Its official: Student Loan Rates To Double on Monday.

[crcballer55]

If you complete med school you won't have have problem paying that money back

Not always the case! Luckily I did well enough to choose a specialty that I enjoy and pays particularly well, however that is changing for my specialty and many others but lots of people who graduate and go into primary care, pediatrics etc are not making bank. You can go to residency let the interest accrue come out with 300K in debt making around 100k and just now starting to have a family and The minimum loan payments ALONE are a sizeable chunk of your salary. Everybody thinks all these doctors are out here ballin out of control but for some specialties, the ones the govt wants everyone to go into you are way behind the curve with massive amounts of debt and without the salary to really knock it down.

That's one thing the majority of the population doesn't understand. After seeing bank accounts for numerous doctors, I can tell you that many of them are not nearly as well off as you would think or they pretend to be.

 

[teamjordan79]

yea man, doctors start actually working late into their life with a sizable chunk of debt ... you really gotta be committed and dedicated to the field because otherwise it's easy to slip up. I feel like most of them don't pay off their debt until they are well into their 40's.

 

[jking0821]

If you complete med school you won't have have problem paying that money back

Not always the case! Luckily I did well enough to choose a specialty that I enjoy and pays particularly well, however that is changing for my specialty and many others but lots of people who graduate and go into primary care, pediatrics etc are not making bank. You can go to residency let the interest accrue come out with 300K in debt making around 100k and just now starting to have a family and The minimum loan payments ALONE are a sizeable chunk of your salary. Everybody thinks all these doctors are out here ballin out of control but for some specialties, the ones the govt wants everyone to go into you are way behind the curve with massive amounts of debt and without the salary to really knock it down.

But this is what they tell you.

Invest in your future! If you believe in yourself and get a good job you can pay it back with no problem. Not the case. Why do you think there is no Finance courses in high school to explain to you how college loans work?

I did everything myself and i was a 17 year old kid who got into a great college and really liked it. I took out all the loans on my own. My mom had never gone to college so knew nothing about what to do (fafsa and all that). I graduated college with my degree in finance and accounting with 80k in debt. Got a job at NASA as a financial analyst. I am 25 years old making $74K a year and still struggling my *** off. I pay $1300 a month in college loans....and that is the minimum. I am thankful that i have a job and that i can still afford a place and that my car is paid off. But I can't imagine what people do without good paying jobs. It is as if i only made $30k a year with no debt.

 

[al audi]

If you complete med school you won't have have problem paying that money back

Are you 100% serious right now?

 

[stillin729]

Are you 100% serious right now?

I've done this going on 7 years now so I see it first hand so I think people do t see what I see

A med degrees average debt is $170k roughly

The bigger the starting salary the easier it is to pay back

The low end stating salaries are about $145k in the field

If you are the low end $145k who owes $170k:

Monthly income after all said and done is about $8000

Student loan payment is about $1700

I am not really seeing a problem here and after 5 years or so you see big pay increases and I used the LOWEST salary doing that breakdown

There is always an exception to the rule but too many people cry about loan debt but do NO research or find the best school to put them with minimal debt but that was just my med degree point

 

[gllahone84]

Are you 100% serious right now?

But again Stilln if you have first hand experience then you're an exception...

 

[stillin729]

But again Stilln if you have first hand experience then you're an exception...

I don't set doctor starting salaries or determine how much debt they go into, I used real facts

Would you buy a car or house with researching it first?

 

[fresh out dabox]

This can't be real life!

 

[gllahone84]

I don't set doctor starting salaries or determine how much debt they go into, I used real facts

Would you buy a car or house with researching it first?

Nope. 

But I see your point. 

 

[jking0821]

But these are life lessons. That you learn as you go, which a lot of the time is too late. And the system is set up to catch the young and nieve and get them into debt. There is no reason when I was 18 why I got a loan with 0 credit and 0 co signer for 40k. That should not happen lol. Granted the loan I took out doesn't exist anymore because it is unfair. But the system is shady. And that is one thing the education system shouldn't be.

 

[stillin729]

But these are life lessons. That you learn as you go, which a lot of the time is too late. And the system is set up to catch the young and nieve and get them into debt. There is no reason when I was 18 why I got a loan with 0 credit and 0 co signer for 40k. That should not happen lol. Granted the loan I took out doesn't exist anymore because it is unfair. But the system is shady. And that is one thing the education system shouldn't be.

I agree to an extent but then don't just give you $40k

It's leveled you can only get $5500 in your first year or $9500 with a parent plus denial

People's problems come with borrowing too much because it's easier than working when you can just live off loan refund money

Go to www.studentloans.gov and take the Entrance Counseling and tell me students aren't warned now

I do genuinely feel bad for those who just put themselves in a bad situation unknowingly

But the root of the problem is drop outs who don't take college seriously and default on their loans

 

[jking0821]

My student plus loan through sallie Mae was given to me with no consign when I was 18 years old. They stopped the loan because it was toxic.

