Author Topic: I find this situation deeply sad. Another student loan story.  (Read 3090 times)

Daisyedwards800

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I find this situation deeply sad. Another student loan story.
« on: December 12, 2019, 12:40:04 PM »
(Link removed).

It looks to be deleted.  Anyway, the gist was the 25 year old had gone to get a doctor of chiropractic degree, and had $300,000 of student loans from it.  Her friends from school were earning $30-50k a year after.

She was asking whether to take another $50,000 in private (8-10% interest) co-signed by her parents to get a BSN (1 year program) then go on to get a nurse practitioner degree.
« Last Edit: December 12, 2019, 01:05:22 PM by Daisyedwards800 »

Malcat

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Re: I find this situation deeply sad. Another student loan story.
« Reply #1 on: December 12, 2019, 01:45:10 PM »
I know very similar stories of people who have gone to private schools here in Canada for chiro and naturopathic medicine, which costs as much as med school, but leaves people with not a lot of opportunities for doctor-level income except for the very very entrepreneurial types.

Goldielocks

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Re: I find this situation deeply sad. Another student loan story.
« Reply #2 on: December 13, 2019, 11:41:44 AM »
A cousin when to private chiropracty school in upstate NY after his undergrad.   Came back to HCOL area in Canada and worked as a 2nd chair in an established practice, with the intent to take over from the aging owner.  5 years in and he is making a strong income.. not a doctor's income, but he only needed 4 year undergrad and 3 year professional diploma.   The first 2 years were very part time as he built clientele, because the established patients did not transfer over to the "new" doctor as expected.

I don't think he was overly entrepreneurial in his focus / efforts...other than finding the practice to join as a junior... but he did get his school completed without loans (thanks mom and dad) and therefore had breathing space to get started with lower income ($40k the first year, best guess). 

It's quite a bit like being a dentist and joining a practice.  Pay is better than a physio therapist.

Daisyedwards800

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Re: I find this situation deeply sad. Another student loan story.
« Reply #3 on: December 13, 2019, 11:47:54 AM »
This girl's minimum payments are $2800 a month without the $50,000 additional private loan she is contemplating.

Goldielocks

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Re: I find this situation deeply sad. Another student loan story.
« Reply #4 on: December 13, 2019, 12:49:28 PM »
I think the key here is that she built up $300k of student loans with a 4 year undergrad and up to 3 years (FT) of professional training.

She is only 25 now.. just starting out  $30k per year for undergrad, and $60k per year for professional license, plus a bit of interest? 

What did she do on summer breaks during undergrad?  Seems like quite a lot of cost to the loans, some should be lower?, but this is still at the high end of reasonable if you don't work in summers, did not get grants or subsidies or any parental help (RARE to not get help for low income or any parental cash?).    She is absorbing all the costs on her own, which seems a bit off to me.

Average income is $100k-$150k/yr in years 3 to 7 years after graduation.  Average income overall is just over $150k/yr.
Not as long as a medical doctor training... not as lucrative... but feasible?

Daisyedwards800

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Re: I find this situation deeply sad. Another student loan story.
« Reply #5 on: December 13, 2019, 01:42:46 PM »
She said her parents are fairly well-off in deleted OP, so I assume she didn't qualify for much if any aid that way.  As a student, I recall making $10 an hour so even if she worked all summer at a job like that, she would only make say $4,000-$5,000 which wouldn't be enough to offset much either.

Just Joe

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Re: I find this situation deeply sad. Another student loan story.
« Reply #6 on: December 16, 2019, 07:31:00 AM »
Seems like I recall the military having a loan forgiveness program possibly. Go give them four years and be done with it. I did six for alot less money.

iris lily

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Re: I find this situation deeply sad. Another student loan story.
« Reply #7 on: December 16, 2019, 02:20:04 PM »
MD type Physicians in Canada donít make that much anyway.

With subsidized Public health insurance you would think they would be a strong program of paying for Dr. education.  Maybe there is, and I just donít know about it.

ChpBstrd

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Re: I find this situation deeply sad. Another student loan story.
« Reply #8 on: December 17, 2019, 03:00:36 PM »
I know very similar stories of people who have gone to private schools here in Canada for chiro and naturopathic medicine, which costs as much as med school, but leaves people with not a lot of opportunities for doctor-level income except for the very very entrepreneurial types.

Gullibility is expensive in many ways. It always involves a willingness to not look into things. Paying $300k for an education and then being surprised by the wage it qualifies one for is like buying a house as-is sight unseen and hoping for the best.

OP should do the BSN degree. Itís their only hope.