how much do you owe? stragegies to paying off loans

[Optodoc]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

I actually know some friends who are buying a house and stretching both student loans and mortgage to 30 years i think that's a bit risky but according to them housing market will improve and with inflation that might be a worthwhile investment.

also, if I were to work as a independent contractor do i need to set up a LLC to protect myself or does it not matter. anyway pretty new to all of this any advice would be greatly appreciated.

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[Eye4aEye]

I wonder what the average loan amount is.... how depressing.

 

[janedoe88]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

I actually know some friends who are buying a house and stretching both student loans and mortgage to 30 years i think that's a bit risky but according to them housing market will improve and with inflation that might be a worthwhile investment.

also, if I were to work as a independent contractor do i need to set up a LLC to protect myself or does it not matter. anyway pretty new to all of this any advice would be greatly appreciated.

The saddest part of this is you're complaining about paying back loans on 95k...imagine all the new grads in 4 years that won't be able to find jobs and will compete for 60k jobs at Walmart. How can they negociate their salary when there's 100 other people willing to take their place?

 

[Tippytoe]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

Please don't forget to factor in health insurance. Regardless of what Obamacare may or may not do, you are looking at anywhere from $400 to $1,000/month for basic health insurance (HSA plan). Hopefully you are healthy, young and not a woman (they pay more) and not looking to start a family soon. Health insurance can kill a budget. But please don't stretch out your school loans for 30 years or more. That will drain your brain more than you know. If you are young, work at least 6 days per week or maybe 7 while you still have the motivation and energy. My advice is to double or triple up on those school loans to pay them off as quick as you can. As long as you have them, there is a giant weight around your neck.

In addition, you are gonna want to have life insurance and most importantly, begin investing in a Roth or Simple IRA (or something similiar). You really do want to start this when you're young as compounded interest is one of the wonders of the world.

It's as shame school cost so much. Should be illegal really but as long as the gov't is willing to fund people to go, I guess it won't change.

Good luck. And lastly, consider a military payback if at all possible.

 

[Optodoc]

Please don't forget to factor in health insurance. Regardless of what Obamacare may or may not do, you are looking at anywhere from $400 to $1,000/month for basic health insurance (HSA plan). Hopefully you are healthy, young and not a woman (they pay more) and not looking to start a family soon. Health insurance can kill a budget. But please don't stretch out your school loans for 30 years or more. That will drain your brain more than you know. If you are young, work at least 6 days per week or maybe 7 while you still have the motivation and energy. My advice is to double or triple up on those school loans to pay them off as quick as you can. As long as you have them, there is a giant weight around your neck.

In addition, you are gonna want to have life insurance and most importantly, begin investing in a Roth or Simple IRA (or something similiar). You really do want to start this when you're young as compounded interest is one of the wonders of the world.

It's as shame school cost so much. Should be illegal really but as long as the gov't is willing to fund people to go, I guess it won't change.

Good luck. And lastly, consider a military payback if at all possible.

yeah. i do wonder what will happen in 3-4 years when there will be no jobs readily available and the new grads are coming out with higher and higher debt loads. honestly it has really taken a hit for me mentally when I realized how much money is owed and then I realized what compound interest is doing against me. I'm definitely not the only one who is a little shocked at what reality is as naive as it sounds. I figure the only way to handle this is to stick it out and work as much as possible as you said, while trying to prevent burnout.

my goal is to pay my loans off until I have about 100k left (in approx 2.5 years) and then continue on the 10 year plan because I think I can handle $850 in payments rather than the $1,600 that I'm looking at. I think the downside is really the mental pressure that it places on us, like I'll always be worried about losing my job due to not being able to pay loans and lets not even get into what happens if one were to default... I'll give myself 40k salary (pre-tax) so that's about 27/28k to live on which isn't too bad. With time maybe I can consider something that's not corporate, which I may or may not like. At least without so much debt burden I can choose to work where I want to work rather than feeling chained to work simply to make money to feed the massive interest to the banks. gloom

