Student loan debt

[TrekkieByDay]

Maryland has a program for Dr's, Nurses, NP's, & PA's that will repay your student loans for every year that you work (while getting paid)  in an "under-served" area. :) This includes downtown Baltimore & rural redneck southern Maryland. 

If you need PCE's, the state will fund any certification that can be received in 12 mos or less, and costs less than $3000. JUST SAYIN....! 

[Sarahava]

On 3/2/2018 at 7:57 PM, ak004 said:

I will be in quite the debt hole once I graduate in July 2019. Somewhere around $300K in student loan debt from undergrad combined with PA school. I had no help from parents, scholarships or grants to pay for school, so I had to pay with it all through loans.

Same here... All total, I owe $360k right now. This includes undergrad, PA school (private school, ugh), and I'm currently adding to it by working on my DHSc. We life in SF with a famously high COL but will be moving back home this summer to significantly cut costs while my wife goes to nursing school. After that, we're going to low-lay in rural, ow COL areas for awhile.  Someplace where her salary could pay our bills while mine goes strictly to my student loan. An ideal scenario would also involve getting an NHSC gig or finding a hospital / clinic that offers their own form of loan repayment program.

I basically just keep hoping that somewhere along the line, our gov't will see the major issue with the student loan debt in this country and will do something about it (cap interest rates, offer better options for loan forgiveness, allow it to be discharged, anything... really, anything...)

[camoman1234]

22 hours ago, Sarahava said:

Same here... All total, I owe $360k right now. This includes undergrad, PA school (private school, ugh), and I'm currently adding to it by working on my DHSc. We life in SF with a famously high COL but will be moving back home this summer to significantly cut costs while my wife goes to nursing school. After that, we're going to low-lay in rural, ow COL areas for awhile.  Someplace where her salary could pay our bills while mine goes strictly to my student loan. An ideal scenario would also involve getting an NHSC gig or finding a hospital / clinic that offers their own form of loan repayment program.

I basically just keep hoping that somewhere along the line, our gov't will see the major issue with the student loan debt in this country and will do something about it (cap interest rates, offer better options for loan forgiveness, allow it to be discharged, anything... really, anything...)

Wow! You are right that your salary will be going to your loans. Without adding in ANY interest (+ accrued over the loans you have not even started paying) your are looking at well over $3,000K/month (JUST FOR YOUR LOANS!). My wife (FNP) and I pay $2,500K/month (both our student loans together), live in a very low COL, we both get paid above the 50th percentile, live in a very cheap home, have no other debts (except mortgage) and we STRUGGLE monthly with bills. It is a LIFE SUCKER and we have been living it for 4 years now. I have applying for NHSC (HPSA 18) and hopeful I will get it, but not a guarantee. You do not want to live your life off a RNs salary for 10 + years and you working 50-60 hrs/week just to pay the bills. May I ask why you are getting more debt for DHSc? Is this going to make you more money so you can put toward your loans?  I am sorry to say, but I do not even see how you are going to live with paying these loans back. Trust me you do not want to live 10+ years dirt poor, not vacation, crappy cars, crappy food, etc.... It sounds great on paper, but I can tell you that living it for 4 years now and it BLOWS! Good luck!

[Boatswain2PA]

On 3/18/2018 at 11:39 AM, Sarahava said:

I basically just keep hoping that somewhere along the line, our gov't will see the major issue with the student loan debt in this country and will do something about it (cap interest rates, offer better options for loan forgiveness, allow it to be discharged, anything... really, anything...)

Why is it the government's job to save you from decisions YOU made?  YOU got yourself $360K in debt working toward a career that averages $110K a year.  YOU are taking on additional debt for a degree (DHSc) that is unlikely to make you more than that (although it may help you get into an executive position, but that is the risk YOU are taking and that risk should not be transferred to me).

Why should I have to pay for YOUR decision to go to a private PA school, meanwhile living in one of the highest COL living areas in the world, through loan forgiveness/discharge/etc?

Worse yet, if we continue to grow the loan forgiveness/discharge programs, it adds to the perverse incentives for people to continue racking up quarter, third, or half-MILLION dollar debts for their education.  