I had a consign on my other loans that were much less thanks to my good grades and financial help.

 

[stillin729]

My student plus loan through sallie Mae was given to me with no consign when I was 18 years old. They stopped the loan because it was toxic.

I had a consign on my other loans that were much less thanks to my good grades and financial help.

A Plus loan is only for parents, you can't take one out for undergrad, it had to be a private loan.

Sallie Mae got in hot water for high interest private loans, that's no longer happening

 

[jking0821]

My student plus loan through sallie Mae was given to me with no consign when I was 18 years old. They stopped the loan because it was toxic.

I had a consign on my other loans that were much less thanks to my good grades and financial help.

A Plus loan is only for parents, you can't take one out for undergrad, it had to be a private loan.

Sallie Mae got in hot water for high interest private loans, that's no longer happening

Sorry yeah it was a private loan I have a disdain for sallie mae

My fed loans are smaller. But I was a lucky victim of sallie Mae pre regulation

 

[cobra kai]

Get out of grad school and put that work in. Gotta pay this **** back somehow.

I'll be over the century mark.

 

[stillin729]

Sorry yeah it was a private loan I have a disdain for sallie mae

My fed loans are smaller. But I was a lucky victim of sallie Mae pre regulation

Yup Sallie Mae is a terrible company, I deal with them personally and for work

They've taken a nice lashing from the DOE a few years back so they aren't nearly as bad as they were when they were handing out 15% private loans to students

 

[finnns2003]

I called it, student loans would be the next bubble.

 

[luckyluchiano]

Man I only had to take loans my freshmen year and had a full ride after that, I thank God I only have like 13k in student loans and for my masters I'm just gonna go slow so my job can pay majority of it

 

[ballrn23]

Let's say that this bubble of student loans bursts. What happens then? How does that affect people?

Also, what seems just absolutely wrong is how interest capitalizes every quarter. :x

 

[Peep Game]

swear all these dumb clueless people still gonna stunt with their LOAN refund money.... lol stunt all you want that 6% aint no joke.... gotta get them college yambs somehow

I remember ppl going out and buying new J's a month into the semester when the "refund" checks came in from student loans 

One of my friends back then used about half of his loans to buy multiple xbox 360. 3 of the ones I knew of were stolen. And this was back in 05/06, so you know it was full price :x

 

[Deleted member 37467]

College is bs anyway.

Yeah? Why's that?

Because in this day and age self employment is the way to go.

 

[crcballer55]

Let's say that this bubble of student loans bursts. What happens then? How does that affect people?

Also, what seems just absolutely wrong is how interest capitalizes every quarter.

It's already "bursting". The cost of school is already getting to the point that it's strangling other parts of the economy like new home purchases, retirement savings, and health care contributions. Once we finally get the federal government to stop subsidizing these loans will be when the cost of higher education finally starts coming down. The real issue here isn't the interest rate. It wouldn't matter how high the interest rate were if people didn't borrow the money. The real issue is that we have over $1 Trillion in outstanding student loans which has surpassed outstanding credit card debt in America. When it takes most people well over 10 years to pay back their 4 year education, we need to step back and ask ourselves what happened and why we believe that everyone needs to to to college instead of pursuing other avenues of education (i.e. trade school, online education/certification, etc.).

 

[thadoctadvocate]

alot of people go to school to get some bs degree just to say they have a degree. for example some guy is getting a kinesioligy degree and i ask what hes gunna do with it and hes like work at a gym right below the manager

in my mind i would rather use that 4 years to work at the gym and work my way up while making some money rather than digging a hole for myself.

but its hard to not go to college because there are not as much manufacturing jobs and alot of labor jobs like construction are taken by foreigners so i dont understand what are the options that people have besides college

 

[ill steelo]

Fortunately for me I got the HopeScholarship here in GA which knocks out tuition. so I only am responsible for books which ain't ****

I also work part time for the university so grad school tuition will be free as well.

loan free for me. VERY happy about that

 

[frankmatthews]

The real issue is that we have over $1 Trillion in outstanding student loans which has surpassed outstanding credit card debt in America. When it takes most people well over 10 years to pay back their 4 year education,

And this is the illusion of our wealth. All of this, the student loans, the credit cards, the home mortgages have been booked as revenue and income RIGHT NOW for the various companies involved, when in reality none of this stuff will actually be paid for until years down the line. The entire countrys future earnings have been pulled into the current economic system. Credit is growth. It has to be paid for, with interest, at some point or the music stops, the illusion is revealed. Oh and while past growth is being paid for over the coming decades assuming people can pay their debts, the system will also require us to continue borrowing at exponentially increasing rates to maintain present/future growth, which at some point will have to be paid for....Hopefully you can see the end result of this.