Anonymous wrote:https://www.wsj.com/articles/financially-hobbled-for-life-the-elite-masters-degrees-that-dont-pay-off-11625752773

This was such an insightful article about students who go to elite grad schools and are worse off then they started. Do you think this should be forgiven??

Perhaps, BY THE SCHOOLS GUILTY OF FALSE AND MISLEADING MARKETING.

Anonymous wrote:

Anonymous wrote:It’s shameful on the part of these universities like Columbia.

Have they responded to the article in any way?

Empty platitudes in the article about how students need more financial assistance...from the govt of course, not out of their pockets.

These programs are money makers. They really should be for rich kids who want to be professional students

Anonymous wrote:It’s shameful on the part of these universities like Columbia.

Have they responded to the article in any way?

Empty platitudes in the article about how students need more financial assistance...from the govt of course, not out of their pockets.

It’s shameful on the part of these universities like Columbia.

Have they responded to the article in any way?

Anonymous wrote:Situation is just sad all around.

I would have anxiety knowing I owed $300,000, can never file for bankruptcy and make under 40k a year.

My god.

I guarantee they’ll tell you how educated and smart they are though, even if you don’t ask.

Anonymous wrote:Situation is just sad all around.

I would have anxiety knowing I owed $300,000, can never file for bankruptcy and make under 40k a year.

My god.

There's lawyers who advertise bankruptcy including the student loans.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

in your example, one of 51 is rich. Not great odds

quite a few of those 50+ employees probably have a college degree.

My plumber relatives retired early 50s rich.

Situation is just sad all around.

I would have anxiety knowing I owed $300,000, can never file for bankruptcy and make under 40k a year.

My god.

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

So why aren’t you a plumber?

I do think there should be some regulation/crack down on these programs. And if these universities misrepresented their programs and the economic prospects of their graduates, maybe the universities should have to assume some of the debt.

I also just thought of something. That article was published in 2019. Lots of small medical service providers lost their client base and their practices in the pandemic. Especially dentists and PCPs. I wonder what happened to Mr. Debt-Up-To-My-Eyeballs?

In March, regulators and health authorities recommended that dental offices immediately stop seeing patients, except for emergency treatment. The resulting office closures led to unprecedented revenue declines across the sector. The key thing to keep in mind, is that unlike many other businesses, much of this is a deferral of revenue, not the loss of revenue.

https://www.oralhealthgroup.com/features/impact-of-the-current-covid-19-pandemic-on-dental-practice-valuations-and-sales/

Anonymous wrote:so he's choosing to arrange his life in a way that his debt will balloon and then be written off when he dies. If they keep everything in the wife's name and structure his retirement savings correctly, it might be doable

I would be constantly stressed by the debt ball above his head. How does he qualify for anything? Credit cards? Home construction loans?

In the article his wife had to not only use her inheritance to buy the house but also could only qualify for a $400K mortgage with her mother as the co-signer.

Which means if anything happens, her mother and his wife are screwed but also -- they'll never sell that house. Because they can't afford to buy, lease, or build a new one.

The wife has no income. And the debt-to-income for the husband will never be paid off in two lifetimes.

so he's choosing to arrange his life in a way that his debt will balloon and then be written off when he dies. If they keep everything in the wife's name and structure his retirement savings correctly, it might be doable

Anonymous wrote:

Anonymous wrote:Become a plumber instead. My friend owns a plumbing company, 50+ plumbers working for him and he's rich.

in your example, one of 51 is rich. Not great odds

quite a few of those 50+ employees probably have a college degree.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The rule about only paying for professional graduate degrees exists for this reason. If you are in a field where the average graduate makes 30k, a masters that costs over 100k is always a bad investment

Yep. Same principal applies when you're in a field that pays maybe $125K and you took out a $1 million in loans plus three kids and two cars.

https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975

an orthodontist making 125k is choosing to make less than the can. Quick google has the national average at 225k. I'd assume it's higher in high COL areas. That debt isn't the result of loans, it's the result of not realizing that you need to make enough to service your debt.

According to the article he was making $225K a year. But the high-interest rate combined with his family expenses meant he couldn't pay it or didn't want to? Instead he's paying a mortgage taken out in his wife's name, a Mercedes-Benz loan, a Tesla payment, two daycare tuitions, and vacation fees.

The USC education helped Mr. Meru earn $225,000 last year working for a corporate practice in Draper, Utah, 20 minutes from Salt Lake City. That compares with a $158,000 median income for dentists, according to the Labor Department.