Want to fix our "student loan crisis"?  Here's how you do it:  Remove the government backing from them, and make them eligible for bankruptcy protection.  Suddenly banks will look at people like you and say "no way I'm loaning you $360K for you to get a $110K/year job", then you will be forced to either choose a less expensive path to PA, or choose another profession. This will lead to less people choosing those $150K programs, thus driving the cost of PA education (and education in general) down.

Sorry if this comes out as gruff, certainly not trying to attack you personally....but just got my taxes from accountant and found out I'm gonna have to pay $70K in fed/state taxes for 2017.

 

[camoman1234]

32 minutes ago, Boatswain2PA said:

Why is it the government's job to save you from decisions YOU made?  YOU got yourself $360K in debt working toward a career that averages $110K a year.  YOU are taking on additional debt for a degree (DHSc) that is unlikely to make you more than that (although it may help you get into an executive position, but that is the risk YOU are taking and that risk should not be transferred to me).

Why should I have to pay for YOUR decision to go to a private PA school, meanwhile living in one of the highest COL living areas in the world, through loan forgiveness/discharge/etc?

Worse yet, if we continue to grow the loan forgiveness/discharge programs, it adds to the perverse incentives for people to continue racking up quarter, third, or half-MILLION dollar debts for their education.  

Want to fix our "student loan crisis"?  Here's how you do it:  Remove the government backing from them, and make them eligible for bankruptcy protection.  Suddenly banks will look at people like you and say "no way I'm loaning you $360K for you to get a $110K/year job, then you will be forced to either choose a less expensive path to PA, or choose another profession. This will lead to less people choosing those $150K programs, thus driving the cost of PA education (and education in general) down.

Sorry if this comes out as gruff, certainly not trying to attack you personally....but just got my taxes from accountant and found out I'm gonna have to pay $70K in fed/state taxes for 2017.

 

Never heard of this school (just googled most expensive PA programs) and saw this!

GRAND TOTAL FOR THE 5 YEAR PHYSICIAN ASSISTANT STUDIES PROGRAM (4 Years Undergraduate Coursework and 4 Semesters of Professional (Graduate) Coursework = $238,320

http://www.duq.edu/academics/schools/health-sciences/academic-programs/physician-assistant-studies/tuition-for-pa

Who in their right mind would go to this school. How could you ever pay this back?

Here are some more schools that are crazy expensive: https://www.thepalife.com/pa-school-tuition-2017/  

[Sarahava]

On 3/19/2018 at 9:51 AM, Boatswain2PA said:

Why is it the government's job to save you from decisions YOU made?  YOU got yourself $360K in debt working toward a career that averages $110K a year.  YOU are taking on additional debt for a degree (DHSc) that is unlikely to make you more than that (although it may help you get into an executive position, but that is the risk YOU are taking and that risk should not be transferred to me).



 

OK, let me be really clear: I do not expect, did not say, and did not imply that I thought you (personally, or the collective "you" via the government) should pay for the debt I have accrued due to the decisions I've made. You used one paragraph and kinda' ran with it.

If you'd like to discuss things further, let's do it. I have a lot of thoughts on the subject, such as the cost to become a teacher compared to the actual pay. The cost to become a PCP compared to the actual pay. The cost to do any sort of public service work compared to the actual pay. I do not expect anyone to pay my student loans, but it sure would be nice if:

1: The interest rates on student loans weren't so high (currently >6%, which is more than 6 times the interest rate on my old auto-loan.) Or perhaps they should not accrue interest while people are in school (FYI: a vast majority of my actual loan - as well as many people's loans - is the result of interest that became principle and is now being used to calculate more interest.) Currently, only subsidized loans are interest-free while students are enrolled. What's wrong with making all student-loans interest-free for the duration of your undergraduate education, accruing interest only after you graduate (and presumably become employed)? Is that a terrible idea that you would equate with the government "saving" people from the decisions they've made?  Or is that simply investing in our youth and the future of this country, given them a bit of a start to help out?

