Originally Posted By: Astro14
$500K is an insane amount to borrow, regardless of earning potential. Doctors don't start making real money until they're finished with residency. They won't be able to even make the payments on the loans they get done with residency.
The high-dollar specialties have residencies of several years. So, finish medical school at 25, residency at 32, and the interest will have been accruing at 6+% for a decade! Close to a million in debt?
Lunacy.
Worse is the example pandus13 gave: that's $500,000 in debt, but with NO JOB.
A default/bankruptcy in the making.
Astro14 and Mr. NICE,
well, while it put some strain on the family (1 run-away from home, 2 coleges (MD + Psych) and advanced degrees=about 15+ years of school+residencies) there is some 1/2 year of arctic sunshine at the end of the rainbow:
-with so much school, she is an AK resident now (=government Petrol yearly dividends)
-there is some Psych/depression therapy to be done by a lot of people in AK = i think she will have constant work for the rest of her life....
But i think i talk too much when the shorter topic would have been:
- make sure you educate your kid about life and utility + cost and they enter college with a purpose and as an adult, not children partying.... time just shuts up and passes.... = then you can thrust them with your hard earned money!
$500K is an insane amount to borrow, regardless of earning potential. Doctors don't start making real money until they're finished with residency. They won't be able to even make the payments on the loans they get done with residency.
The high-dollar specialties have residencies of several years. So, finish medical school at 25, residency at 32, and the interest will have been accruing at 6+% for a decade! Close to a million in debt?
Lunacy.
Worse is the example pandus13 gave: that's $500,000 in debt, but with NO JOB.
A default/bankruptcy in the making.
Astro14 and Mr. NICE,
well, while it put some strain on the family (1 run-away from home, 2 coleges (MD + Psych) and advanced degrees=about 15+ years of school+residencies) there is some 1/2 year of arctic sunshine at the end of the rainbow:
-with so much school, she is an AK resident now (=government Petrol yearly dividends)
-there is some Psych/depression therapy to be done by a lot of people in AK = i think she will have constant work for the rest of her life....
But i think i talk too much when the shorter topic would have been:
- make sure you educate your kid about life and utility + cost and they enter college with a purpose and as an adult, not children partying.... time just shuts up and passes.... = then you can thrust them with your hard earned money!