Posted on 09/04/2023 6:37:08 AM PDT by Oldeconomybuyer
SAN FRANCISCO (KGO) -- Millions of Americans who have federal student loans have been dreading this day.
On Sept. 1, interest on student loans started accruing again for 43 million Americans.
"I graduated from dental school in 2019," said Annelise Eriksen. She has been a dentist in the Bay Area for more than three years.
"I owe somewhere around $470-480,000," said Eriksen. "I think it's an obscene amount."
She went on to say, "I didn't take out any student loans for my undergrad. That's all dental school loans. I think my largest loan is $70,000 with a 7.5% interest rate."
Eriksen says it's impossible to live in San Francisco, pay rent and pay back her loans.
The thought of paying back student loans can be difficult to process.
"It's daunting. In order to keep up with the interest rates, I would have to start making payments of $3,000 a month. That's how much pure interest my loans accrue every month," Eriksen said.
(Excerpt) Read more at abc7news.com ...
Do what they do in some European countries. Work in the government sectors for a few years and the debate is cleared.
Granted, you will not make private sector money, but what is a few years?
maybe she should consult with AOC, I hear she’s an economic advisor/s
All that education and didn’t learn any math or personal finance. 7.5% Let me guess, the guy’s name was Pauly.
My tiny wee violin is at the cleaners...
Someone just out of school is going to have to wait a while before she can “cash out”.
***********
True, and that’s why I said “at some point”.
If she can build a lucrative practice it could become worth quite a bit — not that far down the road. My dentist has a busy practice in a good location (lots of development in the immediate area). He’s got substantial equity built up and it didn’t take that long.
I have one comment for the sob story “Tough s**t”. If she gets her loan dumped on the taxpayers does this mean that anyone who pays federal taxes is entitled to free dental care from her? Dentists are really high on the scale of annual earnings, and if she can’t pay her debt she needs to see a financial advisor to go over her lifestyle expenses.
Are 4 year olds cheaper than 6 year olds in China? I'm sure there's a productivity decrease between the two ages, just looking to do a cost/benefit analysis here.
My wife and I went to college and had to take out loans because neither one of us came from affluent families. We paid off those loans back in the Eighties. Finances were tight what with rent, car payments, groceries, student loan payments, etc. We also took summer school classes and worked summer jobs to pay the bills. I sure as hell am not throwing myself a pity party. We knew what we were doing, but without that degree in Computer Science we could have never achieved whatever meagre level of success we did during our careers. Lady, you borrowed the money so work and pay it back! Off my soap box now.
Dr. Annelise Eriksen
exactly! this person can earn those loans back in just a few years as a practicing dentist!
Before the government got involved in the student loans so it wasn't as expensive back then.
she COULD have been making payments during the entire pause!! and EVERY CENT would of gone towards the principle!
But I am sure she lived large and purchased $10 coffees three time a day instead!
Sign here honey, everything will be rosey.
What an
Poor simple child.
I'm sure there are plenty of distressed areas that can use a dentist.
-PJ
They had three years of interest free loans. How many took advantage of that of spent their money on waste. I’d expect a very small percentage paid anything during those free years. Sad!
now you have me thinking out of that box again...
What if we go down to the southern boarder and pick up a truck load of 6 year olds for ourselves?
We could get gov $$ for taking in “immigrants” and get a work force for making the boxes at the same time ...
we would be exempt from all the rules and regulations because we would be helping “minorities”
This is the land of opportunity after all.
Of course we will need to find out where to send that 10% .for the big guy
A lot of this debt was to maintain a high lifestyle in college with $5.00 coffees and $12.00 sandwiches at off-campus eating and drinking joints and a nice car, now their gardeners and oil change guys can pay off the loans for them.
“a wise and frugal person” said NO democrat EVER! Government teat is the only way to go! and voting democrat is how to eventually pay what you owe because SOMEBODY ELSE will foot the bill for you...until everyone runs out of everybody else’s money. can’t happen soon enough.
According to Salary.com the average dentist makes about $238K per year.
So ... hunker down and pay off the loan.
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