 

[USArmyHPSP]

Please don't forget to factor in health insurance. Regardless of what Obamacare may or may not do, you are looking at anywhere from $400 to $1,000/month for basic health insurance (HSA plan). Hopefully you are healthy, young and not a woman (they pay more) and not looking to start a family soon. Health insurance can kill a budget. But please don't stretch out your school loans for 30 years or more. That will drain your brain more than you know. If you are young, work at least 6 days per week or maybe 7 while you still have the motivation and energy. My advice is to double or triple up on those school loans to pay them off as quick as you can. As long as you have them, there is a giant weight around your neck.

In addition, you are gonna want to have life insurance and most importantly, begin investing in a Roth or Simple IRA (or something similiar). You really do want to start this when you're young as compounded interest is one of the wonders of the world.

It's as shame school cost so much. Should be illegal really but as long as the gov't is willing to fund people to go, I guess it won't change.

Good luck. And lastly, consider a military payback if at all possible.

The Army only brings in a very small number of optometrists (two or three/year). And you APPLY for loan repayment AFTER you join. However, this is a link worth checking out if you feel you are up to it: http://www.ihs.gov/optometry/

 

[janedoe88]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

I actually know some friends who are buying a house and stretching both student loans and mortgage to 30 years i think that's a bit risky but according to them housing market will improve and with inflation that might be a worthwhile investment.

also, if I were to work as a independent contractor do i need to set up a LLC to protect myself or does it not matter. anyway pretty new to all of this any advice would be greatly appreciated.

how the hell did you get a 95k starting salary anyways? Do you live in the middle of nowhere? connections?

 

[Eye4aEye]

how the hell did you get a 95k starting salary anyways? Do you live in the middle of nowhere? connections?

I have a friend who is 2 years out who just started a job making a flat 150k a year. This is with an omd in suburban area. Guess she should consider herself lucky!!

 

[Dusn]

150K per year is a typical starting salary for an ophthalmologist in a suburban area. So yes, very lucky.

 

[janedoe88]

150K per year is a typical starting salary for an ophthalmologist in a suburban area. So yes, very lucky.

I've heard of Nurse practitioners making 100k their first year...never an optometrist...it's got to be a midwestern state no one would want to live in.

 

[310]

I've heard of Nurse practitioners making 100k their first year...never an optometrist...it's got to be a midwestern state no one would want to live in.

You are very wrong about the optometrists, but it's much more common in some areas than others, and it doesn't have to be in the backwoods.

To answer, I went about 165k in debt and choose to pay back about 1k per month.

 

[ABaverage]

I will be an independent contractor and the advice I have been given on multiple accounts is to get an LLC or SCorp. The difference between the two is a bit complicated and you may want to ask an accountant about it.. my plan is to get an LLC for the first year and when I really gear up, I will change it to an SCorp. Either way, you want to set it up for both tax breaks and protection.

Oh yes, and Walmart docs definitely make more than just 60k... not sure where you got that impression!

I am in a large city, it isn't unheard of to at least get 100k your first year out....

 

[310]

I will be an independent contractor and the advice I have been given on multiple accounts is to get an LLC or SCorp. The difference between the two is a bit complicated and you may want to ask an accountant about it.. my plan is to get an LLC for the first year and when I really gear up, I will change it to an SCorp. Either way, you want to set it up for both tax breaks and protection.

Oh yes, and Walmart docs definitely make more than just 60k... not sure where you got that impression!

I am in a large city, it isn't unheard of to at least get 100k your first year out....

What actual reason is there to set up an LLC? How exactly do they give you tax breaks compared to putting checks straight in your bank account?

 

[ABaverage]

You want to set up either an LLC or SCorp for your protection. If you are going to be billing for insurance, you will definitely want a separate account from your personal account. This is why I set up an LLC.
You get an individual tax return break if you have an SCorp but there are fees and guidelines associated with setting it up ... I think totaling about 1k/yr + any other fees you would incur with your accountant. You have to weigh your options carefully.

