How does a student even get a $600K loan for university? Seems way out of bounds.
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There are probably quite a lot of doctors with 500k+ in student loans
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But how does a student get a loan for that much? How insane do you have to be to underwrite that?
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1. Income potential 2. Student loans non-dischargeable in bankruptcy = near risk-free investment
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Thought of you as I was reading this and am now calling my senator
@RonWyden. Federal government needs to rein in these unsecured loans that have allowed for profit to bloom and non-profit universities to jack up tuition rates. -
Tuition didn’t require a student loan until the Fed govt got involved and started financially backing the loan system. Then suddenly prices went up once “free” money was being backed by the Fed govt. Just like with the housing bubble and healthcare - Fed involvement = price soar
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I’ve pointed this out for years. People seem to be dumbfounded when you try to explain how Govt involvement drives up prices. Many people cannot fathom how healthcare would work w/o Govt. Would you take $5 for job when someone is offering $10? Especially if it’s ‘free’ money.
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This is insane. When does the whole loan system collapse? Let's remember that these costs eventually get passed on to everyone via higher prices for services, insurance, etc. Only winners are the banks.
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Thats the problem. It won't/can't collapse because most of the loan dollars are backed by the federal government. So every tax payer will end up paying for the bad debt. If the federal gov't wasn't backing these loans no private company would underwrite them.
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I read that article this morning. Makes me sick. Screwed up system but also, where is this guy’s responsibility compass? He obviously could do more to pay off his debt.
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or he could just not, like hes doing. been seven years and they haven't come to suck the orthodontics out of his brain yet, so apparently hes doing something right
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I mean, on one hand: yes, the system is broken, nobody should be in this much debt for an education. But in the other: this guy consciously decided to go to a school where he would spend $600k despite the fact that there are plenty of more affordable options.
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Damn, 600K to go to USC. Just nuts.
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Insane.
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I have trouble feeling much sympathy for an orthodontist. I'd have more sympathy if he were un/underemployed.
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fucking hell, just void the damn loans
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