2: Why not offer some sort of forgiveness in exchange for volunteerism? It doesn't even have to be a lot of student-loan forgiveness, but dear-god, there are enough people in this country who need healthcare. Expand the NHSC so more sites are eligible, or offer a small break for people who volunteer at free-clinics, etc. Would that be so bad? Would a few thousand dollars a year destroy our entire economy? Would you view that as the government bailing us out?

3: Make student-loan education and entrance counseling more detailed, comprehensive, or not just some stupid online questionnaire that you fill out (entrance counseling was not even done when I first entered undergrad, btw.) Require an actual seminar before agreeing to the loan, or require a meeting with a financial counselor (not a financial aid administrator but and actual financial counselor.) Many students truly don't know what they're getting into. It's a confusing mess, particularly for those of us who are first-generation college students, working full-time, and trying to pay our own way but need the student loan for tuition because we'd like to get an education.

THESE are some of the things I'd like to see happen. Please do not assume that when I say I'd like to see more options for people with student loans (particularly who work in things such as healthcare, education, public service, etc), it means I expect YOU (via taxes) to pay for it. 

I know what decisions I've made. I may not like the size of my debt and I'd make some changes, yes, but to assume I expected a free-ride was a pretty big leap. 

[Sarahava]

On 3/19/2018 at 8:44 AM, camoman1234 said:

Wow! You are right that your salary will be going to your loans. Without adding in ANY interest (+ accrued over the loans you have not even started paying) your are looking at well over $3,000K/month (JUST FOR YOUR LOANS!). My wife (FNP) and I pay $2,500K/month (both our student loans together), live in a very low COL, we both get paid above the 50th percentile, live in a very cheap home, have no other debts (except mortgage) and we STRUGGLE monthly with bills. It is a LIFE SUCKER and we have been living it for 4 years now. I have applying for NHSC (HPSA 18) and hopeful I will get it, but not a guarantee. You do not want to live your life off a RNs salary for 10 + years and you working 50-60 hrs/week just to pay the bills. May I ask why you are getting more debt for DHSc? Is this going to make you more money so you can put toward your loans?  I am sorry to say, but I do not even see how you are going to live with paying these loans back. Trust me you do not want to live 10+ years dirt poor, not vacation, crappy cars, crappy food, etc.... It sounds great on paper, but I can tell you that living it for 4 years now and it BLOWS! Good luck!

Thanks for your insight and perspective!  It's really insane. The cost of college has risen far more dramatically than the actual cost of living and the commensurate wage increases. It's really sad. 

Good luck getting the NHSC grant!!  That would be so great. I have a friend who did that and it helped a LOT. There are a lot of rural hospitals that offer their own repayment programs, too (usually much smaller than the NHSC, but it's still something!)

[Boatswain2PA]

9 hours ago, Sarahava said:

OK, let me be really clear: I do not expect, did not say, and did not imply that I thought you (personally, or the collective "you" via the government) should pay for the debt I have accrued due to the decisions I've made. You used one paragraph and kinda' ran with it.

No, you didn't.  Perhaps I shouldn't have referred to paying YOUR (as in your personal) loans, or poor decisions.  I was using the collective YOUR (as in everyone who has gone into MASSIVE student loan debt for degrees that do not financially support such debt).   

 

9 hours ago, Sarahava said:

such as the cost to become a teacher compared to the actual pay. The cost to become a PCP compared to the actual pay. The cost to do any sort of public service work compared to the actual pay.

Student teachers know what the pay is going to be.  If they are not smart enough to figure that out before enrolling in their teaching program, then they really shouldn't be teachers.  Agree with primary care pay being way too low....but that's just the way it is with current payment schemes.

 

9 hours ago, Sarahava said:

1: The interest rates on student loans weren't so high (currently >6%, which is more than 6 times the interest rate on my old auto-loan.) Or perhaps they should not accrue interest while people are in school (FYI: a vast majority of my actual loan - as well as many people's loans - is the result of interest that became principle and is now being used to calculate more interest.) Currently, only subsidized loans are interest-free while students are enrolled. What's wrong with making all student-loans interest-free for the duration of your undergraduate education, accruing interest only after you graduate (and presumably become employed)? Is that a terrible idea that you would equate with the government "saving" people from the decisions they've made?  Or is that simply investing in our youth and the future of this country, given them a bit of a start to help out?