 

[310]

The reimbursement goes to the practice I work for and then I work one day per week for a flat fee somewhere else. I'm not sure if it makes sense for me, but, thanks, I'll look into it more.

 

[Meibomian SxN]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

I actually know some friends who are buying a house and stretching both student loans and mortgage to 30 years i think that's a bit risky but according to them housing market will improve and with inflation that might be a worthwhile investment.

also, if I were to work as a independent contractor do i need to set up a LLC to protect myself or does it not matter. anyway pretty new to all of this any advice would be greatly appreciated.

Paying off $180k in 10yrs @6.8% = $2072/mo. Paying off in 15yrs: $1598/mo.

I would suggest doing the 15yr repayment initially and use the extra for reserves, investment/retirement. Don't worry about a house, the next housing bubble (long overdue) will hit and you'll be able to take advantage then.

If you were really rouge, I'd tell you to screw paying the loan back because that's the next bubble to burst in the next 5-10yrs ($1 trillion total debt), but most won't so nevermind.

Another option is if you are somehow FT at a hospital or have hospital affiliation, you can do the 10yr repayment and then the gov't pays the rest of the loan off for you. But hospital gigs are hard to come by...

 

[jonod1107]

Hi all, I have 6 months till I have to start paying off a massive loan amount of $180,000. I'd like to see what others owe and how they plan on paying it off.

I got a job that pays 95 k year + bonus; I will probably work a 6th day to get more income.
My living expenses all inclusive is about 2,400 a month.
Taking home I would expect about 5,000 every 4 weeks, leaving me with 2,600 to pay towards loans for the next 10 years at a 6.8 interest rate. that sounds pretty bleak and depressing...

I actually know some friends who are buying a house and stretching both student loans and mortgage to 30 years i think that's a bit risky but according to them housing market will improve and with inflation that might be a worthwhile investment.

also, if I were to work as a independent contractor do i need to set up a LLC to protect myself or does it not matter. anyway pretty new to all of this any advice would be greatly appreciated.

What is your personal life situation? Do you have a wife and/or kids? Are you a traditional grad (meaning you are around 25-27 years old) etc etc.

My brother graduated with 90k in debt, he was lucky to have my parents help him with rent and living expenses while in school. He worked crazy hours for 2 years and was able to pay it off in 1.5 years. He lived like a broke college student though. He rents a room in a 2 bedroom, two bath condo for about $600 a month, didn't take any vacations (except to the nearby beach), and continue using his old car. He just recently bought a new car a month ago.

 

[20DOC20]

180K???

My debt after optometry school was 70K. I paid it back within five years.

I don't know what to say. My gosh!

Financial people say student loans are going to be the next bubble.

Education has become a business, more about collecting tuition than producing the necessary number of workers for any given profession -- funded by the government -- further compounded by the problem that huge numbers of these jobs have been outsourced to China. The government is knowingly funding programs that have no need for US workers and the universities feed off this system.

It seems to me that education has become a scam preying upon innocent students seeking an American Dream that no longer exists for this generation. The US universities DO NOT exist for education, but exist for themselves and only for themselves. Optometry is one such example.

Optometry got big because the AOA wanted the profession big because large organizations are powerful and have greater lobbying power at a legislative level.

Debt = money for someone. The income from debt is interest/

It would take away people's freedoms if the government started allocating funding for student loans based upon shortfalls in workforce in any given profession ... yet ... what are we to do if no one can pay back their student loans? That may be the future ... funding programs based on projected need in any profession.

The government created this problem, so they should fix it by allowing students to list student loans on Chapter 7 bankruptcy filing, so that the debt can be discharged in the event a student is unable to pay back the debt. Or give students the option of listing a percentage of the debt on a chapter 7 after so many years of unemployment, etc...

Thanks to Bill Clinton, we have NAFTA, and with NAFTA went all our US jobs and yet we still pump out workers as if the jobs still exist here.

