$200k in Student Loan Debt and Wanting To Wait on Forgiveness
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- čas přidán 1. 06. 2024
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Vet school is very hard to get into. You can’t just take a break or take a year off. They will find someone to take your spot due to how competitive it is. She has no choice at this time but to take more loans and finish the program. Once she has graduated she needs to work her but off and pay the loans.
Just stop school and save for 15 years! wtf they talking about
We will see and understand later in this economy.
Many people are realizing pets are expensive.
No, Start working and finish with cash.
For real. I'd rather just graduate with the $400K in debt, get the higher paying job, live on as little as I can and work extra to pay it off quickly
@@jimroscovius, no amount of working while in college can cover the cost anymore.
@@puthyx "quickly" is relative. Yeah it's going to take several years, but I'd rather be starting off my career with $125K salary and have $400K to pay off than to try to save $200K working a job I hate that pays $45K because I don't have a degree.
These universities are crazy with what they charge. $400k to be a vet is crazy, if things dont change and people wise up, a lot of careers are gonna in major shortages if students decide to opt out of paying that much money
I assume some of that is living expenses.
Universities? Dude, America only has colleges not universities!
@@amireallythatgrumpy6508 Google is your friend
Yeah, she did like many students do. They borrow tuition as well as living expenses. Rent, transportation, food etc. They're not thinking long term.
@@dudeorduuude5211
That’s part of her problem.
She has gotten very comfortable with it as well the way she talks about her financial situation and living on student loans.
Not sure they understand that you can’t just drop out and get back in to vet school when you want.
Why not? She's fills a certain quota. She's been told she has every right.
“Just get a job while you’re in a full time graduate program”. Um…okay you know that program is probably 15 hours a day for like 6 days a week right?
Also you can’t just transfer or “take a year off”. You can’t just come and go as you please for these kinds of programs.
The only real advice is to limit your lifestyle now and after graduation, and work your butt off to pay them off as fast as humanly possible.
Exactly. I don’t think anyone on the Ramsey show ever attended a program like this.
The hosts lack the knowledge to answer the caller's question.
@@KathleenMcNe for real! For all the doctors, dentists and vets that call the show, it baffles me how little the hosts really know about graduate medical education.
@@DrMuffins354
Absolutely. I don't think they're anywhere near prepared to answer questions from these types of situations. I'm a physician. I left medical school with $416,000 of debt.
I still have quite a bit of that debt because I'm paying it off that are pretty non-existent rate since currently I am paying $0 and accruing zero interest. This would give anybody on their show a panic attack.
For me, interest and payment won't restart until no earlier than November 2024 due to the SAVE plan.
Currently I'm delivering my money into the market instead through diversified ETFs.
Anyways. They are right about the whole public service loan forgiveness, pslf, it is a complete nightmare. Had I gone down the option of pslf, I would have substantially limited my income and committed myself to a 10-year route working at a public clinic which would have most certainly driven me crazy. So they're not wrong about this. Public service loan forgiveness really has been a bit of a mess. A lot of people try to play the game and they still get screwed at the end.
stay broke then.
She didn't look at the fact that she was paying $500k because she was assuming that she could get forgiveness. This conversation is the reason why we can't just look at forgiveness, we have to fix the entire system.
Plus they have to pay on them for 10 years and that is if they forgive them. You just can’t count on it.
Doubt she thought about any of this before signing those student loan agreements.
I bet she’s living in a very nice place with all the comforts since she doesn’t work at all.
Man Vets make what 90-150K a year at the most. It’s gonna take a long time to pay this off
Long time. They don't start seeing real pay until they are offered a partnership in the clinic.
Even earning 150k, that's $110k post -tax. That will take 4.5 years to pay off, assuming expenses are zero. If she lived in a hammock and ate the dead animals, showered in the river she could be debt free by 2029
More than that. Top end is easily up to and above $200,000. The median is on the top of that range.
should be paying us what human doctors make.
The problem is the state and the banks who give a 25 year old access to 500K.
The problem is the cost of school actually
@@Eric_Bassett If students would not get the ability to pay 120K per semester, prices would go down in a second.
It's a wheel that keeps on turning, kids get more access to money so schools raise prices, every year it stacks on itself
government-backed blank checks for student loans
@Eric_Bassett You realize the cost of school goes up with the ease of access to money, right? The government keeps giving anyone with a pulse tens of thousands to do ANYTHING in college, whether they are smart or not and whether the degree is important or not. If the government ceased public student loans cost of college would plummet overnight.
