after I graduate. I will be in debt a little less than 400k.
Over a 20 year course. I will have to pay back 3500$ monthly.
If I work in a a low income area for 10 years (making payments on time) the rest of my loans will be waived off. The interest rate is based upon my income, which I presume will be less than working elsewhere in a nicer area.
I Really hate having the thought of having 375k in loans upon my shoulder. I wish I could have an investor (or bank) invest in me so my interest rates are not 6%-7%.
Anyone have knowledge of paying off school loans, or what the best option is in doing so?
To remove first post, remove entire topic.
So. I am in dental school currently
after I graduate. I will be in debt a little less than 400k.
Over a 20 year course. I will have to pay back 3500$ monthly.
If I work in a a low income area for 10 years (making payments on time) the rest of my loans will be waived off. The interest rate is based upon my income, which I presume will be less than working elsewhere in a nicer area.
I Really hate having the thought of having 375k in loans upon my shoulder. I wish I could have an investor (or bank) invest in me so my interest rates are not 6%-7%.
Anyone have knowledge of paying off school loans, or what the best option is in doing so?
my brother took out over 85k when he was in undergrad. this was back when BOA and other banks were giving out loans to any kid who needed a student loan.
he took 3 classes a quarter and on the side used the money for a business. the business took off and he ended up starting another business.
if BOA or other banks are still giving out candy. i would take it and make a business while in school. find a niche market.
tesla was 30$ now its 225$. you could always parlay money into slush funds like mitt romney.
bitcoin was once 20$ now its over 600!!! or so i recall.
my brother took out over 85k when he was in undergrad. this was back when BOA and other banks were giving out loans to any kid who needed a student loan.
he took 3 classes a quarter and on the side used the money for a business. the business took off and he ended up starting another business.
if BOA or other banks are still giving out candy. i would take it and make a business while in school. find a niche market.
tesla was 30$ now its 225$. you could always parlay money into slush funds like mitt romney.
bitcoin was once 20$ now its over 600!!! or so i recall.
J-Bait- I always know that the Devil is in the Detail.
If you work in a $ ghetto for 10y paying 3.5k a month that is 42k a year X 10y =$ 420,000. They let you off paying 45k in interest over 10y @ about 12%.
If you aren't slumming,are you saying that you would have to pay for 20y which would be $840,000 on the original $375,000 with a rate of approx 125% with an interest of $465,000??
Not to be a downer but aren't dentists like lawyers and pharmacists in that they are plentiful?
J-Bait- I always know that the Devil is in the Detail.
If you work in a $ ghetto for 10y paying 3.5k a month that is 42k a year X 10y =$ 420,000. They let you off paying 45k in interest over 10y @ about 12%.
If you aren't slumming,are you saying that you would have to pay for 20y which would be $840,000 on the original $375,000 with a rate of approx 125% with an interest of $465,000??
Not to be a downer but aren't dentists like lawyers and pharmacists in that they are plentiful?
When Jim Cramer first started investing, he was determined to do
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research. "Where was I going to get that edge? I figured why not read
all of the periodicals that covered stocks," the "Mad Money" host said.
When Cramer graduated college, he worked as a reporter covering sports
and government in Tallahassee, Florida, where he made $153 a week. While
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losing money on a few investments, Cramer decided to go to the library
and research companies. Eventually, he found a company called Natomas,
...
When Jim Cramer first started investing, he was determined to do
it the right way — by researching stocks and getting an edge on that
research. "Where was I going to get that edge? I figured why not read
all of the periodicals that covered stocks," the "Mad Money" host said.
When Cramer graduated college, he worked as a reporter covering sports
and government in Tallahassee, Florida, where he made $153 a week. While
he did not have a lot of money to spare, he did find a way to save in
his IRA and began to buy individual stocks for a personal account. After
losing money on a few investments, Cramer decided to go to the library
and research companies. Eventually, he found a company called Natomas,
...
What is the actual interest rate? Often times it's better to just pay the minimum if the interest rate is low and live with it when it comes to student loans. But 6-7% sounds steep.
I actually had something similar in that my student loans were waived by working 2 years for every year I went to school. And it was no brainer and but I only had to work 4 years and no restrictions other than it be in my field.
