Orthodontist with $1 million in student loans on front page of WSJ

[Student Loan Planner]

I've been working behind the scenes for months to try to get this story published.

Finally, it made the front page of the Wall Street Journal this morning. It details how an orthodontist from USC racked up over $1,000,000 in student debt.

He earns $225,000 a year working for a corporate group. His monthly payments would be about $11,000 a month on a 10 year plan and he takes home about $13,000 a month after taxes.

Without the assistance of the government's income driven repayment plans, he wouldn't be able to survive financially.

This quote from the Dean of USC in the article is my favorite part of the article:

“These are choices. We’re not coercing,” said Avishai Sadan, dean of USC’s Herman Ostrow School of Dentistry, where Mr. Meru went to school and one of the most expensive in the U.S. “You know exactly what you’re getting into.”

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

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[JohnDoeJR]

I've been working behind the scenes for months to try to get this story published.

Finally, it made the front page of the Wall Street Journal this morning. It details how an orthodontist from USC racked up over $1,000,000 in student debt.

He earns $225,000 a year working for a corporate group. His monthly payments would be about $11,000 a month on a 10 year plan and he takes home about $13,000 a month after taxes.

Without the assistance of the government's income driven repayment plans, he wouldn't be able to survive financially.

This quote from the Dean of USC in the article is my favorite part of the article:

“These are choices. We’re not coercing,” said Avishai Sadan, dean of USC’s Herman Ostrow School of Dentistry, where Mr. Meru went to school and one of the most expensive in the U.S. “You know exactly what you’re getting into.”

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

Yeesh it's crazy how skewed your ROI can be depending on which school you attend. There is no doubt that something needs to be done about the cost of attending dental school, but what I got from this article is to just do the math. Know what you are getting into and plan your life accordingly. Don't chase a paycheck, chase a lifestyle. The quote from USC's dean is very true, the cost isn't hidden to students. Dr. Meru's situations should be presented to all pre-dental students, as well as the life of some doctors that have posted their financial hardships to SDN. Dental is still one of the best gigs out there, you just need a thick skin for debt and a basic understanding of personal finance to make it out just fine. Thanks for posting your article Student Loan Planner.

 

[deleted480308]

Govt shouldn’t be subsidizing his choice to rack up a million in debt.....

 

[Student Loan Planner]

Yeesh it's crazy how skewed your ROI can be depending on which school you attend. There is no doubt that something needs to be done about the cost of attending dental school, but what I got from this article is to just do the math. Know what you are getting into and plan your life accordingly. Don't chase a paycheck, chase a lifestyle. The quote from USC's dean is very true, the cost isn't hidden to students. Dr. Meru's situations should be presented to all pre-dental students, as well as the life of some doctors that have posted their financial hardships to SDN. Dental is still one of the best gigs out there, you just need a thick skin for debt and a basic understanding of personal finance to make it out just fine. Thanks for posting your article Student Loan Planner.

Sure thing. The only issue here is that when he went to school, the aid office had the discussion that he'd owe about 400 grand after dental school. Then he came out actually owing 600 grand thanks to accrued interest, 4.27% origination fees, and massive tuition hikes while he was in school. They can raise tuition as much as they want once you've signed up for your first loan since they know you can't leave.

 

[JohnDoeJR]

Sure thing. The only issue here is that when he went to school, the aid office had the discussion that he'd owe about 400 grand after dental school. Then he came out actually owing 600 grand thanks to accrued interest, 4.27% origination fees, and massive tuition hikes while he was in school. They can raise tuition as much as they want once you've signed up for your first loan since they know you can't leave.

Yeah that angered me when I was reading it. You should absolutely be locked into the the planned tuition for four years when you sign up for your first. A $200,000 hike would be enough for me to throw some expletives around.

