How are you paying off $100K in debt in 2 years if your only paying $1100 a

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May 25, 2018
11:01:53am

carlstud All-American

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carlstud

Previous username: MasterBetaCarotene
Bio page: carlstud
Joined: Mar 31, 2011
Last login: Jun 16, 2024
Total posts: 19,393 (6,378 FO)

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Messages

Author

Time

WSJ article on BYU-grad orthodontist with $1 million in student debt

Gustav

5/25/18 7:29am

I believe this is fairly common. I have a friend in a similar situation.

Flippy

5/25/18 7:38am

We have enslaved an entire educated generation to the government

OU Cougar

5/25/18 7:46am

RE: We have enslaved an entire educated generation to the government

HuskerFan2

5/25/18 8:31am

You can't relieve student loan debt in bankruptcy, or everyone would take a

TailgateU

5/25/18 10:50am

The balance isn't right

OU Cougar

5/25/18 11:49am

A tip for reading paywalled WSJ articles:

CougarAndMerlin

5/25/18 7:39am

Tweet is here:

Gustav

5/25/18 7:43am

He can lead a frugal life for a few years and his debt would be gone

Cougs1

5/25/18 8:24am

Doesn't even have to be too frugal, just normal.

TailgateU

5/25/18 11:02am

You might need to open an incognito tab

Jennerstein

5/25/18 10:22am

Sounds like the guy lives a pretty great life.

Hedonic Threadmill

5/25/18 7:44am

Yeah at least it was a degree that pays

OU Cougar

5/25/18 7:52am

I never get that. I know a few people in my wider circles

mokelembembe

5/25/18 8:08am

Too much talk about chasing dreams and "doing what you love" - without balancing

Game Changer

5/25/18 8:27am

For sure. The thing is that attitude actually could be good if they

mokelembembe

5/25/18 8:41am

my experience is that few people enjoy hard love. People probably felt like it

Mayor of Cougartown

5/25/18 9:38am

Agreed. OTOH, I bet the people who pay him for their kids' braces are saying

panguitch

5/25/18 8:43am

I know a gal who was going to BYU, her dad was an employee there...

Eddie

5/25/18 9:17am

Get degree in something that pays. Minor in something of interest.

CougarThug

5/25/18 9:25am

Yes!! or get a degree in something that pays the bills and then have a hobby

Mayor of Cougartown

5/25/18 9:40am

I can't tell you the number of times I've had that conversation with my kids.

Eddie

5/25/18 9:51am

He is only one of 101 people in the US to have more than million dollars in

carlstud

5/25/18 7:50am

USC dental school is the worst for tuition

doubled1981

5/25/18 7:55am

And cost of living

TailgateU

5/25/18 10:11am

<< Deleted >>

dizthewiz

5/26/18 3:28am

Didn’t take advantage of food stamps from the government

AndyDwyer

5/25/18 7:56am

Although his debt example is on the extreme high end because he went to usc the

doubled1981

5/25/18 7:53am

He was at 300k before ortho training

WorfoSAUR

5/25/18 8:03am

Depends on the residency but yes many do

doubled1981

5/25/18 8:09am

That debt is crushing

CBaass

5/25/18 7:53am

What is this about student loan forgiveness?

Dr MoBYU

5/25/18 7:57am

RE: What is this about student loan forgiveness?

CBaass

5/25/18 8:01am

And then he has to pay taxes on the loan forgiveness amount which will be massiv

doubled1981

5/25/18 8:10am

Sure it will be, but can’t he then try and negotiate a reduced payment

Gigo

5/25/18 11:16am

I'm no expert on how that works, you're probably right. Still a lame way to

doubled1981

5/25/18 11:58am

Thanks. I didn’t realize we had that provision in our student loans.

Dr MoBYU

5/25/18 8:14am

That's a program he entered into. You might want to check yours.

Eddie

5/25/18 9:39am

Doesn't seem like it: nice home, vacation in Havana, and driving a Tesla...

Thrill

5/25/18 10:58am

If you do Public Service Loan Forgiveness, there is no tax at the time of

diluigifan

5/25/18 1:25pm

Good thing the fed stepped in and will forgive the remainder of his student loan

CougarAndMerlin

5/25/18 7:54am

By the end, it seem loan forgiveness is being used to support lifestyle

Gustav

5/25/18 8:02am

Ding! Ding! Ding!

