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The bigger the student loan the better
Posted by: eLester ()
Date: April 23, 2014 11:47AM

Just make sure you get a government job or one with a non-profit after you graduate.


Students seek loan forgiveness in overwhelming numbers
By Jane C. Timm

Enrollment in federal student loan debt forgiveness programs skyrocketed nearly 40% in the last six months, the U.S. Education Department told The Wall Street Journal, as education costs rise.

The programs—particularly the one revamped by President Barack Obama in 2011, Pay As You Go—forgive federal student loans after borrowers have paid a certain percentage of their income for a certain number of years.

...

Ben Cocchiaro, a third-year medical student at Drexel University, has taken out more than $263,000 in federal student aid between undergrad and medical school to date. He expects that that number will be around $350,000 before he gets his degree and said that the public sector student loan forgiveness program is key to his future.

Cocchiaro plans to work in primary care once he graduates—he already volunteers at two free clinics in Philadelphia, in addition to his school rotations—and knows that his salary will range from around $47,000 during a three-year residency to around a $100,000 during the early part of his career.

With loan forgiveness for public sector employees, he estimates that he will pay about $165,000 down over ten years and have the rest of his loans forgiven.

http://www.msnbc.com/morning-joe/students-seek-debt-forgiveness-costs-surge

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Re: The bigger the student loan the better
Posted by: Fruppie ()
Date: April 23, 2014 11:55AM

eLester Wrote:
-------------------------------------------------------
> Just make sure you get a government job or one
> with a non-profit after you graduate.
>
>
> Students seek loan forgiveness in overwhelming
> numbers
> By Jane C. Timm
>
> Enrollment in federal student loan debt
> forgiveness programs skyrocketed nearly 40% in the
> last six months, the U.S. Education Department
> told The Wall Street Journal, as education costs
> rise.
>
> The programs—particularly the one revamped by
> President Barack Obama in 2011, Pay As You
> Go—forgive federal student loans after borrowers
> have paid a certain percentage of their income for
> a certain number of years.
>
> ...
>
> Ben Cocchiaro, a third-year medical student at
> Drexel University, has taken out more than
> $263,000 in federal student aid between undergrad
> and medical school to date. He expects that that
> number will be around $350,000 before he gets his
> degree and said that the public sector student
> loan forgiveness program is key to his future.
>
> Cocchiaro plans to work in primary care once he
> graduates—he already volunteers at two free
> clinics in Philadelphia, in addition to his school
> rotations—and knows that his salary will range
> from around $47,000 during a three-year residency
> to around a $100,000 during the early part of his
> career.
>
> With loan forgiveness for public sector employees,
> he estimates that he will pay about $165,000 down
> over ten years and have the rest of his loans
> forgiven.
>
> http://www.msnbc.com/morning-joe/students-seek-deb
> t-forgiveness-costs-surge

That's stupid.

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Re: The bigger the student loan the better
Posted by: eLester ()
Date: April 23, 2014 01:10PM

He's basically paying off roughly his tuition and other costs for four-years at a good non-Ivy university. The med school is essnetially free. If he went to Drexel for undergrad, he's paying off just the tuition.

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