student loan burden

[Daurang]

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http://online.wsj.com/article/SB100...5033063806327030.html?mod=WSJ_hp_mostpop_read

 

[Aceofspades]

That story is ridiculous. She is a medical doctor, not some minimum wage worker. She had ample time and correspondences to make payments to her loan on time and complains that the loan company was calling for their money. I can't believe she filed for income considerations. Even as a primary care physician she should be pulling in 160K and can make 200K+ if she tried. Give me a break. There are dental students at expensive schools like NYU who will owe 400K+ out of school without defaulting on anything.

 

[Oracle DMD]

http://online.wsj.com/article/SB100...5033063806327030.html?mod=WSJ_hp_mostpop_read

how can smart people be so dumb?! it's crazy. what stands out to me the most is how she accepts HALF the responsibility! HALF??!! she took out the max loan that she could, then took out 2 other $20k loans, then she ran up her credit cards. unbelievable. then as a doctor, she failed to make her $1k/month student loan. unbelievable.

 

[mike3kgt]

This has become a serious issue in professional school education. Future grads must realize that become a dentist doesn't guarantee a high salary and having to shell out $1,500 in loan repayments every month is very challenging. After taxes, that's a ton of money, doable, but it certainly makes the pressure of graduating and finding a job right away. Don't think you can graduate with that debt, and hang a shingle and start practicing.

Make educated decisions regarding where to go to school, don't think that it's a simple feat to justify that NYU / BU tuition. Live lean during dental school to graduate with the least amount of debt (especially credit card debt).

 

[dentheartthrob]

just wondering...do dental students usually defer payment to their unsubsidized loans or pay the interest while in school with the funds coming from their "living expenses"?(would it be enough?) ... also how is the amortization schedule like? is it on a monthly, quarterly, annual schedule...etc...etc...sorry to sound naive but I'm a foreign dentist who just got into an international program this year who doesn't have any experience with taking out such a large amount for a loan. Thanks for your help in advance. 🙂

 

[Thaxil]

This woman does not seem to have a clue about managing money or responsibilities. She may be 70 when all paid, but that if she made only minimal payments. A few extra hundred toward a 30 year loan in the early years will save 3x that amount in the life of the loan. I bet she has spent a lot of money on useless things.

 

[Flipper405]

just wondering...do dental students usually defer payment to their unsubsidized loans or pay the interest while in school with the funds coming from their "living expenses"?(would it be enough?) ... also how is the amortization schedule like? is it on a monthly, quarterly, annual schedule...etc...etc...sorry to sound naive but I'm a foreign dentist who just got into an international program this year who doesn't have any experience with taking out such a large amount for a loan. Thanks for your help in advance. 🙂

You could probably do this for a little while, but I would think it's unlikely you could pay your interest out of your living expenses all 4 years. Of course, this all depends what you're willing to do as far as keeping your living expenses down and how much you take out in loans.

 

[jay47]

http://online.wsj.com/article/SB100...5033063806327030.html?mod=WSJ_hp_mostpop_read

Although I often find some of your posts quite blunt or crass, I can greatly appreciate this one. Any student thinking about taking out a half million dollars for an education is, IMO, insane. I am extremely lucky to live in TX, with some of the cheapest schools in the nation, but I will still take ANY debt that I have with serious consideration.

Thanks for the great link.

On a side note, was this woman not able to consolidate her loans with like 3% interest in 2004? This would be MUCH more bearable than the 6.8% we are going to be stuck with...geesh....

 

[allover]

Although I often find some of your posts quite blunt or crass, I can greatly appreciate this one. Any student thinking about taking out a half million dollars for an education is, IMO, insane. I am extremely lucky to live in TX, with some of the cheapest schools in the nation, but I will still take ANY debt that I have with serious consideration.

Thanks for the great link.

On a side note, was this woman not able to consolidate her loans with like 3% interest in 2004? This would be MUCH more bearable than the 6.8% we are going to be stuck with...geesh....

she was 34 when she graduated from med school, so I assume it was a worthwhile decision for her no matter the cost.

 

[documetnsitheme]

im going to college and have absolutely no money, even after i get financial aid i wont be able to cover all of my costs, so i want to get a student loan.