The government bailed out the banks, so they'll have to take responsibility for their actions by bailing out all the students they s*rewed over.

I couldn't even imagine paying back 180K in optometry loans at this time in the profession. Congratulations on the high paying job. With that type of income, you can pay back the debt. Pay back the high interest loans first. Don't consolidate them. Pay them off one by one.

Make use of the IRA/SEP deductions every year and max that out. You can also stuff money away in ESA's and sometimes in tax-deferred annuities on top of that. With your income level, you need to be keenly aware of your taxable income and to keep it as low as possible.

If you don't have kids, you can still establish an ESA and write it off making yourself a beneficiary. You can only spend the money on an education, but if you decide to go back to school someday if and when you become bored with optometry, you'll have it to use.

Health insurance is overrated and the fine is only $95 per year. If you did get a serious injury, the hospital can't refuse care and ObamaCare allows people to purchase insurance at the time of service. So if you get hurt, buy insurance, use it, get the benefit and cancel it again. Then just pay the fine. Believe me, I wasted so much money on health insurance. I only have emergency insurance through Combined Insurance, and pay cash for everything.

 

[Eye4aEye]

Awesome and informative post!!

 

[20DOC20]

Trying to think if I have anything to add.

The goal really is to pay minimum in TAXES. My thought is that the Federal Government is irresponsible and doesn't deserve my money and so I'm going to do everything I can not to give them much.

You can write off a portion of your student loans. Ask a CPA. Hire a CPA to do your taxes. It's worth it. May cost you around $500 for them to do your taxes.

Did I mention tax-deferred annuities? Usually issued by life-insurance company. They'll probably try to sell you life insurance also. That's a waste of $$ unless you're going to die. Plus, you won't live to see any of it anyway. So, just stick with the annuities.

Sep-Iras are superior to regular IRAS because you can deposit more tax deferred money into them ... a minimum of 5K to 20% of your net income (?) (I don't think it's based on gross-so ask a financial advisor), up to a max of 51K.

I don't know anything about Roth IRAs, except they're a good vehicle for saving college tuition money than other types of IRAs. Don't know why though.

Spread your $$ around a bit. Don't put all eggs in one basket.

When Sept 11 occurred I had all eggs in one SEP IRA based on general stocks and it lost 30-40% of its value overnight and did not recover for about 5 years.

I have most of my money in Midas Funds SEP IRAs. These funds invest more in tangibles like gold and precious metals. Hard currency. Then I have a SEP IRA in general stocks. I have a growth fund and a bond fund. I think I'm going to transfer the $$ out of bonds because when the government defaults on the national debt, they'll be worthless. The fund that's doing the best is my more risky growth fund but my Midas Funds account is performing remarkably well for a fund that is low risk.

Also recommend investing in South African Gold Kruggerands ... in the smallest currency they come in. I think it's 1/10th oz. You get taxed on those when you sell them so keep your receipt. You're only taxed on the profit and there is a 28% capital gains tax on that. Good just for a rainy day. Don't bother buying any other type of gold coin because it's value is based on the value of gold bars??? Not all gold coins are valued in the same way. US Mint gold coins are not a good investment for this reason.

What else ... can you claim anyone as a dependent? Any parent living with you who makes less than 6K per year (SS doesn't count as income)???

Again, depending on your state, Educational Savings Accounts help reduce the tax liability.

Buying a house isn't that great of an investment unless you pay cash for the whole thing because the mortgage interest is deductible, but not off a schedule c where you'd get a nice deduction, but off the itemized deduction. Sometimes my itemized deduction comes really close to the standard deduction and so having the house doesn't help that much.

Keep track of non-compensated employee expenses. Stuff like mileage, lodging and travel are deductible. CE is deductible. Meals. Entertainment while on CE. If you're not an employee, but self employed, keep ALL receipts and give to CPA.

Take a CE cruise. The entire thing is tax deductible including airfair, meals and the off-ship entertainment.