I don't think they understand that you can't really work much during a professional program. Definitely not enough to make a difference in her loan amount. If she spreads herself too thin, she'll risk failing out of the program and be stuck with x amount of debt and no shovel to dig herself out.
People have done it. It’s really not about making a difference with her loan.
She’s just isn’t that type of person. She shows no effort at all.
This is why there are videos of young women crying and complaining because 8 hours a day,getting up early, commuting, and whatnot is so hard for them when they start regularly working after graduation. No working experience.
Some hiring companies look at this.
That is not completely true. YOu may not be able to work as crazy hours as in undergrad, but it can be done. Where there is a will ,there is a way. She can cut out vacations, big TV, eating out! Too many of these students do not even make 10 meals a week in their apartments, they eat out.
@@zerimaryar vet school isnt undergrad, its a graduate doctoral professional program... its basically like medical or dental school. its therefore unadvisable to work in vet school.
@@BiffJohnsonIII I understand that. I do think many of us are missing what each other are saying. I graduated from veterinary school - so I know 'transfer' or 'hold out a year', while it works in undergrad does not work in professional school. HOwever, I did have 2 different jobs when going to school - granted very part time - but where there is a will, there is a way. If one is creative, they can get a 'meal plan' where meals are paid for by work, and other such options. Most don't 'wanna' because it's too hard. Too many have cars to maintain, never have a roommate (to split apartment expenses), and way too many eat out more meals over a month than they make their own. There are ways to reduce expenses and make a little bit so not 4 yr of living is all borrowed.
@@blackworldtraveler3711 stop saying stupid things. She is in vet school. She’s obviously driven and intelligent. She won’t make a dent on the step working at Starbucks while in school.
Gosh some of you people are just very, very dim.
Not waiting on forgiveness. That's financial suicide
So…plans to go to school for a degree involving massive amounts of student loan debt and plans to rely on others, including the government, to forgive it and pay it off for her. Did I miss the part she said was unique?
I missed it too.
i missed that too haha
how else do you expect there to be vets to take care of all your pets and listen to you guys bitch about how expensive your pet bill is?
Correct
She knows she's special, unique, powerful and a slay queen. She can get away with everything. She's not Jade, who is a hard worker, and good at what she does.
Finish school tackle the debt later. You’re almost done. You’ll get it done
This is the best advice. Whats done is done but she needs to get a bigger shovel before digging herself out.
If these people can give advice . I’m 100% confident I can give better advice.
Then start your own financial podcast with your millions of dollars.
@@floresnashvilledrummer you don’t need millions of dollars to be financially smart. Just saying.
Vet school for $400k debt, and one of the highest suicide rates. How come we don't go into that much debt in Canada? Seems like she should have taken a cheaper program.
There’s certainly ways to become a vet that doesn’t involve all that debt. Work as a tech for years, gaining experience and saving money.
is higher ed in Canada subsidized by the government through higher taxes like in Europe?
@@redfox_84And it ends up costing the taxpayers much less than the American system. American colleges are simply private equity firms with education as a side hustle.
Because
Americans don’t value education, so the government doesn’t help very much .
@@redfox_84yes of course. Full year tuition at most schools is under $10k/year Canadian for citizens.
There is no way to cash flow vet school for her. The money is not there period. No matter how much you work, there is no cash flow option. Now what?
I want a lambo and a Victoria's Secret model for a wife.
Now what?
Maybe she should take her schooling in Canada. Waaay cheaper. Seems like a scam in the US.
Don’t know about her but I plan to travel more this year spending cash only.
He is uninformed. Why did he say it takes 15 years? PSLF is only 10 years.
That's for government jobs and yes for $10 years. She should finish college all together. However she shouldn't wait on PSLF because most likely the government won't cancel it.
@@thesilentknight7078 Says who?
If everyone followed stupid Ramsey advice there would be no doctors in this country. I took out $300k to be a dentist and I'm already making $300k 1 year out of school. I'll make double if I buy my own office. Or I could follow their advice and make $15 an hour for 50 years to save up and pay cash for school lol
Wrong. You are the minority that has the discipline. Congrats!
As a nurse practitioner with 86k in SL debt remaining, I would say that MD is about the only thing that student loans really work for. Virtually impossible to work and go to school and medical school is super expensive. Some MD books cost what a 3credit hour class cost in traditional classes.
Dave is a joke. Just another pompous elitist.
