Foo - (Will be) in a seriously bad financial situation soon, advice?

I go to an out of state school, with the only help from my parents being they co-signed my first two year student loans in my name. As a rising senior now I have almost 100k $ of student loan debt (Fed & Private). I have to pay for my senior year of college coming up AND in order to go to medical school, I need a post-baccalaureate for a year (which I should get accepted to medical school after).

Total debt = ~100k student loans
Upcoming (tuition + food + rent + utilities) = 30k
Post-baccalaureate (16k tuition + 8k rent + 3k supplies + 2k food) = 29k

Total upon hopefully entering medical school = 160k.

HOWEVER, I have 850 shares invested in a type of index fund that's about 56$/share, which turns into about $54,000. After taxes, if I sold all would probably mean $43,000.

Should I take another student loan with the credit union I've been using for the last year and use the fund $ to fund (lol) my post-baccalaureate? As long as I can get into a medical school, getting loans should be no problem. I'm struggling to pay rent now and have two rent payments this July to pay for by the 5th :(
It's nice to know when I turn 27 I'll be in about 300k $ of debt. Thanks for any help.

Why in the hell do you need a post-bac to get into med school?

Sorry, I've got nothing.

+1.

Actually, I am pretty sure the worldwide debt apocalypse will hit before you ever pay all of that off... so spend, spend, spend!

Christ on a ****ing saltine.

Sorry, I've got nothing.

same here....that's a helluva lot of debt to start out with.

1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.

Wow man, that's harsh. All I can say is don't quit and Go Hokies!

1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.

5.5 Get [Katy Perry's] underpants

1. Run out and buy a house on a 30-year mortgage
2. Run out and buy a BMW 7-series on the 7-year plan. Even better, a Maybach or something.
3. THEN go to grad school
4. Go to med school.
5. Declare bankruptcy.
6. ???
7. Profit.
great plan. except the fact that under most circumstances student loans are not forgiven in Bancruptcy hearings.

Why in the hell do you need a post-bac to get into med school?

Not competitive enough as of now.

great plan. except the fact that under most circumstances student loans are not forgiven in Bancruptcy hearings.

not to mention debt taken on within a certain time frame is not forgiveable either.

Well, so much for the american dream, then. Off to debtor's prison with you!

Move into jsharr's place while he's on vacation.

Indentured servitude?
Prostitution? (Hey, this is Foo... all options are on the table)

Have you considered growing or perhaps manufacturing illicit narcotics? I understand there's a lot of profit there.

Contact the US Public Health Service and see what kind of contract you can get with them - they have a program where they will pay for Med School in exchange for a certain number of years working for them - usually in some rural health clinic-type setting. Additionally, as a Public Health Service employee, you would qualify for having 10% of your government loan indebtedness cancelled for each year of service AFTER (I think) 6 years of service - look into the Public Service Cancellation provisions of your government loans.

OR, you can enlist in the military Reserve Forces - they, too, will pay for Med School in exchange for a set enlistment period, and also will pay or cancel government loans for certain numbers of years of service.

You're on your own with the private loans..... which are NEVER a "good" idea.

NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!

Don't give into the Education Axis (College/Banks/Government). Debt will hunt you for life.

and watch this (http://www.youtube.com/watch?v=VpZtX32sKVE)

NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!

There's absolutely no way I would have been able to go to the school I did without the better part of the cost of a house in student loans. On the other hand, I got a job right out, and when I got laid off had another one lined up before my paychecks stopped at the first place. I gamble, but one that I think was worth it in my case. I wouldn't advise tons of student loans for a career that won't pay it back in a reasonable time frame (example, elementary education), but for other fields (such as medicine) where you can pay it off, it can be a reasonable choice.

Just an idea...but have you talked with the military? They will pay med school tuition in return for some amount of years of service.....as a commissioned officer. I think Dr's are usually majors, which is a pretty decent pay scale, good benefits, and you wouldn't add to that loan balance.

Also, if full-blown military is not for you, check out the National Guard units in your area; many states pay tuition & fees for Guard members, plus a small stipend while you're in school - in exchange for 1 weekend per month & a 2 week stint in there somewhere. If there is a medical unit in your area, this might work for you.

Also, if full-blown military is not for you, check out the National Guard units in your area; many states pay tuition & fees for Guard members, plus a small stipend while you're in school - in exchange for 1 weekend per month & a 2 week stint in there somewhere. If there is a medical unit in your area, this might work for you.

Downside to this scenario is the possibility of the unit going active and deploying overseas. The local 45th shipped out to Afghanistan less than two weeks ago.

hey, at least you aren't paying for an ipad2 with your kidney.

When you do a military medical school scholarship you enter the military as a Lieutenant for internship and resident training at a military hospital. When you finish that you are promoted to Captain. The advantage is that the pay in a military residency is a lot higher than a civilian, with housing pay etc. You could pay back undergrad loans during residency because you won't have time for anything else and living expenses are covered, especially if you can get military housing, which cost $0.
Also, the military has it's own medical school in Bethesda Maryland. If you can get in it's a great school and not only free tuition, but military pay too. Uniformed Health Science University. The catch with this option is a longer pay back time in the military. http://www.usuhs.mil/

most of my friends who were military doctors are VERY sucessful. Even those that get called up from time to time. Their pensions tend to be very nice, and then they keep working in private practice. At that point, their practice salary is just gravy since they can live quite comfortably on their pensions. (These are docs in their 50's). I would definitely look into the military as an alternative to loans. Or the Indian Health Service. Or the US public health service.

