FICO should not include or should devalue student loan debt much faster IMhO

[Student_Loans_Kill]

This is my view point based on the amount of students who face debt because of education. Education should not hurt our ability to live normal lives. Why should our generation be hurt by soaring default rates, poor economy lack of jobs? Education in this country is under valued. Second chance opportunity should be given for defaults and rehab should be regulated by federal standards http://online.wsj.com/article/SB10001424052748703389004575033063806327030.html?mod=WSJ_article_comme...

[drkaje]

It'd sad, but people need to look at educational costs vs average pay when choosing residencies. Not everyone will end up in an undeserved area and those loans never go away.

[Jazzzy]

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@Student_Loans_Kill wrote:

This is my view point based on the amount of students who face debt because of education. Education should not hurt our ability to live normal lives. Why should our generation be hurt by soaring default rates, poor economy lack of jobs? Education in this country is under valued. Second chance opportunity should be given for defaults and rehab should be regulated by federal standards http://online.wsj.com/article/SB10001424052748703389004575033063806327030.html?mod=WSJ_article_comme...

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I agree that repaying student loans is a challenge. Let me respectfully point out, however, that yours is not the only generation hurt by soaring default rates, poor economy, and lack of jobs. Those issues are not generation-specific.

The doctor in the WSJ story brought on her own difficulties. She could have practiced in an underserved area and had all of her loans paid back through NHSC loan repayment. Many doctors choose to do this and get hundred of thousands of dollars in student loans wiped away. She was pretty open about the fact that she mishandled her debt.

I do believe that many students accept loans and have no idea of repayment terms, interest rates, etc. Our daughter was offered a student loan through her university, and I was met with a blank stare when I asked what the interest rate would be. I believe this information is disclosed...but not in such a way that the new student truly understands the process.

[Student_Loans_Kill]

I don't agree... Reimbursement went down for procedures, education costs up, malpractice up... And we can't file bk and discharge our loans like our fathers could

[drkaje]

HIPPA compliance also costs money.

The days of "Just finish residency and everything else will fal into place" are over. You have to watch finances every step of the way.

[Anonymous]

I hav to disagree.  When I took out my loans, I knew what I was getting myself into.  My education was not meant to be a free ride- and with all the advantages it has given me in the world, it was well worth the investment.  If people don't want to pay for their schooling, then they don't have to go to school.  The sad truth is that college costs money- way more than it used to- but in the end it is worth it.  I'm sorry you are finding yourself in such a rough time.

[drkaje]

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@Anonymous wrote:

I hav to disagree.  When I took out my loans, I knew what I was getting myself into.  My education was not meant to be a free ride- and with all the advantages it has given me in the world, it was well worth the investment.  If people don't want to pay for their schooling, then they don't have to go to school.  The sad truth is that college costs money- way more than it used to- but in the end it is worth it.  I'm sorry you are finding yourself in such a rough time.

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OP is talking about medical education costs. It's doubtful most people spend $400-500K on student loans and then spend years trying to pay financial catch-up. Any formal education about loans most doctors doctors get sounds like: "Just finish! Everything else will take care of itself".

Also, there are a lot of non-financial costs.