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  1. #1
    '05 NUEser EJ123's Avatar
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    (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.

  2. #2
    Senior Member skiahh's Avatar
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    Why in the hell do you need a post-bac to get into med school?
    www.teamnavycycling.org
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  3. #3
    derailleurs are overrated bigbenaugust's Avatar
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    Quote Originally Posted by x136 View Post
    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!
    --Ben
    Carrboro Bike Coalition - putting the "bike" in "CARrboro" :)
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  4. #4
    Banned. ModoVincere's Avatar
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    Quote Originally Posted by x136 View Post
    Christ on a ****ing saltine.

    Sorry, I've got nothing.
    same here....that's a helluva lot of debt to start out with.

  5. #5
    derailleurs are overrated bigbenaugust's Avatar
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    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.
    --Ben
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  6. #6
    Tiocfáidh ár Lá jfmckenna's Avatar
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    Wow man, that's harsh. All I can say is don't quit and Go Hokies!
    If you don't talk to your cat about catnip, who will? =^.^=

  7. #7
    on by skijor's Avatar
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    Quote Originally Posted by bigbenaugust View Post
    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

  8. #8
    Free @Velo Vol RUOkie's Avatar
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    Quote Originally Posted by bigbenaugust View Post
    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.
    Quote Originally Posted by Herbie53 View Post
    Being full of crap and depositing it here consistently is really nothing to be proud of.

  9. #9
    '05 NUEser EJ123's Avatar
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    Quote Originally Posted by skiahh View Post
    Why in the hell do you need a post-bac to get into med school?
    Not competitive enough as of now.

  10. #10
    Banned. ModoVincere's Avatar
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    Quote Originally Posted by RUOkie View Post
    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.

  11. #11
    derailleurs are overrated bigbenaugust's Avatar
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    Well, so much for the american dream, then. Off to debtor's prison with you!
    --Ben
    Carrboro Bike Coalition - putting the "bike" in "CARrboro" :)
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  12. #12
    on by skijor's Avatar
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    Move into jsharr's place while he's on vacation.

  13. #13
    derailleurs are overrated bigbenaugust's Avatar
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    Indentured servitude?
    Prostitution? (Hey, this is Foo... all options are on the table)
    --Ben
    Carrboro Bike Coalition - putting the "bike" in "CARrboro" :)
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  14. #14
    derailleurs are overrated bigbenaugust's Avatar
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    Have you considered growing or perhaps manufacturing illicit narcotics? I understand there's a lot of profit there.
    --Ben
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  15. #15
    Caustic Soccer Mom apclassic9's Avatar
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    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!
    As with mud, life, too, slides by.

  16. #16
    Look! My Spine! RubenX's Avatar
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    Don't give into the Education Axis (College/Banks/Government). Debt will hunt you for life.

    and watch this
    "Hoy es un dia normal, pero yo voy a hacerlo intenso" ~ Juanes

  17. #17
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    Quote Originally Posted by apclassic9 View Post
    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.

  18. #18
    Banned. ModoVincere's Avatar
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    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.

  19. #19
    Caustic Soccer Mom apclassic9's Avatar
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    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.
    As with mud, life, too, slides by.

  20. #20
    Super Moderator no1mad's Avatar
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    Quote Originally Posted by apclassic9 View Post
    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.

  21. #21
    AEO
    AEO is offline
    Senior Member AEO's Avatar
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    hey, at least you aren't paying for an ipad2 with your kidney.
    Food for thought: if you aren't dead by 2050, you and your entire family will be within a few years from starvation. Now that is a cruel gift to leave for your offspring. ;)
    http://sanfrancisco.ibtimes.com/arti...ger-photos.htm

  22. #22
    Sore saddle cyclist Shifty's Avatar
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    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/
    Last edited by Shifty; 06-17-11 at 08:40 PM.
    Those voices in your head aren't real, but they have some great ideas

  23. #23
    Free @Velo Vol RUOkie's Avatar
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    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.
    Quote Originally Posted by Herbie53 View Post
    Being full of crap and depositing it here consistently is really nothing to be proud of.

  24. #24
    The Rock Cycle eofelis's Avatar
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    Quote Originally Posted by apclassic9 View Post
    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.
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  25. #25
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    Sell your bike collection, and quit whining.

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