Or maybe it would spark a change in how its done and prices would come down. Its idiots like you happily shoving borrowed money into the system keeping tuition high. And then people have to take out loans for dental work because you overcharge for your salary because you are poor and have loans to pay off
@@LittleMopeHead what do you mean? Anyone in a professional school had the discipline to get there
One thing that stood out was the fact that she is basically living off these loans and calling them "student loans. How much would that number come down if she separated her living expenses from necessities like books and actual tuition. Back when inwas in school we bought used books when we could.
Was looking for this comment
Agree. But our used books cost A LOT less than $100.00.............from a Boomer
Having been in her shoes many years ago, my wife and I essentially lived off about $25k/yr in a big city. Adjust for inflation from 10-15 years ago and you're looking solidly in the $30k range per year. Seems like she's got a good head on her shoulders. She'll be one to work hard, love frugally once graduated and making pretty good money, and pay off loans in say 5-7 years.
She didn’t say, but why is she living off those loans? That’s just borrowing more than necessary. Is there no one, like parents, to support her?
@@BlueDauntless I wouldn't count on it. I know, for me, my parents helped me with undergrad, but was on my own for the next 4 years of graduate schooling.
Would it even be possible for her to take a break long enough to save enough? It would take decades to save 200k and to pay off the 200k she already owes.
Not when white people make 80k average income because they were born with the correct skin color
Maybe she can live at home and continue living like a college student before she goes back to school. If she’s able to get a job as a vet tech making $3k/month and save $2k a month (assuming her expenses are $1k due to no rent), she can save $200k in a little over 8 years, which is a long time. If she gets a part time job and she’s able to bring in an extra $1k a month, she can drop the time to 5.5 years. Still very long, but she would only be 31-32 once she’s done saving up the money. The more money she makes, the less time it will take to save. Also, she can put her money in a high yield savings account to earn more. It’s very difficult but not impossible if she’s driven and determined.
No, it's not really very realistic. Basically, vet school is expensive, everybody takes loans, and then relies on the good income most vets make to pay it off afterward.
@@Hopeless_romantic_ I think you forgot the part of her owing 200k already, so she needs 400k plus interest for half of it. I would say she would be close to 40 at that point.
@@sprint7412 I didn’t forget anything and you clearly don’t know how college or professional school funding works in the U.S. She doesn’t have to pay off the $200k in order to re-enroll into school. She can pay that once she has her vet salary. I’m referring to her dropping out of school temporarily in order to gain the additional $200k needed to finish school.
Let me preface by saying I love Ramsey and want to praise them for the help and wisdom they have given me since being a listener back in 2018.
I 100% disagree with Jade. Unless you have gone through any sort of medical school, do not share your opinion. There are no institutions in America where you can get these degrees for
And what happens if she doesn’t finish the program?
She must finish the program, there’s no other option.
If you know at a young age that you want to go through a professional program, you need to start saving for school as soon as you can.. This doesn't happen very often.
A teenager isn’t saving for med school. Get real.
Debt or lucky scholarship is the ONLy way to get through these programs.
The best thing to do: Finish school, become an exceptional veterinarian, and start making $200k+ per year.
If she takes a break school. Repayment starts, interest forbearance ends and she loses out on 8-10 years of income.
Seems like best option is to bite it and continue with debt until she's finished.
Or flee the country.
Jade is stuck in the No Debt path instead of the best path.
By the time she makes $200K per year, she’ll be owing $600K with interest.
Veterinarians make $200K? I'm in the wrong career. 😂
@@BREEZYM6015nope they don’t.
Imagine. She’a living a $120k per year lifestyle that she wants me pay back in taxes AFTER I paid my loans back. Goodbye entitled woman.
You paid back the PPP loans that millionaires and billionaires didn’t have to pay back.
Even Mr.Ramsey had his loans forgiven.
@@willarimore8217Ramsey never did any loan.
At least the system gains something from Dave and the other corporations be it from taxes or services to the public. These people will leech and never offer any true value to our society.
120 is 3x the median personal income of 40k. She needs to pay her own stuff off
"I borrowed $400k for this house. Should I get it forgiven by my lender?"
Right!? I understand the rhetoric but mortgage forgiveness would be more productive 😂
Not even close as an equivalency. The fact that the program the government put forward to help pay student loans is not working, isn't the fault of the borrower. Ppl are legitimately trying to honor their debts, the government just doesn't honor theirs.
You're probably just being sarcastic, but understand that this debt is a completely different animal compared to a home mortgage. The caller's debt is a mandatory part of the process in order to graduate and actually start practicing and making an earning (a good one at that). No one forces people to buy that $400k house in the country because acreage. I know she's not being forced to attend veterinarian school, but it's a noble profession and we need vets. Lord knows I do with my funny farm at home.