 

[deleted480308]

Sure thing. The only issue here is that when he went to school, the aid office had the discussion that he'd owe about 400 grand after dental school. Then he came out actually owing 600 grand thanks to accrued interest, 4.27% origination fees, and massive tuition hikes while he was in school. They can raise tuition as much as they want once you've signed up for your first loan since they know you can't leave.

if you hold a grown adult responsible for knowing how interest works (which we should) the only amount he could possibly make an argument about is the tuition increases

And you just said $600k where is the other $400 from again?

 

[SpartanWolverine]

Can't read the article without a WSJ subscription. Could you shed some light as to why he's only paying <$1,600/month in repayment? Ostensibly working for a corporate group would not qualify him for PSLF (apologies if it gets into that beyond the 'preview' section).

 

[JohnDoeJR]

Can't read the article without a WSJ subscription. Could you shed some light as to why he's only paying <$1,600/month in repayment? Ostensibly working for a corporate group would not qualify him for PSLF (apologies if it gets into that beyond the 'preview' section).

If you put the title into youtube you'll get a video with the text from the article in it. Student Loan Planner, maybe want to get the video flagged?

 

[DiscoverWeakly]

I've been working behind the scenes for months to try to get this story published.

Finally, it made the front page of the Wall Street Journal this morning. It details how an orthodontist from USC racked up over $1,000,000 in student debt.

He earns $225,000 a year working for a corporate group. His monthly payments would be about $11,000 a month on a 10 year plan and he takes home about $13,000 a month after taxes.

Without the assistance of the government's income driven repayment plans, he wouldn't be able to survive financially.

This quote from the Dean of USC in the article is my favorite part of the article:

“These are choices. We’re not coercing,” said Avishai Sadan, dean of USC’s Herman Ostrow School of Dentistry, where Mr. Meru went to school and one of the most expensive in the U.S. “You know exactly what you’re getting into.”

$1,000,000 is a crazy amount of debt with which to leave school. However, my first question is (possibly out of naivety), what would his monthly payments be if he switched to a 15 or 20 year plan? If the payments drop to $7k-8k/month, you can live very comfortably with $5k/month disposable income. I understand that the total amount of interest accrued would be higher if the length of the loan were extended, but it could be worth it to have more in the short term and live a more comfortable lifestyle.
On a side note, it is ridiculous that a school can increase tuition so substantially while someone is attending!

 

[JohnDoeJR]

$1,000,000 is a crazy amount of debt with which to leave school. However, my first question is (possibly out of naivety), what would his monthly payments be if he switched to a 15 or 20 year plan? If the payments drop to $7k-8k/month, you can live very comfortably with $5k/month disposable income. I understand that the total amount of interest accrued would be higher if the length of the loan were extended, but it could be worth it to have more in the short term and live a more comfortable lifestyle.
On a side note, it is ridiculous that a school can increase tuition so substantially while someone is attending!

You also have to account for other debts like a house payment, car payment, or whatever other mandatory reductions one may have.

 

[SpartanWolverine]

If you put the title into youtube you'll get a video with the text from the article in it. Student Loan Planner, maybe want to get the video flagged?

Thanks.

Sounds like one of the real issues here was choosing to pursue a dental residency -- $340,000 in debt after finishing dental school was in-line with estimates and would be doable... ignoring (as he states was his strategy) a ballooning debt up to a million dollars after an expensive three-year residency is somewhat irresponsible. In addition, seeing that they went for a $400,000 mortgage, elected forbearance for a period of time, had seven years of no payments during school, now drives a Tesla (even used is $50,000+), and are waiting on forgiveness after 25 years of minimum payments demonstrates a real lack of ownership over the debt he took on. He seemingly just had his blinders on with that orthodontics gig at the end of a long, expensive tunnel.

Yes, I think predatory tuition prices as well as crazy PLUS fees/rates have something to do with it, but... come on.

 

[testtest123]

If anyone wants the entire article, its on youtube as text

 

[2TH MVR]

He should have never incurred additional debt by borrowing more $$$$$ to go to ortho residency.

 

[Life of Pablo]

The title needs a trigger warning for @Big Time Hoosier

Hope he survives this article.