Anything that makes student loans easier or cheaper for the student will have the perverse incentive of INCREASING the amount of debt they take on, thus worsening our "student loan crisis."  Lowering student loan interest, deferring interest, etc...these will result in more people taking out $300K in student loans for $80K/year jobs.  Not a good idea.  Worse yet, this would also allow Universities to jack up their rates even more because suddenly students could afford more loans.

These ideas sound easy to the person struggling under the crushing burden of student loans, but easy fixes are rarely actual fixes.

REALLY fixing the student loan crisis will be much more painful, but it's do-able.  Simply remove the bankruptcy protections from student loans.  Suddenly banks won't lend someone $300K to get a PhD in Saxophone Studies because they KNOW they won't get their money back.  Prospective PA students would get a letter from a bank saying they are pre-approved for $XX,000 in student loans, and that's it.  No more paying for Yale's $150K PA program with student loans, instead Backwater University's $30K PA program suddenly looks reallllly good!  

Better yet, removing the bankruptcy protections from student loans would actually HELP the truly needy in our society who have student loan debt but then have an unintended life event and cannot pay back their loans.

 

9 hours ago, Sarahava said:

2: Why not offer some sort of forgiveness in exchange for volunteerism? It doesn't even have to be a lot of student-loan forgiveness, but dear-god, there are enough people in this country who need healthcare. Expand the NHSC so more sites are eligible, or offer a small break for people who volunteer at free-clinics, etc. Would that be so bad? Would a few thousand dollars a year destroy our entire economy? Would you view that as the government bailing us out?

I disagree with forgiveness in exchange for volunteerism, because then that's not volunteerism.  

I'm ok with expanding the NHSC and other programs to get providers, teachers, etc into areas where there are not enough of them.  Same thing with military service, etc.

 

9 hours ago, Sarahava said:

3: Make student-loan education and entrance counseling more detailed, comprehensive, or not just some stupid online questionnaire that you fill out (entrance counseling was not even done when I first entered undergrad, btw.) Require an actual seminar before agreeing to the loan, or require a meeting with a financial counselor (not a financial aid administrator but and actual financial counselor.) Many students truly don't know what they're getting into. It's a confusing mess, particularly for those of us who are first-generation college students, working full-time, and trying to pay our own way but need the student loan for tuition because we'd like to get an education.

Sure, make the counseling more detailed (so nobody will read it), more comprehensive (so REALLY nobody will read it).  Who would teach the seminar?  Someone from the bank or university...the two institutions that are making so much money off of YOU!

Agreed most students don't know what they are getting into, because our culture treats debt like it's a good thing. But on the other hand, if you're not smart enough to realize that taking out $300K in debt to get an $80K/year job is a terrible idea, you probably should be going back to high school.

Removing the bankruptcy protections from student loans will force BOTH parties (student and bank) to make the risk-benefit decision of the transaction.  If that poor student who "doesn't know what they are getting into" wants to take out a huge student loan debt for a degree field that doesn't support it, the bank would likely deny it, thus "saving" the student from themselves.

Or, for those first-generation college students, working full-time, and trying to pay their own way but need a student loan for tuition because they'd like to get an education, the bank could pre-qualify you (like with a mortgage) for $40K in student loans...and you then shop around for the college you could afford.

[camoman1234]

12 hours ago, Sarahava said:

Thanks for your insight and perspective!  It's really insane. The cost of college has risen far more dramatically than the actual cost of living and the commensurate wage increases. It's really sad. 

Good luck getting the NHSC grant!!  That would be so great. I have a friend who did that and it helped a LOT. There are a lot of rural hospitals that offer their own repayment programs, too (usually much smaller than the NHSC, but it's still something!)

