06-02-2022, 04:44 PM
With the proviso, previously noted, that I am not a person who is particularly driven by money...
Assuming good credit and a decent little bit of money for a down payment, banks will typically loan people 3-4 times their annual income to purchase a home. Sometimes you can borrow a little more, but unless you live a pretty frugal lifestyle, borrowing more than that becomes very burdensome.
If this woman finishes her PhD and gets a good to very good job in academia, an $80,000/year starting salary would definitely be on the high end. On that income, she could potentially borrow money sufficient to buy a home roughly equal to the amount of money show owes for her student loans IF SHE DIDN'T HAVE THE STUDENT LOANS. Put a different way, this woman likely has made the choice (whether intentionally or unintentionally isn't really consequential) to never own a home. She is also going to be burdened with this debt, in all likelihood, for the rest of her life.
Realistically, the only way that would change would involve some combination of 1) inheriting money, 2) marrying into money, 3) debt forgiveness, and/or 4) living a lifestyle that the vast majority of people are simply unwilling to live. Barring one of these, there's a good chance she will die with hundreds of thousands of dollars worth of student loan debt.
I actually feel for her. She has made some decisions that people may question financially, but objectively, she hasn't done anything "wrong". Given that she did her undergrad at NYU, she almost certainly is smart and did well in high school. She has done well enough subsequently to get into an MPH program and into a pretty good PhD program, seemingly with funding. I am a parent, if one of my kids follows a similar trajectory from an academic standpoint (if not necessarily a financial standpoint), I would be exceedingly proud of them.
Assuming good credit and a decent little bit of money for a down payment, banks will typically loan people 3-4 times their annual income to purchase a home. Sometimes you can borrow a little more, but unless you live a pretty frugal lifestyle, borrowing more than that becomes very burdensome.
If this woman finishes her PhD and gets a good to very good job in academia, an $80,000/year starting salary would definitely be on the high end. On that income, she could potentially borrow money sufficient to buy a home roughly equal to the amount of money show owes for her student loans IF SHE DIDN'T HAVE THE STUDENT LOANS. Put a different way, this woman likely has made the choice (whether intentionally or unintentionally isn't really consequential) to never own a home. She is also going to be burdened with this debt, in all likelihood, for the rest of her life.
Realistically, the only way that would change would involve some combination of 1) inheriting money, 2) marrying into money, 3) debt forgiveness, and/or 4) living a lifestyle that the vast majority of people are simply unwilling to live. Barring one of these, there's a good chance she will die with hundreds of thousands of dollars worth of student loan debt.
I actually feel for her. She has made some decisions that people may question financially, but objectively, she hasn't done anything "wrong". Given that she did her undergrad at NYU, she almost certainly is smart and did well in high school. She has done well enough subsequently to get into an MPH program and into a pretty good PhD program, seemingly with funding. I am a parent, if one of my kids follows a similar trajectory from an academic standpoint (if not necessarily a financial standpoint), I would be exceedingly proud of them.
Master of Accountancy (taxation concentration), University of Texas Rio Grande Valley, in progress.
Master of Business Administration (financial planning specialization), University of Texas Rio Grande Valley, in progress.
BA, UMPI. Accounting major; Business Administration major/Management & Leadership concentration. Awarded Dec. 2021.
In-person/B&M: BA (history, archaeology)
In-person/B&M: MA (American history)
Sophia: 15 courses (42hrs)
Master of Business Administration (financial planning specialization), University of Texas Rio Grande Valley, in progress.
BA, UMPI. Accounting major; Business Administration major/Management & Leadership concentration. Awarded Dec. 2021.
In-person/B&M: BA (history, archaeology)
In-person/B&M: MA (American history)
Sophia: 15 courses (42hrs)
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