 

[BasicG]

"He picked the USC dental school for its prestige and because he wanted to live close to his parents." Goes to show that attending a school for its prestige is not as smart as you think. Feel bad for the guy. Everyone applying this cycle should learn from this guy's mistake by going to a cheap school and not taking out more loans than you need.

 

[Medin2017]

"He picked the USC dental school for its prestige and because he wanted to live close to his parents." Goes to show that attending a school for its prestige is not as smart as you think. Feel bad for the guy. Everyone applying this cycle should learn from this guy's mistake by going to a cheap school and not taking out more loans than you need.

And I don't think usc has prestige let alone any dental school really..

 

[DocDoom]

That dude is a friggin ***** who lives in a bubble. If you owe that much debt after graduating from dschool, why the f would you start a family, buy a house and drive a Tesla. He’s an idiot and doesn’t deserve any sympathy.

 

[I-hate-alginate]

I never met or heard about an orthodontist that is only making 225k a year. Where is he practicing?

 

[SuxDrugs&Rocuronium]

He is practicing in Utah. I live here and every dentist I have shadowed has told me to go practice somewhere else after dental school. The dentists here have saturated the market and caused insurances to pay very little, so they don't make near as much as they could other places. This guy wasn't very smart for accruing so much debt, but coming back to Utah to practice was another horrible decision.

 

[Student Loan Planner]

I never met or heard about an orthodontist that is only making 225k a year. Where is he practicing?

I've seen many making more and plenty making 225k too. Any orthodontist in a saturated area who isn't an owner is likely making around that.

Saturated areas include most big cities on the coasts and Utah because of high representation of LDS in the profession.

$1,000,000 is a crazy amount of debt with which to leave school. However, my first question is (possibly out of naivety), what would his monthly payments be if he switched to a 15 or 20 year plan? If the payments drop to $7k-8k/month, you can live very comfortably with $5k/month disposable income. I understand that the total amount of interest accrued would be higher if the length of the loan were extended, but it could be worth it to have more in the short term and live a more comfortable lifestyle.
On a side note, it is ridiculous that a school can increase tuition so substantially while someone is attending!

His payments based on the prime interest rate in 15 years would be 8,500 a month, and he makes 13,000 a month take home pay, which is likely higher than it would be if he didn't have a stay at home spouse and 2 kids. Can you live a comfortable life based on the difference? Yes.

However after sacrificing for many years to become a specialist if you're married you're not going to be able to live on 4500 and put that much to debt. Also thats for 15 years he would have 0 saved for retirement at age 50 if he did that.

 

[deleted480308]

I've seen many making more and plenty making 225k too. Any orthodontist in a saturated area who isn't an owner is likely making around that.

Saturated areas include most big cities on the coasts and Utah because of high representation of LDS in the profession.



His payments based on the prime interest rate in 15 years would be 8,500 a month, and he makes 13,000 a month take home pay, which is likely higher than it would be if he didn't have a stay at home spouse and 2 kids. Can you live a comfortable life based on the difference? Yes.

However after sacrificing for many years to become a specialist if you're married you're not going to be able to live on 4500 and put that much to debt. Also thats for 15 years he would have 0 saved for retirement at age 50 if he did that.

Four. Hundred. Thousand. Mortgage.

 

[DreamChaser01]

He is practicing in Utah. I live here and every dentist I have shadowed has told me to go practice somewhere else after dental school. The dentists here have saturated the market and caused insurances to pay very little, so they don't make near as much as they could other places. This guy wasn't very smart for accruing so much debt, but coming back to Utah to practice was another horrible decision.

He went to Ortho residency I'm sure he is pretty smart lmao. A lot of education, but lack of financial literacy.

 

[Jueves]

So this guy ended up attending the most expensive dental school in the country, continued to pursue a 3 year vs a 2 year residency at one of the most expensive ortho programs in the country while admitting that he purposefully ignored the numbers, then proceeded to practice in a corporate office in one of the more saturated states in the US?

