolverine]

Mike Meru Has $1 Million in Student Loans. How Did That Happen?

Not psych, but given all our discussion of debt in earning graduate degrees it seemed worthwhile. Also, who at the company set repayment for 1500/month. 50 years of paying that and it still wouldn't be paid off.


What the hell, in general, for this story.

I expect he is making minimum payments with some sort of Federal repayment plan in the expectation of forgiveness in 20/25 years (comes with a massive tax bomb as it is treated as income).

 

[psych.meout]

I have 5K (out of 10) from UG left and that bothers me. I can't imagine the toll a number like that takes. How is that possible especially when he graduate UG debt free?

I get following your dreams but still...also more power to his wife; I could not be married to someone with debt like that (unless it was some sudden medical issue).

Cost of Attendance - Herman Ostrow School of Dentistry of USC

They estimate 479,000 for USC's dental school.

So, it's clear that's where the vast majority of his original $600,000 student loan principal came from, but I'm not sure why he hasn't been paying it off with the level of earnings for a orthodontist.

How long has he been practicing?

 

[SpartanWolverine]

Cost of Attendance - Herman Ostrow School of Dentistry of USC

They estimate 479,000 for USC's dental school.

So, it's clear that's where the vast majority of his original $600,000 student loan principal came from, but I'm not sure why he hasn't been paying it off with the level of earnings for a orthodontist.

How long has he been practicing?

The complete article mentions that he had $340k debt after completing his four years of dental school (wife had a job at the school netting some savings on tuition). He elected to do an orthodontics residency (for which he paid tuition) for a further three years which is where the $600k debt came from. This seven years without payment, and a majority of loans being Grad PLUS with high origination and interest fees, is what led to the $1M.

He makes $225k in a saturated market, has a $400k house, drives a Tesla, couple kids, etc. He also says several times in the article that he basically just ignores the debt. I think he's been out for a couple of years perhaps?

 

[WisNeuro]

He makes $225k in a saturated market, has a $400k house, drives a Tesla, couple kids, etc. He also says several times in the article that he basically just ignores the debt. I think he's been out for a couple of years perhaps?

So, just someone who simply has no concept of how money works?

 

[SpartanWolverine]

So, just someone who simply has no concept of how money works?

Yes.

 

[psych.meout]

The complete article mentions that he had $340k debt after completing his four years of dental school (wife had a job at the school netting some savings on tuition). He elected to do an orthodontics residency (for which he paid tuition) for a further three years which is where the $600k debt came from. This seven years without payment, and a majority of loans being Grad PLUS with high origination and interest fees, is what led to the $1M.

He makes $225k in a saturated market, has a $400k house, drives a Tesla, couple kids, etc. He also says several times in the article that he basically just ignores the debt. I think he's been out for a couple of years perhaps?

How is anyone supposed to have sympathy for him and his family? He did this to himself and isn't really making a good faith effort to do anything about it.

 

[wtfook]

I mean this guy is a special case of irresponsible but I'd like to point out how messed up dental school is. At least in medical school the medical training you need is provided FOR YOU within the cost of tuition. People in dental school have to PAY money or go out and find people to volunteer to do the dental stuff necessary to complete their training. How messed up is that?!

 

[StellaB]

More evidence that it is probably unwise for anyone to plan on PSLF coming to save the day... enough of these stories are going to come out and change the tide of public opinion. Why the dentist with $1 million in student debt spells trouble for federal loan programs