Celebrating 10 years! 2007-2017

1m in student loans

This will make y'all blush http://www.businessinsider.com triplesix05/12/17
It sounds rather liberating in comparison, as opposed to hav 3lol05/12/17
Tax payer is subsidizing that sorry excuse of a doctor or de triplesix05/12/17
It stops being your problem at 1 million; now it's the lende therewillbeblood05/12/17
A very wise teacher one told the class: "worry about debts y ternarydaemon05/12/17
That is a nice phrase. Doesn't help a lot if your bank accou vohod05/12/17
Eh, my loans are a fraction of that $1m but practically, the loblawyer05/13/17
The parallels to the current lending system and indentured s jd4hire05/15/17
Subhuman? isthisit05/12/17
hahaha inho2solo05/12/17
Crazy that people rack up that much debt when they could lea sillydood05/12/17
"ah dollah fitty in late fees from the local lahbrary" ( inho2solo05/12/17
I'm going to guess this is still pretty uncommon. But what shuntiii05/14/17
My wife and I, both attorneys, have half a million in loans shikes05/14/17
Same. Wife and I have a little over 400k collectively in stu lolwutjobs05/14/17
I'm in a similar boat and share your outlook, just numbers i loblawyer05/15/17
This is my wife and I. Right at 400k in debt and bring in 1 jd4hire05/15/17
I would only pay down any portion of the loan if I determine shikes05/16/17
Wow, BI actually has non-politics articles again. massivemissive05/14/17
Wife has no loans. I have no private loans. IBR. I feel free redemptionsong05/15/17
eh. Even factoring in 15% IBR, it's still a lower tax rate dingbat05/15/17
No universal health tho triplesix05/15/17
no price controls either dingbat05/16/17

triplesix (May 12, 2017 - 1:29 pm)

This will make y'all blush

http://www.businessinsider.com/how-you-get-to-1-million-in-student-debt-2017-5

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3lol (May 12, 2017 - 2:49 pm)

It sounds rather liberating in comparison, as opposed to having 100-150k which is burdensome as hell but can still be paid off. I would know damn well I would never be paying back a million dollars.

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triplesix (May 12, 2017 - 2:58 pm)

Tax payer is subsidizing that sorry excuse of a doctor or dentist, sad but I bet we will see whole a lot of those types coming out over the next few years

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therewillbeblood (May 12, 2017 - 9:28 pm)

It stops being your problem at 1 million; now it's the lender's.

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ternarydaemon (May 12, 2017 - 3:06 pm)

A very wise teacher one told the class: "worry about debts you are able to pay, not about the ones you are unable to".

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vohod (May 12, 2017 - 3:58 pm)

That is a nice phrase. Doesn't help a lot if your bank account is emptied before your mortgage payment clears, or you find your paycheck 15% or more smaller.

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loblawyer (May 13, 2017 - 2:04 pm)

Eh, my loans are a fraction of that $1m but practically, the repayment situation is largely the same. It mathematically makes no sense for me to pay a dime more than I have to under IBR because of the wall of uncapitalized interest standing between me and the principal. It is just a 15% tax on my discretionary income until forgiveness/tax bomb.

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jd4hire (May 15, 2017 - 10:45 am)

The parallels to the current lending system and indentured servitude are striking. I get we don't live in shanties, but at least their terms were 7 years.

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isthisit (May 12, 2017 - 3:09 pm)

Subhuman?

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inho2solo (May 12, 2017 - 4:43 pm)

hahaha

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sillydood (May 12, 2017 - 6:35 pm)

Crazy that people rack up that much debt when they could learn this stuff with some free information online and a couple years apprenticeship under experienced practitioner.

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inho2solo (May 12, 2017 - 8:12 pm)

"ah dollah fitty in late fees from the local lahbrary"

( - William Hunting)

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shuntiii (May 14, 2017 - 2:37 pm)

I'm going to guess this is still pretty uncommon. But what about a doctor having say about $150-$200k after residency and starting practice? I know two doctor couples around my age. Meaning they are married and both are doctors. I'm guessing each of these couples may be carrying 300-500k of debt between them? This seems like an amount where you have to pay it back, but wouldn't necessarily be easy even with 2 doctor salaries.

Both of these couples seem pretty comfortable but they aren't exactly living it up financially either. So they are either all frugal by nature or the loans are weighing them down.

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shikes (May 14, 2017 - 4:27 pm)

My wife and I, both attorneys, have half a million in loans between us.We have about 120k in private loans from undergrad which I always worry about (12 year repayments, we are 6 years in). We also have ~380k in federal loans which I couldn't care less about. We are on IBR/PAYE, our payments don't even cover interest, we mathematically won't ever pay them off, I re-certify for IBR every year and forget about them. Just not worth the worry.

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lolwutjobs (May 14, 2017 - 5:34 pm)

Same. Wife and I have a little over 400k collectively in student loans and make a little over 200k a year collectively. Will never pay the loans off. Not even paying off interest at this point.

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loblawyer (May 15, 2017 - 7:12 am)

I'm in a similar boat and share your outlook, just numbers in a database. Curious to get your take though, you must have a lot of uncapitalized interest like me. Let's say you came into some money and could theoretically pay it down in an attempt to get at the principal - would you?

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jd4hire (May 15, 2017 - 10:48 am)

This is my wife and I. Right at 400k in debt and bring in 160k per year. She just got a new gig for PILF. I'm hoping I hit the lottery at some point.

My brother and sister-in-law are both physicians who work for a public hospital. Notwithstanding that they pull down about 400k, they'll get their loans forgiven (blood boil). Even so, they live paycheck to paycheck, but they spend money a lot differently than my wife and I. Economies of scale, I suppose.

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shikes (May 16, 2017 - 8:15 pm)

I would only pay down any portion of the loan if I determined that it opened me up to a light at the end of the tunnel. Otherwise, whats the point? So I have 500k in loans, if I came into 100k in cash, why in the world would I pay my loans down? Its all monopoly money at that juncture. Is 400k really better than 500k? I think if I ever came into enough money that would make it virtually certain that I, after dumping that cash in, can pay everything else off in under 10 years I would do it provided I wasn't approaching my forgiveness deadline.

Frankly this is all going to get really interesting when we have a final answer on whether forgiveness works or not. And whether tax bomb applies, etc.

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massivemissive (May 14, 2017 - 4:30 pm)

Wow, BI actually has non-politics articles again.

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redemptionsong (May 15, 2017 - 12:05 pm)

Wife has no loans. I have no private loans. IBR. I feel free.

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dingbat (May 15, 2017 - 12:19 pm)

eh. Even factoring in 15% IBR, it's still a lower tax rate than western europe

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triplesix (May 15, 2017 - 12:27 pm)

No universal health tho

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dingbat (May 16, 2017 - 8:01 am)

no price controls either

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