What it comes down to is a student loan is a contract you sign voluntarily agreeing to pay it back and a mortgage is a contract you voluntarily sign agreeing to pay it back. Same thing
@@14elvira14Honestly, I’d be more willing to forgive medical debt. I’d make that deal before student loan forgiveness.
PSLF is REAL. I don't think you should take out more than you need but I am a teacher and needed student loans to get my REQUIRED Master's and it was forgiven after 10 serious years of working at schools. Rates are much higher today than 5 years ago.
They've increased from 2% but they're still under 10%
@@amireallythatgrumpy6508Exactly. All of Biden's debt forgiveness has affected only 10% of borrowers.
I don’t think she’s thinking about possible expenses she will have upon graduation or within the first 10-20 years post graduation. For instance, if she wants to become a parent, she will have child-related expenses. If she wants to own a home, she will have mortgage, property taxes, etc. She may want to travel and have the opportunity to be generous with her income. But being forced to pay $2800+ a month in student loans will absolutely limit her ability to enjoy life. On the contrary, being tied to a student loan forgiveness plan will also limit her ability to enjoy life due to a limited income. I know it’s disappointing having to give up or postpone your dream career, but her 35 year old self will be grateful she did just that.
Don’t know how useful “stop digging” is when your a quarter million in the hole with no certifications
Exactly. The best she can do at this point is minimize her expenses and supplement her living / tuition with a job to pull out the minimal amount of loans.
I'm in a very similar position and I try my best to worth through school when I can to pull the lease loans possible
Bingo
She probably could go work as a vet tech while she's in school and make ok money.
What happens if she can’t finish school though? She’s in a huge hole with no shovel, and they’re trying to tell her to stop digging the hole.
The Ramsey critique of the public service loan forgiveness program is very misplaced. The program was revamped within the last two years and the rate of success has skyrocketed. I personally know multiple people who have had their loan balance forgiven and all they did was work for a government entity, pay the minimum each month for 10 years, and use one of the appropriate repayment plans.
They talk it down because 1) they are already in deep for past statements advising people against loan forgiveness 2) they have moral qualms about it because they disagree with it.
Less than 10% of those who qualify actually receive forgiveness. It has improved slightly from 2% but it's still a disaster
@@amireallythatgrumpy6508 Anyone can apply for anything. If they actually qualify then they will receive forgiveness. There is no 2%. If you meet the qualifications for forgiveness, you receive it. Not sure what you're on about.
@@matthewphillips5483 Nope. Most people that QUALIFY (not apply) are not getting it. There is no 2% now but it's still only 7 or 8%.
@@amireallythatgrumpy6508 It was a disaster from 2007-2021. Many more people are starting to get it now because of the reforms in how payments are counted.
Darling, that is NOT a unique situation 😅
Shes sugarcoating her situation
"unique situation" is how people justify what they are doing
As one of many who still has student loans hanging on and on over 20 years, worst financial decision I ever made. Graduated in 1997 still owe 33,000.
No matter public service she works she wiil not be eligible student loan forgivness unless she makes more than 100 payments. I work usps student loan officers told me i am not eligible untill i make more than 100 payments
it takes 120 monthly payments (10 years)
Thank you for talking about this- The reason (most likely) she has this much debt is she _chose_ to go to an out of state school that collected out of state tuition rather than waiting a year to be accepted into an instate school. My young colleagues are _told_ from day one about these loan forgiveness programs, and no one is telling them NOT do go to that expensive school. It would be nice to do a program where all those who were denied forgiveness and how that is a problem now. I keep telling them this can be instead of a dream, a nightmare!!!! and sadly, too many schools do not allow students to 'put on hold a year'.
I love how she asks after the fact how to best put herself in a better financial space.
This solution is anti-reality. Either you have stellar grades and get a full ride, or your parents actually saved up a college fund, or you get loans. That's it! No one "pays their way" through school anymore, and if anything its often not worth it if it forces you to take even one additional semester just to be able to keep a job.
These Ramsey people are just too young and inexperienced to answer these types of calls effectively. We need Dave on this call.
He would have said the same thing.
I thought they did good, Dave would’ve said the exact same thing
The minute she started saying the amount and it began with a 4, Jade shakes her head.
You know, people who call into this show with that question don't know what Ramsey Solutions is all about. Dave's team will always give the same answer to everyone who asks about student loan forgiveness. It will never change.
And yet they continue to call. Her situation was unique, after all.!
