OOS people, how the heck are we going to pay back these loans?

[Taigadog]

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Considering Tufts, overseas (Glasgow/Dublin), and a PhD offer. Having my tuition paid for AND a stipend vs. the $250,000-$300.000 price tag is at the top of my list in terms of reasons why I may accept that PhD... and I've done a fair amount of research on the different scholarship options for the vet side, it's pretty grim. This has been my dream for so long, but I am starting to see the dark side of the veterinary career and I'm not sure if I can stomach that tremendous debt load.

 

[skinn1212]

You should probably remind your vet of the difference between tuition from when he went to school and now. My guess is that you will be contributing far more to your education then he did. As for where the remaining balance winds up, who cares. IBR is in place because we are forced to pay inflated tuition rates vs. stagnant to decreasing incomes. Remember that you are entering a field that is serving the public and this payment plan only allows you to live comfortably. It is not like you are getting a bailout and then taking your private helicopter to your mansion. Take advantage of any help that you can get/need so that you can live your dream. You only get one life and who wants to spend it drowning in debt?

 

[2CatMatt]

Sounds like he needs a little sugar in his tea.

 

[thepidog]

He's a great guy, and I can understand his concern...nobody wants to be responsible for someone else's debt...but I wish he would kind of step into my shoes. It's hard to put a price on something you've worked super hard for and is now actually within reach.

 

[cuitlamiztli]

So, on the topic of IBR....I'm assuming that the loans that are forgiven become the burden of the taxpayer?

The amount forgiven is considered taxable income (and is taxed the year that the loans are forgiven). If you want more information -- http://www.finaid.org/loans/ibr.phtml.

 

[GreyMatter 17]

This video explains IBR a little more.

http://www.youtube.com/watch?v=9MAn2VMxsDM