Did I mention to NOT consolidate your loans? Pay them off one by one. Pay off early if you can. You'll never pay off early if you consolidate because principal will be too large. The banks will do everything they can to talk you into consolidation because it's in their best interest, not yours.

Work your behind off the first few yrs out of school. You'll gain experience and you can pay off your loans faster.

Setting up as an LLC is good. When you bill insurance, use the EIN number of your business rather than your SS number on your claims. If you're already on the plans with your SS number then send them a W-9 form. It's easy to switch. Except with Medicare. Medicare's weird. Get an organizational NPI if they'll let you because then you can use your EIN number on the Medicare claim, BUT I don't think they'll allow it unless you're a corporation. Using EIN instead of SS number helps reduce chance of identity theft, or someone using your SS number to commit insurance fraud.

You can be an LLC corporation OR an LLC sole-proprietor. Usually LLC corporation is an S-corp. I don't know much about that though. Look into an S-corp. Heard some good stuff and is a bit more of a shield from liability than a sole-proprietor/disregarded entity type LLC.

Well, good luck!

 

[20DOC20]

You can still deduct charitable donations, too. That may change though.

Again, health insurance is a waste of money. It will be cheaper to pay the fine and then buy insurance when you get sick. They can't deny you because that's part of the Affordable Care Act. LOL!!!!!!! (Idiots).

 

[Optodoc]

What is your personal life situation? Do you have a wife and/or kids? Are you a traditional grad (meaning you are around 25-27 years old) etc etc.

My brother graduated with 90k in debt, he was lucky to have my parents help him with rent and living expenses while in school. He worked crazy hours for 2 years and was able to pay it off in 1.5 years. He lived like a broke college student though. He rents a room in a 2 bedroom, two bath condo for about $600 a month, didn't take any vacations (except to the nearby beach), and continue using his old car. He just recently bought a new car a month ago.

I just turned 28 no wife no kids. just me. I can't even fathom building a family or having a stable relationship with this type of debt load. I negotiated my contract to $100,000 a year plus bonus and started working a 6th day as a fill in doc in another retail location where I get to keep all the fees and so far I've been making about $500-700 a day which with bonus i'm looking around total yearly ~130,000 pre tax. I'm in a pretty good position if I had ONLY 90K in debt I would not be working a 6th day and probably not working retail period because I had multiple offers at private practices that didn't pay too shabby either. All in all I'm a little bitter even though I'm making good money but what I look forward to is the day I can feel financial stability and hopefully prevent burn out in the process. I know plenty of people who owe around 200,000 out of school, it's really not that hard even with responsible spending habits. assuming if you parents don't help out at all. tuition is around 30K a year, plus random fees adding to about 33K or so; living on about 17K a year (give or take) equals to about 45-50K a year; at four years that's min of 180; add in interest by the time you start paying it's easily at 200K+, not including undergrad debt so even if you have 20k in undergrad loans the final amount is still easily over 200-250K when one starts to work.

As for myself I had about 20K in undergrad going into grad school. I worked all throughout undergrad about 25 hours a week. While supporting myself I wasn't able to pay back my undergrad loans prior to starting grad school. What really killed me was that I had about 10K in credit card debt going into grad school and a lot of financial aid money went to paying credit card interest at 20+% for 3 years until my parents helped me out 2 years later when I told them about it. Then things happened car bills transportation fees moving costs etc etc even though I had some help from my parents which I'm very thankful for living as frugally as I could 180,000 I think is a pretty good number for myself as I think it could've easily been much higher. With this 6th day job hopefully I can continue to make money off of it I could pay my loans off much faster. I'm putting in about $4500 a month which is psychologically draining and I plan to do that for about a year or as long as I could last and then slowly reduce the amount and eventually get rid of the entire amount within 7-8 years. what a nightmare

 

[310]

@optodoc

Why not just pay less on the loans every month and work five days so you don't want to kill yourself? Pay more on the loans later when it doesn't cramp your lifestyle as much.