That is absolutely crazy $400K in student loan debt to be a vet.
its kind of the norm now. these schools are predatory
Rolling in lifestyle instead of working to student loans is insane
When you apply to transfer and they accept you, you tell them that you earned your credits and you are in debt for your credits, and you are not able to agree to waste them. Ask them to accept every credit as a condition of you transferring.
400k for vet school 🤦♀️
She will be making $200K a year soon, no need to facepalm
She'll rock it. Now go take a cat walk.
@@stevethecheese there's no way all starting vets make 200k a year
It wouldn't cost so much if we didn't offer government backed loans on no collateral.
@@stevethecheese you’re dreaming if you think she’ll make 200k soon as a vet. I don’t know where y’all are living with these luxury vets. Top percentile puts them at 125k, still an egregious education cost, regardless of the major
To be fair in order to afford medical school you need to take out loans. If every doctor/physician saved for school there would be SUCH a shortage. Students loans SUCK but if you play the game right and minimize your loans and seek a career with an optimal ROI then it's worth it.
Do you really think Ramsey bought his first houses off pure cash he had on hand? No he used credit/loans until he got his ROI to create a powerful income.
Ramsey buys his properties in cash and encourages others to do so. I agree we would have a shortage of new doctors but at the end of the day it's a supply and demand thing. If less people were getting those degrees then hospitals, schools, and insurance companies would likely need to do something to correct for it. Or peoples medical bills would have to be like 2x. Point being is that the huge debt doesn't have to be the only way to have enough doctors.
This girl has already ruined her life , very sad
I am in a "unique situation" 😂Talk about mealy-mouthing.
Nothing unique about it.
They have no idea what it takes/costs to be in a professional school. They can't give her actual advice on this topic.
Bruh, drop out after 200k in debt with no degree? That is insane, yeah she needs to get a job to at least pay her lifestyle while going to school, but dropping out to "save" is insane, her interest payments alone would stop her from saving anything right now.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
I'm new at this, please how can I reach her?
she's mostly on Instagrams, using the user name
I wonder how much lower the debt would be if only used for tuition and costs for school supplies in her situation compared to her living off of the loans
This is my question??? Why are you living on this money?
If you ever been in deferment or late on a payment you won’t qualify for forgiveness.
Have a relative looking at med school and trying to figure out how to best pay for it.
People have told me "just borrow it and then the government will forgive it "
Ugh
Military HPSP scholarship
And then she gets married and has a kid and doesn't want to work anymore.
Professional school isn’t for everyone. Like a pro athlete, they bank on their future earnings potential by investing in building their skill to the best possible. They cannot distract themselves with work, but instead dedicate their time to training/rest/nutrition.
I cannot speak for vet school but for doctors in medical school, working can be detrimental to skill development. It’s super competitive to get in and super competitive to become a specialist. Starting salaries range from 220k-500k starting depending the type of doctor you become.
The issue is vets don’t have the top end pay that those do any cost nearly the same. Vet pays well but 400k is going to be about real burden.
They make up to 200K a year, how is that not a good salary?
@@stevethecheese 200k a year in a high cost area. 85k-120k in middle America. That is hard to pay off 400k at 8%. Math is math. A dentist or doctor or nurse anesthesiologist has the same debt and makes 250-1m+. They use that people like animal to overcharge based on the outcome.
@@joesmith3590 nope. Average salary in the usa is $127K, look it up. If she can save like half her salary she can pay it off in like 8years and be debt free after.
@@stevethecheese yes that is how regional wages work. lol dude you aren’t good a math. 125k average is exactly what is said.
Although I generally agree with Ramsey’s teachings on avoiding student loan debt, vet programs are a whole different beast.
Holy woof!!!
In a high-level educational doctoral program, one can’t simply wait to pay for the next semester. Typically, these programs last for x amount of years and is structured that you must complete the entire program without skipping any classes/ semesters. To say she should just wait until she can pay for her next semester is a bit ludicrous and out-of-touch.
In a few years she's going to be frustrated with the amount of loans she's paying and complain she's delaying building a family, buying a home, etc.
We NEED veterinarians same as we NEED doctors, etc.
So forget the student loan debt for a second, why don't people try and figure out how to become a veterinarian or doctor on the least cost possible.
It sounds like most people throw caution to the wind and totally ignore how to keep the cost of education as low as it can be.
Because most people are stupid.
@MrWick561You're triggered and I'm laughing at you.