Those hospitals do give loan repayment and it is a lot lower, but they don't tell you that money is taxed so you will loose a lot of that money, so again it sounds good on paper, but in the real work it is not what it truly seems. You need to be doing more research and not go off what "people say" as it seems to not be working for you. I just graduated a few years ago so the cost of college has not changed, but you just picked a very $$$$ program which I tell all my pre-PA students to avoid those at all cost. When you are in my shoes the cost of college WILL matter. I feel so bad for you and wish I could help you more, but I know what is coming ahead for your lifestyle and it does not seem very good for a long time. I would try NHSC as well and see what you can do. All the advise I can give you at this point is to be more pro-active in understand how to save money, getting loan repayment and if a hospital tells you they will give you loan repayment it WILL be taxed. 

[camoman1234]

3 hours ago, Boatswain2PA said:

No, you didn't.  Perhaps I shouldn't have referred to paying YOUR (as in your personal) loans, or poor decisions.  I was using the collective YOUR (as in everyone who has gone into MASSIVE student loan debt for degrees that do not financially support such debt).   

 

Student teachers know what the pay is going to be.  If they are not smart enough to figure that out before enrolling in their teaching program, then they really shouldn't be teachers.  Agree with primary care pay being way too low....but that's just the way it is with current payment schemes.

 

Anything that makes student loans easier or cheaper for the student will have the perverse incentive of INCREASING the amount of debt they take on, thus worsening our "student loan crisis."  Lowering student loan interest, deferring interest, etc...these will result in more people taking out $300K in student loans for $80K/year jobs.  Not a good idea.  Worse yet, this would also allow Universities to jack up their rates even more because suddenly students could afford more loans.

These ideas sound easy to the person struggling under the crushing burden of student loans, but easy fixes are rarely actual fixes.

REALLY fixing the student loan crisis will be much more painful, but it's do-able.  Simply remove the bankruptcy protections from student loans.  Suddenly banks won't lend someone $300K to get a PhD in Saxophone Studies because they KNOW they won't get their money back.  Prospective PA students would get a letter from a bank saying they are pre-approved for $XX,000 in student loans, and that's it.  No more paying for Yale's $150K PA program with student loans, instead Backwater University's $30K PA program suddenly looks reallllly good!  

Better yet, removing the bankruptcy protections from student loans would actually HELP the truly needy in our society who have student loan debt but then have an unintended life event and cannot pay back their loans.

 

I disagree with forgiveness in exchange for volunteerism, because then that's not volunteerism.  

I'm ok with expanding the NHSC and other programs to get providers, teachers, etc into areas where there are not enough of them.  Same thing with military service, etc.

 

Sure, make the counseling more detailed (so nobody will read it), more comprehensive (so REALLY nobody will read it).  Who would teach the seminar?  Someone from the bank or university...the two institutions that are making so much money off of YOU!

Agreed most students don't know what they are getting into, because our culture treats debt like it's a good thing. But on the other hand, if you're not smart enough to realize that taking out $300K in debt to get an $80K/year job is a terrible idea, you probably should be going back to high school.

Removing the bankruptcy protections from student loans will force BOTH parties (student and bank) to make the risk-benefit decision of the transaction.  If that poor student who "doesn't know what they are getting into" wants to take out a huge student loan debt for a degree field that doesn't support it, the bank would likely deny it, thus "saving" the student from themselves.

Or, for those first-generation college students, working full-time, and trying to pay their own way but need a student loan for tuition because they'd like to get an education, the bank could pre-qualify you (like with a mortgage) for $40K in student loans...and you then shop around for the college you could afford.

Oh I completely agree 100%! This is crazy to take out $300K to work as a PA! Are people crazy! I was that 1st generation college student working night shifts as an RT for years while getting my BS degree and paying for my living expensives, etc. I pick a "cheaper" school cause I know I did not want all those loans and I still ended up with $120K from undergrad and PA school...and my wife and I suffer daily with the amount of students loans we have! They kill me daily and make me sick that I cannot take my kids on vacation or have a safe car for my children cause we simply cannot afford it (and yes we do a budget via Dave Ramsey). We simply cannot do everything that all our friends are doing and they think cause my wife and I are "doctors" we should be driving nice cars and travel the world, but that is not true. I feel so bad for @ak004 as my life that I live daily will be his/her daily life for 20-30 years....sad

[PACJD]

I graduated PA school w/ 100k+ debt (for undergrad and PA school combined) and was able to pay it off in about 2 years. I did have the luxury of living at home with my parents for about a year, not having to pay rent/utilities/food definitely helped. Only monthly payments i made were for my car (which was a pretty nice sports car if i do say so myself), car insurance, phone, gas, and daily allowance. After taxes and maxing out retirement, I was able to put 4500/month toward my loans. I did have to live a little conservative, not being able to take long vacations or buy crazy nice things for these 2 years, but it felt so great not having any debt at 26 years old. 

My girlfriend graduated PA school the same year and was able to pay it off in around 3 years. After that we were able to buy a nice condo in NYC overlooking the hudson. 

My point is it pays off to get those loans out of the way early. Maybe you can't buy that new iPhone or go on that 2 week vacation right away, or maybe you have to work a couple extra shifts a month, but in the end it will pay off, trust me.

[camoman1234]

On 5/3/2018 at 3:33 PM, NJPL1213 said:

I graduated PA school w/ 100k+ debt (for undergrad and PA school combined) and was able to pay it off in about 2 years. I did have the luxury of living at home with my parents for about a year, not having to pay rent/utilities/food definitely helped. Only monthly payments i made were for my car (which was a pretty nice sports car if i do say so myself), car insurance, phone, gas, and daily allowance. After taxes and maxing out retirement, I was able to put 4500/month toward my loans. I did have to live a little conservative, not being able to take long vacations or buy crazy nice things for these 2 years, but it felt so great not having any debt at 26 years old. 

My girlfriend graduated PA school the same year and was able to pay it off in around 3 years. After that we were able to buy a nice condo in NYC overlooking the hudson. 

My point is it pays off to get those loans out of the way early. Maybe you can't buy that new iPhone or go on that 2 week vacation right away, or maybe you have to work a couple extra shifts a month, but in the end it will pay off, trust me.

Your last paragraph is great, but how many times over the last 5 years now that my family and I do not take a 5 day vacation? I have a sweet Samsung 4 and we both drive 12+ older cars with over 200,000 miles on both...I mean I agree with you, but for people that do not have that privilege to live with their parents we suffer everyday so I am telling the newer PA-S that it is a terrible life sucker and try to avoid debt at all cost.  

[PACJD]

5 hours ago, camoman1234 said:

Your last paragraph is great, but how many times over the last 5 years now that my family and I do not take a 5 day vacation? I have a sweet Samsung 4 and we both drive 12+ older cars with over 200,000 miles on both...I mean I agree with you, but for people that do not have that privilege to live with their parents we suffer everyday so I am telling the newer PA-S that it is a terrible life sucker and try to avoid debt at all cost.  

My post wasn't a response to you directly, I was just posting about the importance of living conservatively for a couple years prior to spending money on luxuries. I guess this was directed more so to the younger new grads that have the ability to live with their parents for a year or two. 

Nonetheless, debt sucks no matter who you are. Just the other day I was talking with the chief of surgery at a large hospital, who had expressed how much relief he felt after making his last loan payment last week. The guy is 52. I had friends started at 35k/yr out of college w/ over 100k debt, but still wanted to live the life away from their parents and get a luxury apartment at 1500/month in the city. Many years later they are making 60k/yr with 90k debt. If that is how you are going to approach debt when you have other opportunities possible, then the debt isn't going anywhere. 

[Cideous]

20 hours ago, NJPL1213 said:

My post wasn't a response to you directly, I was just posting about the importance of living conservatively for a couple years prior to spending money on luxuries. I guess this was directed more so to the younger new grads that have the ability to live with their parents for a year or two. 