 

[Likkriue]

He came out with 300k which was not bad. However, doing a orthodontics program was probably the nail in the coffin. Especially at USC of all places.

I still have classmates raving about orthodontics and whenever I tell them about how much it would be they don’t listen.

 

[Likkriue]

I never met or heard about an orthodontist that is only making 225k a year. Where is he practicing?

Never met a newly minted orthodontist I’m guessing?

 

[NITRAS]

This article shows two things. Dr. Meru is an idiot who should realize that putting his head in the sand and continuing to borrow more money won't fix his financial problems. Second, we as a nation are stupid for allowing this to happen.

 

[NITRAS]

I guess the real question is how much can you compound stupid and still play the victim card.

 

[Big Time Hoosier]

And yet, even after seeing this, come December 1st this board will be flooded with, “Should I go to my relatively affordable state school or an astronomically expensive ‘prestigious’ school where I’m guaranteed to specialize?” It’s sad really. Please, please do what your common sense is telling you to do. I know you’re just so excited to be in the position to have multiple acceptances, but this is a very grownup decision with very grownup consequences.

And for those only accepted to a crazy pricey school: Know what you’re getting yourself into and don’t just burry your head in the sand. And for all you gunners: You can absolutely specialize out of any school, so don’t worry over that.

I don’t know why I care so much about this, as I personally don’t have loans from dental school thanks to the world’s finest Navy. Maybe it’s because crushing students with debt is not good for the profession.

Big Hoss

 

[Dent001]

There is no right or wrong here. He didn’t create the rules of the student loan game, he’s just playing them. I’m doing something similar to what he is with my $600k loan. Except instead of getting a Tesla and a family I’m investing heavily and traveling all over the world 4-5x a year. Key for this game is you have to have a plan and utilize tax laws and s corps. Some will play victims and some will be hustlers

 

[deleted103644]

Govt shouldn’t be subsidizing his choice to rack up a million in debt.....

You turned down GME funding, right?

 

[Big Time Hoosier]

Key for this game is you have to have a plan

And the best laid battle plans rarely survive the first shot. Like what will you do if/when the feds change the tax laws on forgiven balances for loans through PAYE/REPAYE? What if the tax rate on the forgiven balance is 75%? Are you prepared? There’s no way $600,000 in student loans won’t be a heavy burden. But you’re an outlier, right?

Big Hoss

 

[Student Loan Planner]

He went to Ortho residency I'm sure he is pretty smart lmao. A lot of education, but lack of financial literacy.

This is most dentists actually. They sacrifice for years then move to a saturated area because that's where they want to live, and they're stuck looking at garbage practice listings and making 150k a year as a hustling associate with 400k in studebt debt.

They listen to the mortgage broker and buy a house 3.5 times their earnings. They buy a new car because the old one from dental school breaks down. They don't know about 401ks so they avoid them and leave their savings in the bank getting 1%.

Perhaps their spouse is equally financially illiterate, so he or she spends money like they're married to a dentist instead of a teacher or firefighter. Before you know it, they have $20,000 of credit card debt and a low five figure amount in retirement in their 40s so they can afford their astronomical mortgage in a good school district somewhere in New Jersey / NY or California.

40% of Americans have less than $400 for a cash emergency. It's no secret that most people stink at personal finance.

Also, keep in mind when you hear how much dentists are making that you're hearing from a biased sample size. No one wants to admit that they're struggling and wish they had chosen another school or area to buy a practice in. You're way more likely to hear from your orthodontist friend of the family who's easily making 500k+ when he happens to be in the top 1% of the profession.

If you want to be in that top 1%, buy a practice soon after graduating (1-3 years) in an area that needs dentists. I had a brand new grad in a town of 5000 in the Midwest produce 2 million in her first year after dental school for example. Go to an in state school and live with at least 2 roommates while you're there and drive a beater car. Get help from family or spouses too. Try to keep the debt below 300k.

 

[JohnDoeJR]

This is most dentists actually. They sacrifice for years then move to a saturated area because that's where they want to live, and they're stuck looking at garbage practice listings and making 150k a year as a hustling associate with 400k in studebt debt.

