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Thread: Feds: New student loan repayment options set

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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by Harry Guerrilla View Post
    I just finished re enrolling in my local tech school to do my pre req's, the cost is not even remotely close to the prices being quoted here.
    I might finish, with $10k in debt and that's a stretch.

    Seriously, tech school is like $1k a semester, which is pocket change comparatively.

    Whew! I just talked to her, and she is going to tech here as well...She figures less than $20K.....ooooof...big relief.
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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by RLWSNOOK View Post
    I think though, that interest rates for say a medical student could be lower than that of a college student... Just a hunch but I'm willing to bet those who make it through 4 years of medical school are likely much much more likely to repay, than those who make it through 4 years of college... 6.8% in today's market is very high...

    It's a hard career, so many people assume that doctors make a lot of money. They don't. My wife will finally start making around 45,000 for 3 years during residency... Hardly the $300,000 the calculators say she needs to support that type of loan payment we will have... And even when she gets through residency, it's likely she will only make $100-120,000 which sounds like a lot, but not with the debt we have taken on and the fact that we want to have a family. But she loves pediatrics (that's what she is going into) and likes taking care of people so she isn't too worried about the money. It is hard when people just claim doctors are rich.... That we can pay doctors less. As clearly they have no idea...
    I agree there is a misconception that all doctors are rich. Not to mention they have to work many hours, which are often unpredictable, and people are sick and injured 365 days a year. That means holidays are rarely guaranteed days off. My father in law works with doctors for his profession and he did not advise any of his children to become a doctor. I really think you have to want to do that and I think the doctors are the ones who will lose money under Obamacare. It is depressing to think about.

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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by Harry Guerrilla View Post
    Private school, is practically not worth the cost, it seems, unless you're going to Yale, Harvard, etc.

    But lord, $250k....insane
    The actual amount she borrowed was a much lower amount, but the interest gained over the years almost doubled the amount she owed.
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  4. #114
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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by Green Balls View Post
    The actual amount she borrowed was a much lower amount, but the interest gained over the years almost doubled the amount she owed.
    Well, I think that sucks, but at least she finished.
    Best thing that she can do, is pay extra, if possible, to reduce some of the interest.
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    Re: Feds: New student loan repayment options set

    Just a side thought here....You know what would be a good course that community collages could offer a course study on budgeting, and running a household to include saving for retirement, and how finances work, as well as paying off debt.

    It would be a positive way to shift the thinking of people that now still feel that sort of 'I want it now' attitude that is destructive in this country toward personal savings rates, and the health of a service based economy.


    Just a thought.
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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by wolfman24 View Post
    The point is to allow low income people to attend college not just the middle or upper class. And if you read the law you would know there are still penalties for defaulting for the student.

    Sour grapes.
    That's not the point at all. This legislation does little or nothing to expand opportunities for "low income people."

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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by Taylor View Post
    That's not the point at all. This legislation does little or nothing to expand opportunities for "low income people."
    Not from what i have read. the payout time is beneficial to that end.
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    Re: Feds: New student loan repayment options set

    There have been some misconceptions thrown around here.
    Let's start with the bachelor's degree.
    The basic bachelor's degree is defined by law to have about 120 to 130 credit hours,
    with breath and depth requirements based on it being a BA vs a BS degree.
    Most of the courses are the same curriculum weather at State U or Harvard.
    In the early 90's the governing boards standardized the curriculum's to ease transfers.
    The people you meet in class may be very different the the materiel covered, not so much.
    As to the cost, let's look at say a Engineering Professor.
    Phd, 20 years experience, to hire one you need to offer at least $60K (this is a little low, but makes my math easier)
    So Joe Professor is required to develop and teach 3 classes per semester, 6 per year.
    Each class cost $10,000 in salary alone, move the number up to $15K for benefits and overhead.
    $15K / 30 students/3 credit hours = $167. per credit hour.
    A full load (15 Hours) has a cost of goods sold of between 2500 and 3500 per semester.
    Most Universities offset this by hiring adjunct professors at about $2k per class.
    The point is, if the tuition is under about $4k per semester, it's not that bad of a deal.
    So if you as a parent can send Johnny or Sally to get a bachelor's degree for $32K paid for over 4 years,
    it is not a bad deal.
    The Jobs that result from even a humanities degree, can be earned back in the first few years.
    The delta over a career is huge.
    In my mind the degree is more important than the where, it gets their foot in the door.
    After that they have to prove themselves.
    I paid for both of my kids to get bachelor's degree, and do not regret one penny, one of the best investments I could have made.
    Education is one of the few things you can give your kids, that no one can take away!

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    Re: Feds: New student loan repayment options set

    Be leary. The amount they write-off is counted toward income in the year in which it is written off. So if you have $60K outstanding and cannot pay the taxes on an extra $60K in income that year, say hello to the IRS collectors who will be lien-slapping and bank account hijacking and garnishment-filing fools.

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    Re: Feds: New student loan repayment options set

    Quote Originally Posted by Green Balls View Post
    My fiance was going to college for Pharmacy, but she was kicked out before she could start her residency due to a professor who had it out for her. She also didn't have the $40k to do her residency since she was maxed out on student loans. She then went to another college and graduated with a nursing degree and discovered while in that program, there was an error in her financial records and she did qualify for more student loans. In total, for 10 years of college, she ended up with $250k in student loans.

    A program like this would help her out immensely, but 90% of the loans were taken out before Oct 2007, so she doesn't qualify. Student loan assistance needs to be expanded for others in her situation. We've ran the numbers through all sorts of online calculators and her monthly payments in total are between $5k and $7k depending on the site. There is no way she is able to repay these loans. She didn't choose to drop out of the Pharmacy program, she was forced out. Some sort of forgiveness should be granted for her situation, but that will never happen. She'll be paying on these loans the rest of her life. It's a crock.
    I'm a P1 in a pharmacy program right now, my debt will probably be around $250,000 when I graduate.
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