I honestly think that unless you can see yourself busting your hump to pay off the whole loan in 10 years, I say you take the low income area job.
In my practice I used to have multiple locations. I had one in a low income area where I offered a limited amount of sliding scale and excepted a limit number of Medicaid patients and then had another office in a better of town with no sliding scale. I can tell you the the low income office is what started the foundation of my business and eventually I could transition once the other office became viable.
Perhaps If you did one day a week at s low income or public health dental clinic for 10 years it might result in you meeting your obligations
What is the actual interest rate? Often times it's better to just pay the minimum if the interest rate is low and live with it when it comes to student loans. But 6-7% sounds steep.
I actually had something similar in that my student loans were waived by working 2 years for every year I went to school. And it was no brainer and but I only had to work 4 years and no restrictions other than it be in my field.
I honestly think that unless you can see yourself busting your hump to pay off the whole loan in 10 years, I say you take the low income area job.
In my practice I used to have multiple locations. I had one in a low income area where I offered a limited amount of sliding scale and excepted a limit number of Medicaid patients and then had another office in a better of town with no sliding scale. I can tell you the the low income office is what started the foundation of my business and eventually I could transition once the other office became viable.
Perhaps If you did one day a week at s low income or public health dental clinic for 10 years it might result in you meeting your obligations
Slob. Its not only for medical field, I believe they started this type of repayment option a few years ago. even my friend who is an accountant now also had this option.
666Les While there are a lot of Dentists, many are retiring as well. It all depends on who you know to land a good job. I should be able to make 110-120k after I graduate, (as long as the dental field is staying how it is). And yes that is correct. I believe the interest rate is 6%. Its amazing how much money the government is making from giving students school loans. Out of 400 dental students at my school, only 20 of them are self paid (prob rich parents, and their parents are usually dentists as well lol)
Dl36 Yeah eventually I would like to open up my own practice. One of the faculty at my school who is a dentist was saying how opening a practice in an underserved area is what brings in business. So as you did, I would like to open up a practice after I acquire a good amount of patients. Good thing is at least dentists don't have to do residency after graduating for most states.
The balldontlie- thank you. I didn't think I would make it in, but luckily I did.
Slob. Its not only for medical field, I believe they started this type of repayment option a few years ago. even my friend who is an accountant now also had this option.
666Les While there are a lot of Dentists, many are retiring as well. It all depends on who you know to land a good job. I should be able to make 110-120k after I graduate, (as long as the dental field is staying how it is). And yes that is correct. I believe the interest rate is 6%. Its amazing how much money the government is making from giving students school loans. Out of 400 dental students at my school, only 20 of them are self paid (prob rich parents, and their parents are usually dentists as well lol)
Dl36 Yeah eventually I would like to open up my own practice. One of the faculty at my school who is a dentist was saying how opening a practice in an underserved area is what brings in business. So as you did, I would like to open up a practice after I acquire a good amount of patients. Good thing is at least dentists don't have to do residency after graduating for most states.
The balldontlie- thank you. I didn't think I would make it in, but luckily I did.
Residency is such a scam IMHO. It's basically time that you are underpaid working for someone else because it looks good on a resume. I honestly believe if I had to pick between someone that worked a real job and stood on their own two feet after school or a person that just fonished their residency, I would pick the person who spent their time getting real life experience. Just my opinion
Residency is such a scam IMHO. It's basically time that you are underpaid working for someone else because it looks good on a resume. I honestly believe if I had to pick between someone that worked a real job and stood on their own two feet after school or a person that just fonished their residency, I would pick the person who spent their time getting real life experience. Just my opinion
Slob. Its not only for medical field, I believe they started this type of repayment option a few years ago. even my friend who is an accountant now also had this option.
666Les While there are a lot of Dentists, many are retiring as well. It all depends on who you know to land a good job. I should be able to make 110-120k after I graduate, (as long as the dental field is staying how it is). And yes that is correct. I believe the interest rate is 6%. Its amazing how much money the government is making from giving students school loans. Out of 400 dental students at my school, only 20 of them are self paid (prob rich parents, and their parents are usually dentists as well lol)
It's too bad economics wasn't a prerequisite for folks going to college. It's the TAXPAYERS that will be paying for all the defaulting loans on all your inadequate colleagues. You may have the ability to repay, but do you think everyone graduating from ITT has a $100k job ?