"I can't even fathom building a family or having a stable relationship with this type of debt load." <---That's a drama queen statement if ever I've heard one. You're still pulling in more post loan payments than most of the population, and they survive. You need to work on fathoming things better.

 

[Optodoc]

@optodoc

Why not just pay less on the loans every month and work five days so you don't want to kill yourself? Pay more on the loans later when it doesn't cramp your lifestyle as much.

"I can't even fathom building a family or having a stable relationship with this type of debt load." <---That's a drama queen statement if ever I've heard one. You're still pulling in more post loan payments than most of the population, and they survive. You need to work on fathoming things better.

yes I have looked into all different types of options for repayment. the reason why i'm putting as much into the loans right now is because of the high interest rate and i'm taking advantage of the fact that I don't have a wife or family to take care of at this point but in my early 30s I hope I would feel more comfortable in being able to provide. I don't want to have to stress over how to put food on the table if I lose my job because I have a 2,000k+ monthly payment towards student loans. Also job security, in my opinion, in the next 3-4 years is going to feel... less secure due to the massive amount of graduates coming out of school and not so many new positions opening. even if there are, the starting salary I would imagine starts below what I make presently, or well below that. I want to have the option of leaving corporate optometry into other modalities even if it means less pay and I simply cannot do that with a huge debt amount. What I want, are options, and not being feel stuck. I can pay 2000k a month towards loans and have plenty left over to invest save or have fun with but ultimately that's just equals more interest paid over time back into the banks. Or hey how about extend it to 25 years at 1400 or 1250 on IBR and after 5 years see my principle unchanged (still at 180,000 which is going to give me a heart attack) or I can chip away whatever I can right now while i'm making good money working 6 days and by eating McDonalds chicken wrap daily and trail mix for breakfast (which is actually a healthy option) for a few years. and imo IBR is a ridiculous scam the only thing it offers I think is for people to not default on their loans. nothing is forgiven. if you make it past 25 years of payments your principle will actually be more than what you originally started with and that entire amount, which is 'forgiven', is TAXED as income. good luck paying income tax of 200,000+ after you've made payments over 25 years. yes maybe i'm being a 'drama queen' about not feeling secure of being in a relationship w/ this type of debt. If it happens it happens as of right now i'd rather just stay the course for another year or so then i'd feel like there's more breathing room. because lets face it a relationship costs alot of money,

 

[310]

Maybe you should find someone who earns more than you and not have kids.

 

[thiaeyemd]

It it makes you guys feel better, one of my colleagues who has 220K in loans told me the other day "I am totally depressed". I asked him "why?" He said "Last night I came to realization that for 12 years I worked my ass of so for the rest of my life I can....work my ass off". Sad but true.

 

[Meibomian SxN]

http://www.cnbc.com/id/101012270

The student loan bubble is starting to burst

The largest bank in the United States will stop making student loans in a few weeks.

JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters.

The official reason is quite bland.

"We just don't see this as a market that we can significantly grow," Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she's basically delivering the news that a large part of her business is getting closed down.

 

[ophthope]

Again, health insurance is a waste of money. It will be cheaper to pay the fine and then buy insurance when you get sick. They can't deny you because that's part of the Affordable Care Act. LOL!!!!!!! (Idiots).

Preventative and routine healthcare alone is probably worth the cost of a decent plan, not to mention you don't want to waste time with trying to get insurance in line if something goes wrong. I'd hate to not have insurance when I needed a Whipple procedure and have to deal with the paperwork then. Heck even if I needed a lap chole I'd hate to be waiting around. You can't rely on EMTALA for quick care of everything.

Totally agree with Meibomian - student loan bubble should burst soon and it should be a good thing. College is extraordinarily expensive and is in many cases a bad investment for students, but they don't realize that until it's too late. As a result of the education business' disconnect with the fields they are training people to work in, many sectors have trained too many professionals in their field unnecessarily. But, I'm probably preaching that to people who agree here.