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> Hardly - in fact, there's already been significant downward pressure on these, because the debt level is already at the tipping point. Yeah, by my calculatio
by sndean 9y ago
> Hardly - in fact, there's already been significant downward pressure on these, because the debt level is already at the tipping point.
Yeah, by my calculations, my SO is currently taking home around $-1 per hour in residency. Some reasons: ~50k/year, expensive area, ~400k in loans, 8% interest rate.
I took a slightly more comfy route, career-wise (Ph.D.). Her bank account will likely surpass mine when she's ready to retire (around 55-60).
- distances 9y agoA bit offtopic, but 8% interest rate on a loan you can't default on sounds bonkers. I'd rather expect something like 0.5 percentage points over the current interbank offered rate.
- sndean 9y agoWe really need to refinance, but the best we can find is ~7%, I think? Most of the residents I've been around either seem to be in denial about how terrible their debt situation is or quickly change the subject.
- distances 9y agoYeah, I didn't mean that you could find a much better deal. Just that the loan market itself is seriously broken with these kind of interest rates.
- SkyPuncher 9y agoI did a similar calculation with my S.O. At the time she's licensed, she'll be over a million dollars behind where she would have been if she went straight into industry. Break even is something like 25 years down the road - even with "high doctor salaries"
- mac01021 9y agoa million dollars behind where she would have been if she went straight into what industry?
- SkyPuncher 9y agoI based it on her Biochem degree. Many of her peers who decided against medical school went into medical related fields like pharma and medical engineering.