I had the option of two pharmacy schools in my area, one was half the cost of the other, so I chose that less expensive one. And now I'll have half as much debt with the same exact degree. No one actually cares what school you go to
@@mattwigs9 Awesome and more people should choose such a path!
@@mattwigs9I wish more people knew that!
George, you can also work a government job for 10 yrs and your loans will be waived….just FYI.
Stupid to wait for forgiveness. PLUS you have to make payments on your student loans for 10 years before forgiveness is considered
I cannot imagine pinning my entire future on hoping someone else pays my bills for me, hoping not one single politician changes the PSLF program, and trying to call myself "an adult."
Pay your own bills. Millions of us have - you can do it too.
But she is “unique” remember?! 🤪
No wonder I can't afford a vet for my dog these days. The cost pf vet school gets passed onto pet owners
By the way caller i hope you read this. My best friend is a veterinarian. After vet school you have to apprentice with a seasoned veterinarian for 5 years. These companies take advantage of you being new and only pay 30-40 k a year. So you are screwed either way you go. The interest will go up while you work. This is one reason why the suicide rate among vets are so high.
She's already $200K in debt. She just has to finish then tackle it. Too late to be trying to do it any other way.
What is forgiveness exactly, its all of us paying for your debt.
Pretty much. It’s done through taxes.
Whenever someone “wants something to be free”, it makes me die inside.
I can maybe understand the fight for better healthcare or education, but I’ll never understand why people want free tuition they signed up for. If I went to a restaurant, ate the food, then complained that my food should be free, that would be ridiculous. Why on earth do people think that way with college degrees?
Thats her plan, she think that taxpayers owes her career thats why
It's us all paying for multimillion/billion dollar corporation to create poverty level jobs that end up being subsidized by us again.
So someone pays principle + interest for 10 years (which is usually already more than the original loan amount) and you think you paid for it with your taxes? lol. It must suck being so stupid.
We need to start having a conversation about the ridiculous cost of school and subsidized student loans. The real questions should be why does it cost 500k to become a debt and why the hell is a 25 year old given access to that much money?
So ask your govt
USA is so brainwashed but hardly anyone votes and you wonder why all your rules and regulations are so archaic
No other first world country operates like crazy USA
And why aren’t we requiring all these universities and scholarship funds to start us8mg all the money given for this use? Harvard and similar schools probably never need to collect another dime of donations and can fully fund every student through college. Yet taxpayers still give money with a tax write off. Taxpayers are getting doubly screwed.
@@silentnot4812 write your congressman.
This, exactly this. We won't solve anything by just forgiving loans. Kids will keep taking on $100s of thousands in student loans and it will continue to be a never ending cycle.
Because people use the loans to LIVE off of for years.
Who tf is giving out these loans like crack?
I busted my ass for 5 1/2 years day in and day out to put myself through college.
Ramsey folks: "I'm going to take a break from school, work, and stack up cash to continue my education."
It's almost as if Ramsey folks have no clue about some of these professional programs. Most vet schools are highly competitive to get into and if you "take a break", you lose your spot and you may or may not get back in. At that point, you're $250,000 in debt, which is now due with interest, and no vet job, and no prospect of getting a vet job. Also, you are not going to work for a couple of years and save up enough money to get you through to the end of vet school.
No, this young lady painted herself into a corner and the only realistic option is to buckle down, limit her expenditures as much as possible, work part time as much as possible, and get to the commencement ceremony. And then, she has to buckle down and get these loans paid off. A bad decision on her part should not be compounded by bad Ramsey advice.
Ramsey Solutions isn’t going to encourage anyone to get into MORE debt. Ever. So they’re trying to come up with a way for that to happen. Not living on your loans and not borrowing so much would be a good start.
@@BlueDauntless I agree with her not borrowing so much. What would you suggest she do for the next two years to get her to the commencement ceremony? Also keep in mind that Year 4 will be her "residency" year and she will be required to work in various vet clinics full time. She will not get paid for this work and it severely limits her ability to work outside of school. She is still paying full tuition - basically paying to work.
I like how George didn't get mad when she called him John. How can that happen onair😮😮😮😮😮😂😂😂
I’m not going to lie. I was in the PSLF program for 10 years and my loans were forgiven. I didn’t think it was real but they really were forgiven.
So jades solution is to stop almost at the end and go work a random job until she pays off the 250k plus saving for the 2 years after. She pretty committed and should just finish and make 100k plus
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These hosts are so out of touch. You don’t just transfer or take time off of a grad program. You also don’t work to pay for a grad program during said grad program.
I would die if I had $200K in debt. Girl go be a dental tech or an RN and volunteer at the local ASPCA.