They listen to the mortgage broker and buy a house 3.5 times their earnings. They buy a new car because the old one from dental school breaks down. They don't know about 401ks so they avoid them and leave their savings in the bank getting 1%.

Perhaps their spouse is equally financially illiterate, so he or she spends money like they're married to a dentist instead of a teacher or firefighter. Before you know it, they have $20,000 of credit card debt and a low five figure amount in retirement in their 40s so they can afford their astronomical mortgage in a good school district somewhere in New Jersey / NY or California.

40% of Americans have less than $400 for a cash emergency. It's no secret that most people stink at personal finance.

Also, keep in mind when you hear how much dentists are making that you're hearing from a biased sample size. No one wants to admit that they're struggling and wish they had chosen another school or area to buy a practice in. You're way more likely to hear from your orthodontist friend of the family who's easily making 500k+ when he happens to be in the top 1% of the profession.

If you want to be in that top 1%, buy a practice soon after graduating (1-3 years) in an area that needs dentists. I had a brand new grad in a town of 5000 in the Midwest produce 2 million in her first year after dental school for example. Go to an in state school and live with at least 2 roommates while you're there and drive a beater car. Get help from family or spouses too. Try to keep the debt below 300k.

You listed some great suggestions. It's kind of unfortunate that people do not have the financial literacy to find them common sense. Playing off your suggestions, this past year I put my now finance degree to work and worked part time at a firm while also taking classes. Was it a lot of work, sure, but I was able to pay off all my loans from undergrad and with 3 roommates and a passion for cooking for myself, I was able to save a bunch of money up for application fees. I probably live a lot more frugal than needed, but risk avoidance is something I think everyone should strive for until it makes sense to go into debt. The number of friends I have that are new grads, none from dental school, that are buying cars and signing mortgages makes my stomach hurt. Financial return on investment and the emotions that come with it seem to be an afterthought for some people.

I have a quick situation to share. There are two dentists I shadow, both from the same dental school, and both relatively new grads. They both live very close to each other, but their practices are in very different areas. You could absolutely do a case study on these two individuals, it's almost that perfect. Doctor A has his practice close to downtown, maybe a 15 minute drive from his house and doctor B drives a hour out of the city to his practice. The difference in the quantity of patients they see is pretty extreme. Doctor B has to turn down new patients while doctor A, while still doing fine, is nowhere near full capacity. There are of course many variables that could be impacting the difference, but my god, it's talked about at length on these forums, but why some people HAVE to practice in highly saturated areas is beyond me.

Sorry for the rambling, I just thought I'd share.

 

[Dent001]

And the best laid battle plans rarely survive the first shot. Like what will you do if/when the feds change the tax laws on forgiven balances for loans through PAYE/REPAYE? What if the tax rate on the forgiven balance is 75%? Are you prepared? There’s no way $600,000 in student loans won’t be a heavy burden. But you’re an outlier, right?

Big Hoss

This is debt management. Not everyone is made for it. If you are already grandfathered into repaye/Paye like me then I’m not too worried about changes on balances forgiven that could affect future borrowers. I think there are too many people here who live off a fear based mentality and cannot handle calculated risks. To each their own, I personally rather keep as much of my
Money as i can while I’m still young so it can start growing now instead of forking it over to the government. I don’t know if i count as an outlier, but what I do know is that I rather be me any day than a lot of suckers i see in their thirties coughing up everything to make loan payments with little to show in there savings while slaving at dead end corporate jobs. I had my financial strategy made since before i even started dental school and it’s working great.

 

[SpartanWolverine]

... To each their own, I personally rather keep as much of my money as i can while I’m still young so it can start growing now instead of forking it over to the government.

Or you can own the debt that you borrowed and "promise[d] to repay ... to your lender or loan holder" in the MPN. Just a different financial strategy, I suppose.