NOTE TO STUDENTS: skip the loans - you're SUPPOSED to be poor when you're a student. It builds character and is cheaper in the long run!

Yikes! But I guess that's how a Medical degree is. Best of luck. I had heard something about hospitals in rural areas where it is hard to get doctors to move to, will help you pay your loans if you commit to a certain number of years of work there.

I went to a cheap podunk state college for a hard science major (geology/GIS). I applied for every grant and scholarship that I could and got all my tuition and some of my living expenses paid every year. I also did paid work study and a paid internship (very low pay for both). Graduated in 2009 with no debt. I now have a really nice job although the pay is kind of low (<$30k) for my profession (GIS), I expect to be paid a lot more as I gain more experience. I still live like a student. Went yard sale shopping on my bike this morning.

Sell your bike collection, and quit whining.

^^^ I would consider selling my Fuel, but someone stole the fork, seatpost, and saddle...

You don't think I have already thought of that...

The bad news is that you're in a lot of debt. The good news is that your higher income as a doctor should easily allow you to pay that off over the next 10-15 years compared to almost any other profession I can think of (outside of maybe an MBA from the top 20 business schools in the US).

Carry on. You will persevere. The only way you fail is if you fold.

The bad news is that you're in a lot of debt. The good news is that your higher income as a doctor should easily allow you to pay that off over the next 10-15 years compared to almost any other profession I can think of (outside of maybe an MBA from the top 20 business schools in the US).

Carry on. You will persevere. The only way you fail is if you fold.

Hopefully living off 18k/year and the rest go to loans is my plan. Cheap apartment for 10k/year, 2.5k/year food, 5.5k/w.e else...:) rest to loans.

The bad news is that you're in a lot of debt. The good news is that your higher income as a doctor should easily allow you to pay that off over the next 10-15 years compared to almost any other profession I can think of


Hopefully living off 18k/year and the rest go to loans is my plan. Cheap apartment for 10k/year, 2.5k/year food, 5.5k/w.e else...:) rest to loans.



That's what I was thinking too. Most Drs. I know basically start off in a decent amt of debt and stay in debt for some years, but with planning and discipline, you can pay it off in time to enjoy the fruits of your labors.

re: the military suggestions - didn't we have such person amongst us here on BF (Pete)? Perhaps you can pick his brain...

Just my penny of bad advice... doctors used to make alot of money and could easily pay off school debts in short time... with current economics, HMOs controlling the world and possible Obama-like care in the future, you can never hope to make the sort of money doctors used to make. Incurring such a large amount of debt (which is not dischargeble in bankruptcy) will cause you a lifetime of misery.

I think you really need to sit down and think this out. What are your options? Would you be able to take some time off from school and try and work down down of the debt or get a job to save tuition? What scholarships are available? Is it possible to get community sponsership? Whatever, try and not incur any more debt. Trust me, just trying to pay off something like $20,000 takes forever. Your debt... well it might keep you from having a family or any sort of a normal life.

If this is truly your passion, you have to look at the military and the options provided by the US government. There are risks but doctors tend to be protected and there are ewards for being there for our service men and women. Plus think about the pension and other benefits.

Work to get yourself out of debt or at least drastically reduce it. I like Dave Ramsey's snowball method (youtube it).

Also I don't think the solution to your financial problems will be solved by taking out more student loans.


+1.

Actually, I am pretty sure the worldwide debt apocalypse will hit before you ever pay all of that off... so spend, spend, spend!

And if the worldwide debt apocalypse doesn't materialize, then he finds himself in a load of debt...

And if the worldwide debt apocalypse doesn't materialize, then he finds himself in a load of debt...

Yup. I got no answer there. Other than maybe be prepared to pay in organs and marketable bodily fluids.

:lol: You, sir, are a prophet.

Only option is to pledge to join Dr.Pete in the Army Medical Corps.A financial advisor you are not,thank God for medical school.

Are you allergic to sand or long airflights?

A 49 year old, one-eyed, one-kidneyed, half-livered, extremely worn and tired-looking man walks into a bar, with a large stack of pornography under one arm.

He triumphantly pumps his free arm in the air, exclaiming, "Only $175,000 left to go and I'm a free man!"

The two other people in the bar clap politely as he slumps into his regular chair. The bartender pours him his usual.

K, I snorted onto my laptop on that one. heheh!

Only option is to pledge to join Dr.Pete in the Army Medical Corps.A friend of mine became a Navy surgeon. They paid a good chunk of his student loans off and paid for medical school & I believe it only required a 6yr term of service. In short, not a bad deal financially.

A friend of mine became a Navy surgeon. They paid a good chunk of his student loans off and paid for medical school & I believe it only required a 6yr term of service. In short, not a bad deal financially.

And those camo uniforms are all the fashion rage right now:thumb: