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Another 1MM Student Loaner

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  • Another 1MM Student Loaner

    I never watch Ramsey but too many ppl sent this to me:
    https://www.youtube.com/watch?time_continue=2&v=3NzgMqIbZc8

    I also cannot speak.

  • #2
    This guy would be a good candidate for one of those student loan advisers. I wonder if he has found this community.

     

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    • #3
      interesting video.  $1MM is a lotta braces.

      Justin in Florida, are you on this site?

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      • #4
        Is there a point where schools/government will stop loaning people money?

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        • #5
          The idea of a fellowship requiring tuition is ridiculous.  How else can you reach 1mm as a single man if you aren't paying for 7 years tuition?  Why would anyone take the fellowships that require tuition?  If they don't fill, eventually they go away.

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          • #6
            Originally posted by HandFellow View Post
            The idea of a fellowship requiring tuition is ridiculous. How else can you reach 1mm as a single man if you aren't paying for 7 years tuition? Why would anyone take the fellowships that require tuition? If they don't fill, eventually they go away.
            People willingly pay 30% financing for a new TV. I think you are giving the public too much credit being able to weigh the pros and cons of a financial decision

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            • #7
              This will be completely contrarian, but from a pure finance and lifestyle perspective, a 1MM student debt for an Orthodontist is probably much for feasible than 300K for primary care physicians.

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              • #8
                Originally posted by uteomfs View Post
                This will be completely contrarian, but from a pure finance and lifestyle perspective, a 1MM student debt for an Orthodontist is probably much for feasible than 300K for primary care physicians.
                What income assumptions are you using to make that conclusion?

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                • #9
                  There is good data from large Dental Specialty Accountants that is shared with their clients and prospective clients, so the numbers on dental specialists I am comfortable with. I will concede I have never seen such numbers on Primary Care, so granted, I am making an assumption there. As for lifestyle, well, not many orthodontists taking hospital call, dealing with hospital admins, Medicare etc.

                  Certainly not meant to be contentious just another perspective. In my specialty I am part dentist part physician. When I'm a dentist, my income is greater, my lifestyle is less complicated and I have a lot of free time. When I'm playing physician, my reimbursement sucks, I'm stuck in a hospital on nights and weekends and I have to abide by all the Hospital Admin rules.

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                  • #10
                    Originally posted by CordMcNally View Post
                    Is there a point where schools/government will stop loaning people money?
                    On the contrary, the current system encourages you to take as much as you possibly can.

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