Oh, BTW, they just filed for bankruptcy, so yeah, American taxpayer will be paying for many of those loans made to students of ITT...
So, no, let's recap, the government will not come out ahead of these loans offered to folks majoring in underwater basket weaving.
Quote Originally Posted by Jailbait7127:
Slob. Its not only for medical field, I believe they started this type of repayment option a few years ago. even my friend who is an accountant now also had this option.
666Les While there are a lot of Dentists, many are retiring as well. It all depends on who you know to land a good job. I should be able to make 110-120k after I graduate, (as long as the dental field is staying how it is). And yes that is correct. I believe the interest rate is 6%. Its amazing how much money the government is making from giving students school loans. Out of 400 dental students at my school, only 20 of them are self paid (prob rich parents, and their parents are usually dentists as well lol)
It's too bad economics wasn't a prerequisite for folks going to college. It's the TAXPAYERS that will be paying for all the defaulting loans on all your inadequate colleagues. You may have the ability to repay, but do you think everyone graduating from ITT has a $100k job ?
Oh, BTW, they just filed for bankruptcy, so yeah, American taxpayer will be paying for many of those loans made to students of ITT...
So, no, let's recap, the government will not come out ahead of these loans offered to folks majoring in underwater basket weaving.
It really is basic. You borrowed money. It is a contractual obligation. Pay it back. You owe it. Do you want to get out of home mortgage payments as well ? Your car loan ? Try that stuff with your bookmaker; see how that works out.
It really is basic. You borrowed money. It is a contractual obligation. Pay it back. You owe it. Do you want to get out of home mortgage payments as well ? Your car loan ? Try that stuff with your bookmaker; see how that works out.
after I graduate. I will be in debt a little less than 400k.
Over a 20 year course. I will have to pay back 3500$ monthly.
If I work in a a low income area for 10 years (making payments on time) the rest of my loans will be waived off. The interest rate is based upon my income, which I presume will be less than working elsewhere in a nicer area.
I Really hate having the thought of having 375k in loans upon my shoulder. I wish I could have an investor (or bank) invest in me so my interest rates are not 6%-7%.
Anyone have knowledge of paying off school loans, or what the best option is in doing so?
Don't do it, you will make way more money in the long run steering clear of these deals. they just taking advantage of debt anxiety. Those loans seems super steep obviously, but you are gonna be in position to make serious bank when you are done. Graduate near the top of your class and you'll have a lot of freedom to choose where you want to work.
He's what to look for upon completion of dental school : an existing practice operated by someone nearing retirement and looking to sell. Then buy it. you already got the school debt, but your earning power is huge now. You'll be able to get the loan. You'll make substantially more, and pay your debt off much sooner. My wife is 33 and has been practicing for 6 years. This is the route she took. And has worked well. She isn't debt free yet but in a few years she will be
Good Luck
Quote Originally Posted by Jailbait7127:
So. I am in dental school currently
after I graduate. I will be in debt a little less than 400k.
Over a 20 year course. I will have to pay back 3500$ monthly.
If I work in a a low income area for 10 years (making payments on time) the rest of my loans will be waived off. The interest rate is based upon my income, which I presume will be less than working elsewhere in a nicer area.
I Really hate having the thought of having 375k in loans upon my shoulder. I wish I could have an investor (or bank) invest in me so my interest rates are not 6%-7%.
Anyone have knowledge of paying off school loans, or what the best option is in doing so?
Don't do it, you will make way more money in the long run steering clear of these deals. they just taking advantage of debt anxiety. Those loans seems super steep obviously, but you are gonna be in position to make serious bank when you are done. Graduate near the top of your class and you'll have a lot of freedom to choose where you want to work.
He's what to look for upon completion of dental school : an existing practice operated by someone nearing retirement and looking to sell. Then buy it. you already got the school debt, but your earning power is huge now. You'll be able to get the loan. You'll make substantially more, and pay your debt off much sooner. My wife is 33 and has been practicing for 6 years. This is the route she took. And has worked well. She isn't debt free yet but in a few years she will be
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