 

[Big Time Hoosier]

If you are already grandfathered into repaye/Paye like me then I’m not too worried about changes on balances forgiven that could affect future borrowers.

What terms exactly are you grandfathered into? Your promissory note says nothing of the tax rate of forgiven balances. This is the loophole the government will likely use to get those “grandfathered” into PAYE/REPAYE. These programs are unsustainable and there’s already talk of closing the so-called Doctor Loophole. They were never intended to have Dr. Meru’s $1,100,000 in student loans forgiven. They were designed to help your kid’s third grade teacher have her $19,500 forgiven. Even then President Obama wanted to cap forgiveness to around $65,000. These programs are currently projected to cost hundreds of billions more than originally projected and America is quickly going broke. Changes are coming your way.

Big Hoss

 

[Dent001]

Or you can own the debt that you borrowed and "promise[d] to repay ... to your lender or loan holder" in the MPN. Just a different financial strategy, I suppose.

I admire the altruism.... With my strategy I end up paying back the original principal with an effect interest rate less than 2% over a 20 year period. So altruism aside, why would I want to pay more sooner? esp during years where that cash could be placed in investments and start growing early

 

[Dent001]

What terms exactly are you grandfathered into? Your promissory note says nothing of the tax rate of forgiven balances. This is the loophole the government will likely use to get those “grandfathered” into PAYE/REPAYE. These programs are unsustainable and there’s already talk of closing the so-called Doctor Loophole. They were never intended to have Dr. Meru’s $1,100,000 in student loans forgiven. They were designed to help your kid’s third grade teacher have her $19,500 forgiven. Even then President Obama’s wanted to cap forgiveness to around $65,000. These programs are currently projected to cost hundreds of billions more than originally projected and America is quickly going broke. Changes are coming your way.

Big Hoss

I understand your point. This program was never really intended for doctors like us. But by god it really is amazing if you work it the right way. As for the tax rate years from now who really knows what’s going to happen. Let’s say it does jump up high, well structure your strategy now to account for higher repayment in future. I’ve been putting $1k a month into a vanguard 20 year target fund since I started working to prepare for the tax bomb. I could of done probably less money per month and be fine with the bomb but I decided to put in a little buffer.

 

[SpartanWolverine]

I admire the altruism. With my strategy I end up paying back the original principal with an effect interest rate less than 2% over a 20 year period. So altruism aside, why would I want to pay more sooner? esp during years where that cash could be placed in investments and start growing early

Don't get me wrong -- I admire that you did thorough research, made a plan, and have stuck to it. Yes, perhaps following the MPN to the letter is foolish from a purely fiscal standpoint and demonstrates that I am risk averse (altruism aside). In the same vein, though, I researched my options and have stuck to my plan to have everything paid off soon after finishing residency and not have massive debt looming over me for decades. Point being, different approaches but I appreciate that you seem to understand the potential serious risks and benefits of your approach.

 

[Dent001]

My strategy effectively allows my cash flow to be invested in other areas now so the compound interest can start kicking in sooner. This strategy doesn’t work if you spend everything you make and still owe a tax bomb later on. If that is the case then you’re royally screwed

 

[fit2]

That’s why I thats why I think everyone should have at least a business minor
Stories like these ( albeit this is an outlier even for Dental school debt) make me soooo happy with my choice.

Don’t alwyas ago for the cheapest because some schools really are bad. But between a list of good school, always go for the cheapest. This Is the advice every single dentist, orthodontist, and oral surgeon has given me

 

[Dent001]

That’s why I thats why I think everyone should have at least a business minor
Stories like these ( albeit this is an outlier even for Dental school debt) make me soooo happy with my choice.

Don’t alwyas ago for the cheapest because some schools really are bad. But between a list of good school, always go for the cheapest. This Is the advice every single dentist, orthodontist, and oral surgeon has given me

I disagree. Always go for cheapest schools. Dental school is worthless imo. What makes a good dentist is not what you learned in school but how you learn and the desire to keep learning and implementing.

