Student Debt
New figure raises worries that millions of them may never repay more than $200 billion owed.
$1.017m for Pros
1 person likes this.
$1.017m in federal student loan debt @ 7.125% for recent Pros grad. Met with him to discuss repayment strategies. Private school undergrad, 2 Masters, DMD, and Pros residency = $1.017m. His annual income ~ $120k in a HCOL. Recommended REPAYE so debt service manageable and to mitigate increase accrual (which is approximately $$62k/year at $120k AGI, but REPAYE offers a 50% interest subsidy). Top honors for most debt by an individual.
As for a couple, a pediatric dentist and dental anesthesiologist - just north of $1.3m total.
And the bar will only continue to get higher...
Sergio Estavillo, EA
Message | Follow | Block
- Report AbuseRevisions: 1Posted: 8/3/2017 8:21:13 AMPost: 1 of 56
Is your debt for college and dental school worth what it costs you
6 people like this.
I enjoy dentistry. I don't enjoy about 50% of the patients I see, I don't enjoy my $450K+ loans. Graduated in 2015, wouldn't do it again. If I didn't have any debt or even just $100K of debt my answer would be very different.
Yeah I don't even make $6,000 in a month! Let alone enough to have extra after an 8-10K payment. I can only afford about $4600 a month to all my loans, undergrad and DS and my husband's income pays for all the bills except my disability and my gas.
Message | Follow | Block
Is your debt for college and dental school worth what it costs you
Quote: (DrWheels)
I've been out about a year from dental school and I have $400,000+ in student loans. It may sound naive, but I consider myself blessed. Even if I pay 8-10k back every month for student loans I still live pretty well and have extra spending money if I want to go on a vacation or buy something expensive.
Maybe we lose site of how hard it is to make a 6 figure income. I know a lot of people that are engineers, businessmen, or other respectable professions that work just as hard as we do and may not even be cracking 100k/year. My point? Even with my hefty student loan payments I still make really good money and have a future with a lot of potential for growth.
Message | Follow | Block
I am just about 1 year out and have just under $400,000 in student debt and I'm struggling just making the IBR payments at about $2,500. (Struggling is probably not the right word, but I definitely don't have extra money to go on vacations and buy expensive things). Are you a specialist?
Is your debt for college and dental school worth what it costs you
I got out with $110K and after 14yrs out I am down to $63K. I was unable to service the debt aggressively for the last 8yrs because I did a scratch start up in a rural area and it never took off to the point where I could aggressively chip away at student loan debt, practice debt, and pay myself well.
Long story short: closed the practice in Jan '17 and went to work for an FQHC. GA has a rural physicians/dentist loan repayment if we go to work in a qualifying facility in qualifying underserved area. The repayment guarantees $25K/yr. It's a commitment but it's worth it given the situation I just got out of.
I prefer private practice to an FQHC, but this is good for now.
As for the comment above regarding having north of $400K in debt, aggressively servicing it, and STILL enjoy vacations, etc.; you must live in a parallel universe. I associated in all types of scenarios for five years before I owned and I never saw an associateship where I could make enough to service that level of debt and enjoy vacations, etc. Why own if you can bring down that kind of bank?!?
If I own again, it will be after my remaining student debt is discharged, I will fly way below the radar on practice debt, and avoid banks like the plague.
Debt is toxic.
1 person likes this.
Posts:
Last Post:
Member Since:
5
05/24/17
12/01/13
I've been out about a year from dental school and I have $400,000+ in student loans. It may sound naive, but I consider myself blessed. Even if I pay 8-10k back every month for student loans I still live pretty well and have extra spending money if I want to go on a vacation or buy something expensive.
Maybe we lose site of how hard it is to make a 6 figure income. I know a lot of people that are engineers, businessmen, or other respectable professions that work just as hard as we do and may not even be cracking 100k/year. My point? Even with my hefty student loan payments I still make really good money and have a future with a lot of potential for growth.
Message | Follow | Block
Is your debt for college and dental school worth what it costs you
2 people like this.
I left school with $420k in debt. Three years out I am at $450k because of interest and have a practice loan of $240k. Right now I am working so hard on my practice I am not worrying about my student loan. Just the way it goes I guess
1 person likes this.
I just met 2 nyu 2014 students: 510K / 590K debt remaining. Insane. They should redo this poll with an option being - my debt was less than XXXXX - I imagine a lot of the older guys on this board had much much smaller debt loads
Message | Follow | Block
Is your debt for college and dental school worth what it costs you
8 people like this.
It's a sad state of affairs when students only out if they don't have a rich daddy or mommy is to sell their soul to the military industrial complex. If I had to do it over again, I would either join the war machine or not go to school at all. I am 13 years out and still owe 70K, had 150K originally. No way I would take out 500K in debt at 7% interest... the days of just follow your heart are dead when you have a higher educational system that is a total racket as it is today.
Quote: (Cavity Killer)
Sold my soul to Uncle Sam for 4 years to be debt free...
Would you let your kids go to dental school with future insane tuitions?
1 person likes this.
Posts:
Last Post:
Member Since:
194
08/14/16
11/11/11
Most of my fellow graduates, if they decided to do standard repayment (10 year) their money note on their student debt would be nearly $5,500 per month.
$5,500!!!!! That's insane!!!!
The hygienist I work with has student loans of $1,000 per month.
Ohhhh... And as of July 2016, anyone under IBR trying to buy a house will no longer be approved using their IBR payment schedule and will need to use the standard repayment option OR 1% of their total loan as montly payment to qualify. The govt is cracking down and is forcing people to put on their student loans.
So every new grads/ few years out trying to buy a home with 200k + paying salaries are going to have a tough time buying a home costing more than 250k...
Housing prices will drop as a result of this. I started a post a little while back about the new housing bubble. There will be a housing and student loan bubble.
Good luck 2017 and the next prez. Hold on, it's going to be a bumpy ride!
Message | Follow | Block