It is so aggravating that we paid to put 2 kids through college out of our own pocket and these people think we should pay for them too. No other debts get paid off…house, car, credit cards. Total tax rip off.
How exciting for your two children to be nepo-babies that won the parental lottery but everyone else who was born to poor and/or shitty parents should just suck it up because they are "peasants" and don't matter?
Just to clarify, we the people are paying for this forgiveness correct?
The longer she takes to complete the degree though if she were to take breaks, the more expensive it’ll be. University costs are increasing every year so I’m not a fan of taking a break but maybe working at the same time in hopefully a related field.
Jade, do you have any idea how difficult it is to get into vet school? You make it sound like the caller can just go sign up at any vet school. It just doesn't work that way. Also, you cannot spread out vet school over time. You do their program the way it is designed. Especially because it is medical, you can't lose your learning momentum.
Then what you want them to tell her?? That is ok to be $400k in student debt. I wanted to be a vet, too. Guess what I only was able to afford community college. So, I had to make it work with what I have at the moment.
No one cares? She chose to pursue it and did so, she should be responsible for her own debt not everyone else.
@@mariorta5017 Vet school is 4 years. She is two years in, so that would account for her 200k student loan. There is no indication that she has student loan debt from undergrad. So what they told her about options for work after finishing vet school was spot on. But what they said about somehow avoiding the next two years of student loan debt is unrealistic.
Usually love Ramsey for their advice, but it’s so situational. The girl is already halfway there, she should finish it up. But I do agree to try and limit the debt accrual in any way she can. My wife is a vet, and while in school she had no extra time to meaningfully earn an income. She’s been currently working for a nonprofit at market rate in our area, so for us it’s been the best of both worlds. 2 more years and the balance will be “forgiven”, but plans to stay at the nonprofit she’s at due to her love of helping the community she works in.
Nobody should call Ramsey to ask about PSLF, because the Ramsey personalities at this point are willfully ignorant about the program and how it works. They give terrible advice because the only really want people to have no debt at all. Well, you can't become a vet without student loans unless you're a millionaire already. You need the loans (LOL at working while being in vet school), and PSLF is a perfectly viable strategy, but the Ramsey personalities get it wrong Every. Single. Time. George just said, "You do the nonprofit route, you're on a track, with interest, to maybe pay this off in 15 or 20 years." No dude, that's not at all how PSLF works. You make ten years of payments (at a percentage of your income, with interest not adding to the principle if you're in the SAVE repayment plan) in a public service job, and then it gets forgiven. The program works. Ramsey is so stuck in the past reality of the program--when it was very broken and very difficult to navigate--and they refuse to learn about the current realities. PSLF is largely fixed and running decently smoothly. People are moving through the program pretty easily (I'm in it myself) and approval rates have jumped significantly. I've had no less than six friends make their 120th payment and get their loans forgiven this year alone. It is working. So this caller should consider that a viable option. I plugged her numbers into a SAVE plan calculator, and her payment on $400,000 in loans with a $100,000 salary would be around $560 a month. Very do-able. If she gets into working for a nonprofit or the government, she can make that monthly payment and still have plenty left over to save for retirement, pay her bills, etc. But that flies in the face of the Ramsey method, which is built for people who need the simplest advice possible of they drive themselves off a financial cliff. If the caller's got an ounce of financial discipline, she can pull this off using PSLF no problem. My friends who used PSLF are not debt-free and have built very good retirement accounts over those ten years as well.
But if she can’t finish the program, she has a really big hole. They’re just trying to stop her from digging the hole.
@@BlueDauntless if she stops the program, she has to save up 200k to finish, and also in 6 months after stopping school, she would have to pay on the 240k already accrued. She would be stuck trying to pay the 440 anyways, with a muuuuuch smaller shovel. 90-150k per year vs 50k or less. The time to not be in debt was before school, that ship sailed, so she has to finish out in my opinion, or be stuck for good.
Join the Army Vet program. You’ll get to work as a vet, have your loans paid off and gain experience as well.
I thought i was going to be paying around 4% interest on 10k that i owed but it turned out it was 4 separate loans so it was 4%× 4 on 10k. It took me over 6 years to pay it off and i had decent jobs. I was a welder and truck driver. Im glad i dropped out when i did. 10k just to get drunk and laid was ok i guess.
So Jades advice is to get kicked out of program to save for next semester
She is WAYYYYYY pass the point of no return
Jade gave trash advise to stop now, , NO she CANNOT stop
She absolutely can stop. No one is forcing her to continue school and get in $400k+ of student loan debt.