Ned Schneebly

5/25/18 8:43am

I dont know about dental school, but for law school there is no reason for it

carlstud

5/25/18 8:03am

He is living in a nice home while his debt increases and he is

Baron

5/25/18 8:03am

I agree. That was really frustrating to read.

Nathanael Greene

5/25/18 8:10am

<< Deleted >>

Buffalo

5/25/18 8:14am

Have a family friend who is doing the same thing

Hedonic Threadmill

5/25/18 8:10am

<< Deleted >>

Cretin

5/25/18 8:12am

It isn't even that he went to ortho school and has high student loans...

Eddie

5/25/18 9:31am

I mostly agree, but I have a hard time getting that mad when the interest rates

joelvandyne

5/25/18 8:44am

<< Deleted >>

Buffalo

5/25/18 8:05am

If I were in his shoes, I wouldn’t agree to being featured in that article.

garyfan

5/25/18 8:09am

Terribly misjudged

Gustav

5/25/18 8:09am

Yep. He would lose my business.

Baron

5/25/18 8:10am

I've got a friend who works for a dental supply company.

Eddie

5/25/18 9:55am

A few years ago I went to a dentist that was suggested by my plan. The guy was

TailgateU

5/25/18 10:16am

Many BYU students are just like other kids these days. They expect to live high

panguitch

5/25/18 8:25am

After reading the article I think the WSJ trolled this guy.

James Halpert

5/25/18 8:35am

And he thought he was going to pay that back by taking a corporate gig in Utah?

boorad

5/25/18 8:53am

Way to think this through. I hope you can make it all come together well. If y

AFewThoughts

5/25/18 8:57am

Someone has been reading the white coat investor blog.

doubled1981

5/25/18 10:16am

I'm in the same boat. Podiatry school, taking out about 70k/year

powerbait

5/26/18 8:54am

RE: I'm in the same boat. Podiatry school, taking out about 70k/year

85fan

5/29/18 6:38pm

In Utah they say it is, but Utah is constantly growing so the need will grow too

powerbait

5/30/18 6:32am

This is how I approached it and they were gone in less than 3 years. Stay

blackandblue

5/29/18 6:39pm

Great example of financial stupidity costing the taxpayers.

CougarThug

5/25/18 9:11am

Honestly, this is why I'll never encourage my kids to be dentists. Tuition has

Windward_Coug

5/25/18 9:14am

yeah it's sad how much tuition has gone up. You're right, if you are going to

Mayor of Cougartown

5/25/18 9:44am

Go through the military. Or, go to a texas school.

diluigifan

5/25/18 10:03am

Military spots are limited and competitive now, very hard to get into few texas

doubled1981

5/25/18 10:15am

Yeah the market needs to humble dental schools and bring costs back into reality

doubled1981

5/25/18 10:19am

Are you sure his name isn't Mike Dumas?

boogers

5/25/18 9:15am

You forgot the "b" and the other "s".

CougarThug

5/25/18 9:20am

lol

calblue

5/25/18 9:35am

This is ridiculous. He's paying something around $1500 per month on a million

TailgateU

5/25/18 10:53am

How are you paying off $100K in debt in 2 years if your only paying $1100 a

carlstud

5/25/18 11:01am

Extra payments. We'll pay for our needs and then put the rest to debt by not

TailgateU

5/25/18 11:35am

I'm using the full thirty years to pay off my $130K for grad school.

Zooropa

5/25/18 12:28pm

At 2.2%, I think you're in a golden situation. That will be around inflation

TailgateU

5/25/18 12:34pm

you can't refinance a loan that large for 2.2%, I just refinanced my d-school

doubled1981

5/25/18 12:53pm

in the comments, someone posted his instagram account

BYUFBDAD

5/25/18 1:21pm

All the more reason he shouldn’t have ever participated in the article.

garyfan

5/25/18 1:30pm

He definitely seems to be lacking in his ability to consider future

Gigo

5/25/18 1:36pm

Wow.

Hedonic Threadmill

5/25/18 1:35pm

Wow, subsidized or not, hats off to him for maximizing life in Utah

Zooropa

5/25/18 1:36pm

This guy needs a kick in the groin. HE IS A FREAKING ORTHODONTIST!!

diluigifan

5/25/18 1:36pm

If what you say is true, then "Thumbs-up"

SouthernCoug

5/25/18 2:07pm

The guy is a hole and I hope he loses a lot of business over this article.

jcase16byu

5/29/18 11:20am

Anyone want to lay odds that this is TNT's secret identity?

panguitch

5/25/18 2:18pm

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