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$555,000 student loan debt

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Mack View Drop Down
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    Posted: 17 February 2010 at 3:50pm
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Considerations:
  • According to the article over half of student loans aren't being repaid*
  • Since she is a doctor could this be related to the health-care issues we have such civil discussions about on here
  • Personal responsibility issue (in that she just kept putting repayment off)

I for one am unable to conjure any sympathy for her.

Thoughts?

*More than likely most of these folks couldn't get good jobs because they were too busy playing with their electronic media devices during class.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Gatyr Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 4:17pm
She definitely managed that poorly, but med school is a wonderful way to accrue debt that will take a long time to pay off. $150,000 of debt to make around $50,000 for at least the first four years of practicing, combined with general living expenses make for some rough times.

However, debt for professional schools should be treated more lightly. For law school and med school especially (I don't have much experience or knowledge about anything else), graduates (who find work) fresh out of school will be working insane amounts and for pay that doesn't accurately reflect the amount of formal education they have received. Obviously for those who don't find work, life is much harder.

It really is a huge disincentive to have that threat of unmanageable debt looming at the end of school, and it seems wrong for the people who provide the most necessary services to have such a disproportionate debt.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WGP guy2 Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 4:29pm
I still don't see how education is so expensive.  $555k (even after interest) is quite ridiculous and I don't think many could reasonably pay that off.

I'm looking at around $40k when I graduate with a BS in engineering.  Add grad school to that if I can't immediately find a job.  Stern Smile
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Post Options Post Options   Thanks (0) Thanks(0)   Quote brihard Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 5:28pm
Originally posted by article article wrote:

Dr. Bisutti says she loves her work, but regrets taking out so many student loans. She admits that she made mistakes in missing payments, deferring her loans and not being completely thorough with some of the paperwork, but was surprised at how quickly the debt spiraled.

Fail financial management is fail.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 5:34pm
^^^ Pretty much my thoughts.

On a related note, the state colleges here apparently mandate a financial management class for their students.  I've always thought this should be a mandatory high school class myself.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote FROG MAN Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 6:34pm
I have heard rumors that school in the states is much more expensive then in Canada, WGP i would be interested in hearing how much your paying for tution and books.

at SAIT, i was paying about 2k a semester in tution and about 500 books, at UVic in 3rd year Electrical Engineering im paying about 4k a semester and about 1k in books.

At SAIT i took out about 10k in student loans, but payed it off in a year after working, before heading to UVic to get my degree. I wouldnt say im great with money, but im not terrible. (i have 5k student loan right now)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WGP guy2 Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 10:06pm
Originally posted by FROG MAN FROG MAN wrote:

I have heard rumors that school in the states is much more expensive then in Canada, WGP i would be interested in hearing how much your paying for tution and books.


Tuition here is a bit over $13k a semester for up to 16-18 credits (depends on your GPA).  After scholarships, I'm paying about $5k.  Books are between $500-$700 a semester.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote carl_the_sniper Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 10:11pm

You are also in a flying program though.

I remember when I looked into them... residence and everything, it would have cost me $18-20k per year.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote MeanMan Quote  Post ReplyReply Direct Link To This Post Posted: 17 February 2010 at 11:20pm
I was looking at 2 private schools, I ended up picking the cheaper one.

I have the top scholarship, I commute and have some general scholarship and it'll end up as $13,500 this and last semester in total. Books in total will be about $1000 or so depending on if I can find them online, but my college usually has "altered editions" specifically for them.

The other college would have been over $20k per year, which includes residence.

Edited by MeanMan - 17 February 2010 at 11:22pm

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Post Options Post Options   Thanks (0) Thanks(0)   Quote FROG MAN Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 12:43am
holy crap!!!!!!!!!!!!

im so happy im in school in canada, I was going to say you guys should just come up her and get your degree, but I think the canada government keeps the costs down so it would prob cost much more for people on student visas, also with engineering theres a bunch of legal crap you gotta do when you move around.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote __sneaky__ Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 12:47am

Beats one of the colleges I was looking at... 20 grand a SEMESTER. Yeah, no thanks. I'll continue on with the school I'm at now, thank you.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote procarbinefreak Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 1:27am
i'm walking away with just over 3 grand in loans. 

I win.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Eville Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 1:36am
I am walking away with 0 dollars in loans and am currently getting paid $450 per month to go to school plus $1200/yr for books that usually cost about $400/yr.

I win.


Edited by Eville - 18 February 2010 at 1:37am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote WGP guy2 Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 7:05am
Originally posted by carl_the_sniper carl_the_sniper wrote:

You are also in a flying program though.

I remember when I looked into them... residence and everything, it would have cost me $18-20k per year.



HAHAHAHA.  No, I'm not.


I'm BS Aerospace Engineering and minor in Computational Math. 


Just FYI, flying here is an estimated $10k extra a year.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ParielIsBack Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 7:14am
Originally posted by __sneaky__ __sneaky__ wrote:

Beats one of the colleges I was looking at... 20 grand a SEMESTER. Yeah, no thanks. I'll continue on with the school I'm at now, thank you.



*Raises hand*

BU is around there.

Luckily, wonderful Princeton University pays for a significant portion of my education.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 12:33pm
Originally posted by Eville Eville wrote:

I am walking away with 0 dollars in loans and am currently getting paid $450 per month to go to school plus $1200/yr for books that usually cost about $400/yr.

I win.


I am fairly sure I at least have you tied on this one.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mod98commando Quote  Post ReplyReply Direct Link To This Post Posted: 18 February 2010 at 4:53pm
I have about $30,000 in loans for school that I'll have to start paying soon since I'm done in May. I do have an internship now that will almost definitely turn into a full-time position once I graduate so I'm not too worried. Sucks that so much of my money has to go elsewhere but then again I wouldn't have my job without going to school (my boss really liked that I was going to NJIT) so I guess it's worth it in the end.

It definitely sucks to be the woman from the OP but she did it to herself really. Plenty of people go through med school and manage to keep the finances in line so I don't think you can blame this on the banks. Of course, they do go nuts with the interest and fees if you default but the idea is not to miss your payments anyway. Seems like bad planning and poor decision-making is what got her into that situation.

I agree with those of you who support the financial management classes in college. They love requiring all this extra crap to make us "well-rounded" but it's always stuff nobody cares about or that they won't use. Why not make it something like financial management, which most people are apparently terrible at? It'd probably be better to have something like that in high school though since you need those skills in college as well as after. I learned financial management the hard way: by being flat broke and unemployed for over a year. You really learn to stretch your money in those situations and even though it sucks, you need to know how to deal with it when it comes up so I value the lessons learned from that.
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