Doctor with student loan debt, hitting close to 1 million...

[bjcheung77]

Wow, this is probably the most I've seen a student loan go up to, that's going to hit 1 million in a matter of years before she even retires, since she's only 55 this year.  My goodness, hopefully something does come out of the "limiting interest on loans".   We'll know more details on what Biden decides soon...

As I mentioned, I really think people who are able to pay the interest, do so, if not, only the borrowed amount should be paid.  They really need to pass something (no, not passing gas), but a bill that works and agreeable by everyone.  Government, you need to step up and get this rolling!  I trust the education system, but changes need to be made.

Link:  Meet a doctor with $895,000 in student debt whose balance has surged on an income-based repayment plan: 'It's just wildly out of control now' (yahoo.com)

[Pats20]

I’m going to assume that she decided to live a pretty comfortable lifestyle in leu of paying off her loans. I’m sure that she’s made a very comfortable living the last 30 years. That’s on her. We shouldn’t have to bail her out. Tell her to downsize or sell one of the multiple properties she probably has.

[Johann]

I’m going to assume that she decided to live a pretty comfortable lifestyle in leu of paying off her loans. I’m sure that she’s made a very comfortable living the last 30 years. That’s on her. We shouldn’t have to bail her out. Tell her to downsize or sell one of the multiple properties she probably has.

Why would you assume this? She makes a very ordinary income, at the low end of her profession,has raised two kids (who will hopefully manage money better) and made a complete mess of money - no skills whatever, that way.. Not disagreeing with you on the bailout or being sympathetic here, Just saying that her income and complete lack of any financial skills are not conducive to owning multiple properties, high-end living, or having wads of money socked away. 

What's "on her" is her failure to face reality from day 1. And very possibility, lack of ambition and effort to improve her income to at least the average for her profession. Nothing more, nothing less. And yes - I agree she's too comfortable with where she is, on the low end of the income scale for her profession. But high living standard and multiple properties? I don't see it. She's not earning enough or financially savvy enough - as shown by the mess she's made.

Of course, my opinion could change in a heartbeat if I knew her spouse was a professional who made huge money. Do you happen to know something, here, that I don't?

[ss20ts]

I’m going to assume that she decided to live a pretty comfortable lifestyle in leu of paying off her loans. I’m sure that she’s made a very comfortable living the last 30 years. That’s on her. We shouldn’t have to bail her out. Tell her to downsize or sell one of the multiple properties she probably has.

Did you read the article? She makes 5 figures as a doctor! She owed $277K for med school. The remaining $600K+ is INTEREST. She has been paying on here loans for many, many years. The interest never stops accruing.

[dfrecore]

"Currently, LaRose earns five figures running a North Carolina private practice, and she also works with underprivileged elderly people in nursing homes. She says that while she loves being a doctor, she's not making the money she thought she would because she doesn't have a high number of clients. She now says she wishes she financed her degree differently."

She could actually begin by ramping up her practice and making more money. Why on earth would you be satisfied with a low number of clients? Sounds like she should have gotten some financial counseling, took a couple of classes in marketing, and done better. Making $99k or less as a doctor with 25 years of experience is just nuts.

[uncapentin]

"Currently, LaRose earns five figures running a North Carolina private practice, and she also works with underprivileged elderly people in nursing homes. She says that while she loves being a doctor, she's not making the money she thought she would because she doesn't have a high number of clients. She now says she wishes she financed her degree differently."

She could actually begin by ramping up her practice and making more money.  Why on earth would you be satisfied with a low number of clients?  Sounds like she should have gotten some financial counseling, took a couple of classes in marketing, and done better.  Making $99k or less as a doctor with 25 years of experience is just nuts.

  Edited that. Too much info for a viewable post.

[rachel83az]

Post removed by request.

Unfortunately, that's not uncommon with both doctors and lawyers. They're able to hide their assets and never have to pay their student loan debt. Meanwhile, the average student who got a low-ish amount of student loan debt, but who struggles to pay through no fault of their own, will have to deal with the real consequences of student loan debt indefinitely.

If the rich don't have to repay the debt, but the poor do, I don't see why degrees shouldn't be free for everyone. At least then it would actually help people.

[Pats20]

I’m going to assume that she decided to live a pretty comfortable lifestyle in leu of paying off her loans. I’m sure that she’s made a very comfortable living the last 30 years. That’s on her. We shouldn’t have to bail her out. Tell her to downsize or sell one of the multiple properties she probably has.

Did you read the article? She makes 5 figures as a doctor! She owed $277K for med school. The remaining $600K+ is INTEREST. She has been paying on here loans for many, many years. The interest never stops accruing.

Wow !  That’s just terrible.

---

Post removed by request.

Unfortunately, that's not uncommon with both doctors and lawyers. They're able to hide their assets and never have to pay their student loan debt. Meanwhile, the average student who got a low-ish amount of student loan debt, but who struggles to pay through no fault of their own, will have to deal with the real consequences of student loan debt indefinitely.

If the rich don't have to repay the debt, but the poor do, I don't see why degrees shouldn't be free for everyone. At least then it would actually help people.

I agree ! With it all except free degrees TINSTAAFL.

[Pats20]

I’m going to assume that she decided to live a pretty comfortable lifestyle in leu of paying off her loans. I’m sure that she’s made a very comfortable living the last 30 years. That’s on her. We shouldn’t have to bail her out. Tell her to downsize or sell one of the multiple properties she probably has.

Why would you assume this? She makes a very ordinary income, at the low end of her profession,has raised two kids (who will hopefully manage money better) and made a complete mess of money - no skills whatever, that way.. Not disagreeing with you on the bailout or being sympathetic here, Just saying that her income and complete lack of any financial skills are not conducive to owning multiple properties, high-end living, or having wads of money socked away. 

What's "on her" is her failure to face reality from day 1. And very possibility, lack of ambition and effort to improve her income to at least the average for her profession. Nothing more, nothing less. And yes - I agree she's too comfortable with where she is, on the low end of the income scale for her profession. But high living standard and multiple properties? I don't see it. She's not earning enough or financially savvy enough - as shown by the mess she's made.

Of course, my opinion could change in a heartbeat if I knew her spouse was a professional who made huge money. Do you happen to know something, here, that I don't?

Okay. I shouldn’t have assumed she was living large. I wonder if she has any savings or home equity she could pay down on the principle to keep the interest from accruing so much.

[carrythenothing]

Okay. I shouldn’t have assumed she was living large. I wonder if she has any savings or home equity she could pay down on the principle to keep the interest from accruing so much.

Interest has to be paid off before any is applied to the principal.