Nonetheless, debt sucks no matter who you are. Just the other day I was talking with the chief of surgery at a large hospital, who had expressed how much relief he felt after making his last loan payment last week. The guy is 52. I had friends started at 35k/yr out of college w/ over 100k debt, but still wanted to live the life away from their parents and get a luxury apartment at 1500/month in the city. Many years later they are making 60k/yr with 90k debt. If that is how you are going to approach debt when you have other opportunities possible, then the debt isn't going anywhere. 

You lived with your parents.  Full stop.  That's how you did it.  I am very glad you had that opportunity....most don't.

[jeepgirl]

@NJPL1213

What was your girlfriend's strategy for paying off her loans in 3 years?

I think it is pretty awesome that you were able to pay off your loans so quickly. You figured out a way to make it happen, made the sacrifices, and followed through. Congrats. 

[majetito]

Was given Dave Ramsey's book back in 2006. Almost done with baby step 6...but because of his baby steps have saved up money for PA school. Haven't been in debt for almost 10 years and don't plan to start. 

[Boatswain2PA]

As with most things in life, the people who make the sacrifices are the ones who will truly succeed.  Worse yet, their successes will be minimized/ridiculed by those some who didn't want to make those sacrifices.

[sas5814]

I'm feeling a lot better about just giving the Army 6 years of my life in trade for PA school. 300k in student loan debt gives me the shudders just thinking about it.

[BearDown]

13 minutes ago, sas5814 said:

I'm feeling a lot better about just giving the Army 6 years of my life in trade for PA school. 300k in student loan debt gives me the shudders just thinking about it.

Could you PM how you pursued this opportunity.

[sas5814]

PM sent

[PAMEDIC]

3 hours ago, sas5814 said:

I'm feeling a lot better about just giving the Army 6 years of my life in trade for PA school. 300k in student loan debt gives me the shudders just thinking about it.

 

I was going to post something similar. I went through IPAP, so not only was my school all paid for, but I had a full-time salary while I was in school.  Heck, I came out of school with savings.  Since I went through in the National Guard, my payback is/was 6 years of drilling "one weekend a month".

I recommend the NG for anybody.  Right now, they will pay $25k in loan repayment a year for a 3 year drilling commitment and an additional $25k a year in bonus for the next 3 years.  

[PACJD]

6 hours ago, Cideous said:

You lived with your parents.  Full stop.  That's how you did it.  I am very glad you had that opportunity....most don't.

Well, no, thats not all it took to accomplish paying off my debt... Living at home definitely helped and eased the burden of paying rent and utilities, but took a lot more sacrifices than just that. Living at home caused me to be an extra hour away from my job, so the commute sucked and in turn i payed extra tolls, gas, and maintenance on my car. Despite living at home, I still paid my parents a few hundred a month, not because they asked me, but mainly because I felt bad. Yes, it did help, but it mainly took extra shifts and living conservatively for a few years to accomplish it.

And I'm sure many people have that opportunity, but do not take advantage of it. Many of my friends who took entry level jobs after graduating 4 years of college, with a little less debt than me but making a fraction of what I started out with, chose to forgo living with their parents at home in order to live together in a luxury apartment in a major city near all the night life. They barely dug into their debt. 

For those without that opportunity, take advantage of other opportunities to save for the first few years. 

[PACJD]

5 hours ago, jeepgirl said:

@NJPL1213

What was your girlfriend's strategy for paying off her loans in 3 years?

I think it is pretty awesome that you were able to pay off your loans so quickly. You figured out a way to make it happen, made the sacrifices, and followed through. Congrats. 

Well, she went to a slightly cheaper school and her parents paid for a majority of it lol. She probably could have had it paid off in the first year but had a different approach to saving at the time haha. Kind of contradicts what I have been saying but nonetheless she's out of the hole too. 

[cinntsp]

I did a private refinance of all of my student loans for 8 years at 4.25% fixed and it comes out to about $1800/mo.  Sometimes I think it'd be nice to have it paid off in a couple of years, but I like traveling and other nice stuff too much.

[8404PA]

On 3/19/2018 at 12:51 PM, Boatswain2PA said:

 This will lead to less people choosing those $150K programs, thus driving the cost of PA education (and 

 

the 150K program is the only one i got into