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How does anyone think it's a good idea to take out $1M in loans for an education? Yes, tuition costs are ridicules and in general students have no control over

by pitaa 8y ago

How does anyone think it's a good idea to take out $1M in loans for an education? Yes, tuition costs are ridicules and in general students have no control over them. In general, I feel like students are taken advantage of. HOWEVER, students certainly can choose not to attend a certain school. If you choose to rack up $1M in debt, I feel like that's solely on you and your (obviously) poor decision making skills.

dnsco 8y ago
This article focuses on a man who took out ~600k in loans to become an orthodontist. That interest has since compounded to 1mm. I would imagine he took the loans out because becoming an orthodontist was his highest-paying career option. Had he known that the variable-rate loans would be impossible for him to pay off he probably would not have taken them out. We should not be putting aspiring medical professionals in this position.
- yellow_postit 8y ago
  While we are at it let’s stop artificially limiting the number of medical professionals.
  - candiodari 8y ago
    So the state will be increasing the budgets for university medical departments, then ? In contradiction to what has been done for decades now ? So, what I mean to say is that we will be increasing taxes some amount (not much, but let's say 0.5%) to allow for this and other subjects to train more people ? (medicine is actually one of the most expensive things to train, requiring lots of tools, infrastructure (literally entire hospital complexes), ...)
fencepost 8y ago
His first year loans were only ~$43k, but then the interest rate spiked and tuition also got hiked. He might be able to make more of a dent in the balance, but it's high enough that the only way payments are affordable is using the 10% of income rule, which results in a number to small to even keep up with the interest. At this point student loan debt is like a treatable but incurable disease - you take the meds / make the payments hoping you last long enough for a cure to be found / legislated.

by pitaa 8y ago

dnsco 8y ago

This article focuses on a man who took out ~600k in loans to become an orthodontist. That interest has since compounded to 1mm. I would imagine he took the loans out because becoming an orthodontist was his highest-paying career option. Had he known that the variable-rate loans would be impossible for him to pay off he probably would not have taken them out. We should not be putting aspiring medical professionals in this position.

yellow_postit 8y ago
While we are at it let’s stop artificially limiting the number of medical professionals.
- candiodari 8y ago
  So the state will be increasing the budgets for university medical departments, then ? In contradiction to what has been done for decades now ? So, what I mean to say is that we will be increasing taxes some amount (not much, but let's say 0.5%) to allow for this and other subjects to train more people ? (medicine is actually one of the most expensive things to train, requiring lots of tools, infrastructure (literally entire hospital complexes), ...)

fencepost 8y ago

His first year loans were only ~$43k, but then the interest rate spiked and tuition also got hiked. He might be able to make more of a dent in the balance, but it's high enough that the only way payments are affordable is using the 10% of income rule, which results in a number to small to even keep up with the interest. At this point student loan debt is like a treatable but incurable disease - you take the meds / make the payments hoping you last long enough for a cure to be found / legislated.