Loans.. marriage..Life!

[jc812]

Call me superficial, but I feel that I DON'T want to meet the love of my life in Optometry school. Instead of paying back one loan, we would have the burden of paying back TWO loans!! I just need a sugar daddy to pay for my school and I will be set! I kid.

On a serious note..

The thought of having this $100,000 loan is scary to me. Is it really worth it? I will have to do a payout of X amount of dollars everyday until I basically retire. This is scary to me. =(

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[kamonte]

Haha.. that's a funny thought.

To comment on your serious note though, I'm under the impression it's going to be closer to $200,000 (I'm paying out of state tuition though), and as far as I know, you wouldn't want to be paying a little back every year for the rest of your career! Loans accumulate interest, therefore it is in your best interest to pay it off ASAP. From what I've read, if you decide to go on a 20 or 30 year payment plan, you end up almost doubling what you borrowed in interest alone.

Anyone know anything else about this topic? I figure that we'll all learn about it as time goes on here and actually get to school this summer/fall.

 

[SightIsPrecious]

Call me superficial, but I feel that I DON'T want to meet the love of my life in Optometry school. Instead of paying back one loan, we would have the burden of paying back TWO loans!! I just need a sugar daddy to pay for my school and I will be set! I kid.

haha... ditto! =)
School loans are a concern for me as well. I've talked with a few health professionals who say that they were able to pay it off within or around 10 yrs. But i think it has a lot to do with the lifestyle you choose to have during and after school.
Of course, it wouldn't be a concern if we met a sugar daddyy

 

[KHE]

haha... ditto! =)
School loans are a concern for me as well. I've talked with a few health professionals who say that they were able to pay it off within or around 10 yrs. But i think it has a lot to do with the lifestyle you choose to have during and after school.
Of course, it wouldn't be a concern if we met a sugar daddyy

What you need to do is to take the MAXIMUM REPAYMENT TERM POSSIBLE which is normally 30 years. That does NOT MEAN that you have to pay it off over 30 years. But give yourself the flexibility of making the minimum payments during the early lean years of practice when you need to set up or buy a practice, get married, and purchase a home. If at some point in the future you have extra money per month, you can put it towards your student loan but don't fall into the trap of thinking that you have to pay thousands of dollars a month in a sprint to get the loan paid off. Your career is a marathon, not a sprint.

Consult a financial advisor.

 

[panzer]

So you married peeps will do optometry part time? I mean there is a lot of loan and then the rising interest that will need to be paid off not to mention if you buy a house and kids..

PS I am just relating from people i know of...

 

[jc812]

What you need to do is to take the MAXIMUM REPAYMENT TERM POSSIBLE which is normally 30 years. That does NOT MEAN that you have to pay it off over 30 years. But give yourself the flexibility of making the minimum payments during the early lean years of practice when you need to set up or buy a practice, get married, and purchase a home. If at some point in the future you have extra money per month, you can put it towards your student loan but don't fall into the trap of thinking that you have to pay thousands of dollars a month in a sprint to get the loan paid off. Your career is a marathon, not a sprint.

Consult a financial advisor.

I've read quite a lengthy post about your logic behind taking the longest repayment term possible. I just don't know if it's THAT beneficial? We all know the negatives of taking the shortest term (living in a dump, getting cars repo'd, or what have you) but what about the negatives of taking it out over 30 years? (Other than higher interest payment)

 

[DrRobs]

Call me superficial, but I feel that I DON'T want to meet the love of my life in Optometry school. Instead of paying back one loan, we would have the burden of paying back TWO loans!! I just need a sugar daddy to pay for my school and I will be set! I kid.

On a serious note..

The thought of having this $100,000 loan is scary to me. Is it really worth it? I will have to do a payout of X amount of dollars everyday until I basically retire. This is scary to me. =(

Hahahaha, yea def would be nice to find a sugar daddy!!! Prob won't happen, but I'm sure you can pay off your loans after u graduate, exp if you find a good solid job...or maybe find a "sugar daddy" while in school or after you graduate

 

[mtrlOATgal]

well just to make things more relaxing here, why on earth would you want to find a sugar daddy/mommy AFTER graduation? why not before, so they just pay it all and there will be no loan after graduation AND you can still party and live well during OD school, right?

 

[jc812]

well just to make things more relaxing here, why on earth would you want to find a sugar daddy/mommy AFTER graduation? why not before, so they just pay it all and there will be no loan after graduation AND you can still party and live well during OD school, right?

Luring in a sugar daddy is probably just as much work as a full time job.

Back to reality..thumbdown