 

[fit2]

I disagree. Always go for cheapest schools. Dental school is worthless imo. What makes a good dentist is not what he learned in school but how he learns and the desire to keep learning and implementing.

Yeh but if the school has questionable passing rates for boards which honestly is pass/fail, then I’d think twice especially when you pay for much. But you’re right those are exceptions and I only know of a handful of shcool that are like that. For the most part, yes always go for the cheapest. There’s no reason in paying extra money for the same degree a single long as you’ll be ble to get this degree

 

[JohnDoeJR]

My strategy effectively allows my cash flow to be invested in other areas now so the compound interest can start kicking in sooner. This strategy doesn’t work if you spend everything you make and still owe a tax bomb later on. If that is the case then you’re royally screwed

+1 for the Vanguard fund. While not every strategy works for everyone, one of the BEST things an individual can do is to open up a Roth IRA and contribute as much of their extra money as they can to it. They are a beautiful thing and man would we be living in a better country if people took advantage of compounding interest and 401k matching. While finding alphas and reading 10-k's will probably never be useful in running a dental practice, I am pretty happy with my choice to get a business (finance) degree and pursue dentistry. There is absolutely a case to be made for making a personal finance class a GEP over some of the classes universities require your to take.

 

[NITRAS]

I admire the altruism.... With my strategy I end up paying back the original principal with an effect interest rate less than 2% over a 20 year period. So altruism aside, why would I want to pay more sooner? esp during years where that cash could be placed in investments and start growing early

Simple. No debt = no payments. You can ultimately invest more of your income. When you have financial strife (notice I said when, not if), you also have margin in your budget so you don't unplug good investments to pay for it.

EDIT: and when is paying your debts altruism. . . . I just call it integrity.

 

[Dent001]

Yeh but if the school has questionable passing rates for boards which honestly is pass/fail, then I’d think twice especially when you pay for much. But you’re right those are exceptions and I only know of a handful of shcool that are like that. For the most part, yes always go for the cheapest. There’s no reason in paying extra money for the same degree a single long as you’ll be ble to get this degree

The boards are designed to pass students. The pass rate should not be a determining factor. Cost and locations should be primary factor. Honestly if you fail part one or two of boards then you messed up. Just study again and pass it

 

[Dent001]

Simple. No debt = no payments. You can ultimately invest more of your income. When you have financial strife (notice I said when, not if), you also have margin in your budget so you don't unplug good investments to pay for it.

EDIT: and when is paying your debts altruism. . . . I just call it integrity.

Easy said if you have debt under $300k. Different story when you are $500k+.

 

[Blackca3]

Simple. No debt = no payments. You can ultimately invest more of your income. When you have financial strife (notice I said when, not if), you also have margin in your budget so you don't unplug good investments to pay for it.

EDIT: and when is paying your debts altruism. . . . I just call it integrity.

Debt is not a bad thing. It can be a useful and powerful tool if you use it correctly. If you pay your debt down or pay the tuition yourself you limit yourself to a return of 6% - 7%. Their strategy has the potential to be a much better financial move.

Why is using government programs designed for loan repayment releif a lack of integrity?

 

[fit2]

Debt is not a bad thing. It can be a useful and powerful tool if you use it correctly. If you pay your debt down or pay the tuition yourself you limit yourself to a return of 6% - 7%. Their strategy has the potential to be a much better financial move.

Why is using government programs designed for loan repayment releif a lack of integrity?

Same as a company finding the sweet spot between equity and debt. Debt is a good thing as long as Theres a plan of repayment and you don’t take on extremely high amounts. 300-400k is extremely high IMP before a specialty and a practice eveen

 

[Incis0r]

+1 for the Vanguard fund. While not every strategy works for everyone, one of the BEST things an individual can do is to open up a Roth IRA and contribute as much of their extra money as they can to it. They are a beautiful thing and man would we be living in a better country if people took advantage of compounding interest and 401k matching.

100% agreed.

automatic contributions + index funds + reinvest dividends + TIME = financial peace and strength.