<p>How sad! Working hard, going through school and training until the tendaer age of 40. Just to jump into a deeper hole, being strapped on to the medical “bench”, working until 70 or until her last breath. Have no hope of having a normal family and having kids…Oh Lord! Please help.</p>
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<p>Lesson for others with student loans–don’t miss payments so that you won’t get your loan turned over to a collection agency, don’t defer payments for years, keep very good track of paperwork. </p>
<p>The amount of students loans a person takes out can be a huge burden–if you mess up on the repayment, the huge burden can become insurmountable!</p>
<p>I have a friend who has given up paying on her student loans–she deferred her payments for years, got more schooling which added to the burden, and then when her schooling was done, she was underemployed. The numbers keep ratcheting up, but what’s the difference if the number is $150K or $550K–neither is going to be repaid.</p>
<p>I know the U.S. Army will pay for medical school in return for a commitment to serve, which may appeal to some people and not others. Also, there are programs to work in underserved areas in exchange for loan forgiveness. I wonder if those programs are too few and far between to make a difference?</p>
<p>Also, what did Curmudgeon do to help his daughter pay for medical school? I know he helped her find a merit scholarship for undergrad.</p>
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<p>No, no and no. Everyone should be worried about huge amounts of student loans, no matter what you major in. Doctors who do family practice in a remote rural area earn a lot less than that film studies major who goes to Hollywood and earns millions on a hit movie or TV show. </p>
<p>I haven’t read the article, but I get from the comments that this person’s problem was as much her ignoring her loan payments as it was the amount of loans. But statements like the one I highlighted above irk me, because it assumes that doctors are always wealthy and film studies majors are always poor.</p>
<p>I believe there is a demand for Western physicians in other countries. </p>
<p>Becoming a student loan refugee seems like the only rational option. </p>
<p>It’s too bad.</p>
<p>The high costs of medical school often push new doctors into the higher-paying specialties, not because they want to work in those fields but because that’s the only way to pay back their loans. Yesterday, someone commented on an electronic list related to my work that law schools have made it easier for lawyers to deal with their debt burdens but that medical schools haven’t followed suit.</p>
<p>kayf, parents are always welcome. We also have outreach for parents. We are not alone … many schools offer programs. We even have a calling campaign to remind people a day or two before. We are lucky to get a 10% rate of those who committed actually attending.</p>
<p>As for the military option, young people need to seriously think about how to pay for professional school before they attend. They are certainly old enough to think for themselves by this time (I was married & had a house and a good job by the time I was 23, for Pete’s sake). My kids’ former babysitter didn’t have the money for dental school … so she joined the army, went through basic training, and the military paid for UMich dental school. She will serve as a dentist when she graduates DEBT FREE. I am so proud of her. It’s not for everyone, but it is a great option.</p>
<p>This story is from last year–February 2010. I think it was hashed about on here then.</p>
<p>I’m the father of an M1 (who is my D1). She’s doing very well, and if she stays on course & ‘only’ does 3 years of residency, she will enter her earning years, i.e., paying back her med school loans, when she’s 30. IF the M.D. & D.O. pay structures stay even constant–no sure thing with this administration–making ~$150K to start will allow her start paying back her loans. My advice to her will be to live as frugally as possible until those S.O.B’s are paid off.</p>
<p>I also sent her the above WSJ article to scare the heck out of her too.</p>
<p>^^ To your point -
Why would she even think about buying a ‘new’ car via more loans when she has all of this debt over her head? This is the kind of thinking that got her in trouble.</p>
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MD Mom - I think you’re right - this is a rehash.</p>
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Well, so far I’ve managed to keep my word. That’s something, right? </p>
<p>All I’m doing is what I agreed to do on the front porch 5 years ago - paying what I would have paid (but didn’t) for UG on med school.</p>
<p>I must say, my D does have an very interesting version of mathematics. 
I think she learned it from her mother.</p>
<p>Kudos to both of you!</p>