@@Hopeless_romantic_ this is stupid, already 200k in loan and stop in the middle no degree? U got brain damage?
she's also using "student" loans to live, and i'm sure she is living just fine..... I remember we sacraficed/struggled/worked..... let me just say.... i know this may sound real harsh.... but it builds character.... you can bond with others that have done that
the greatest stories about college i hear from others was "i remember not having much to eat, i remember working so hard so i can eat and fuel the car" etc....
Why is College the only option out there? Is the military not an option anymore? used to be you had a3 choices, work, military, or college.... to get you your training.....
i didn't know college was the only option out there
OMG... work while you are in school...... OMG... then what.... OMG you want me to work after college???? OMG
Jade is not having it @0:23, LOL!!!
This is such shortsighted thinking. Let her finish the degree and be able to make the big bucks later and pay it off…. If she stops now, she has nothing but 250k in debt. At least later she will have debt but also a vet ticket which is worth gold and will have forever. If a meal has 100calories and there are good calories (banana) and bad calories (chips) there is also good debt (assets, future growth items) and bad debt. These two don’t get that point
Hey guys tell me the job you can work to pay a 400thousand dollar school loan while in college..I would probably just keep that job and scrap vet school..come on man..Dr. ,vet, etc. you will have massive loans... no realistic way around it!!
Is Jade encouraging this woman to quit school? Oh my lord the Ramsey people have lost their minds
Had a buddy who worked for a university for 15 years. He was underpaid and miserable. Qualified for the public loan forgiveness got rid of almost $100k debt. Got a new job paying DOUBLE... his salary.
He regrets sticking with the university. 2 years working in private industry would have paid the loans off.
His bonus this last year was $20k.
Do your best not to rely on programs like that. They are a trap.
What industry is he in?
@@taylorsmith9629, he's got a physics masters. He's working for a company that does lots of testing of powders, XRD, XRF, etc. For pharmaceutical companies.
Or pay what you borrowed...
There was zero advice given.
Vet school tuition is about 35-55k per year. That's tuition alone. Add to that, living expenses. Caller might be able to work and earn enough to cover tuition in cash, but she will not be able to cover living expenses. She will still need some financial assistance.
Nuts!
She should have become a vet tech first. Also maybe a clinic would have paid for some of her schooling. I'm working at a higher end preschool. They're supposed to pay for me to get a 3rd grade and under education degree.
Supposed to?? Don't hold your breath.
@@randalljohnson2009 Even if they don't, it won't cost me that much.
George you don’t have to work for a non profit you have to work in an underserved area. Such as rural SD WY CO etc. you can serve private practice in a rural underserved area. I know bc my sister did that.
These Ramsey clowns dont know what they are talking about.
I love this show, but veterinary medicine is actually I think I little more likely as far as loan forgiveness. It’s called the VMLRP program and it’s put forth by the USDA for food animal vet medicine. Love the Ramsey team tho
Academic career is such an oxymoron.
Imagine someone saving up 600k at 24. She will be 600k in debt at 24. Man sad.
Translation "How can I get my veterinarian degree and make the US taxpayers pay for it?"
Vets are important to every community and every sector of the economy. Pretty good govt investment actually
@@dgw4049Yet they won't be giving discounts to tax payers for the services provided in exchange will they?
That's a little ruff! And, a tad catty.
Then she will pay more tax than you ever will shhhh
What should taxes pay for?
And she can't work part time or casually now so she can start paying off that debt now rather than after the upcoming 2yrs after she graduates? Why do people always wait till it's too late? Or never take the initiative to try and get out of this mess.
Also student forgiveness? In 2024, like seriously? Hasn't the COVID era taught anyone anything? Argh !!!
We just need to change some justices around and we need to get the house to be the same party as everyone else. Easy.
She absolutely destroyed her financial future
She actually Didn't because veterinarians make enough money for her to pay back this money?The problem is medical school and any type causeway too much
@@teebone215715-20 to years if she’s lucky.. if she can’t find a job it’s debt for life. Not a great plan
@@teebone2157even shes making alot of money in the future, shell never pay that debt cuz shes going to enjoy that salary like getting a mortgage and car debt 😂
Why, she will be a millionaire easily if she plays it smart
Yea, she would be better off having four kids, no income, car loan, ... 😂😂😂
She's going to be super.
Bet she won't take the advise Live in a dream world the loans will be forgiven
Graduate school is prohibitively expensive.
There is no less expensive vet school, law school, etc