How much is too much debt?

J

JayAre

Well-Known Member
Killing time at the layover last week and found myself sittin between two riddle grads prc campus. One wouldn't say how much in student loans from school, the other woudn't tell me but admitted at least $125,000. Im guessing at least a quarter million between both of them.

What would say a doctor or attorney be in debt after school?
 
Re: How much is to much debt?

Depends on the school.

But, most J.D. graduates are leaving schools with over 200k in debt.
 
Re: How much is to much debt?

Law school debt is like FBO vs. 141 academy, the price varies a lot. I went to a law school at a state college, cost under $70k for tuition & living expenses.
 
Re: How much is to much debt?

A friend of mine doing medical school right now will pay about $160,000 over four years. That is after college.
 
Re: How much is to much debt?

I have approx 12k in debt right now, and that is *too much* to me, at least for my current situation.

I focused on school to the point where I am hoping to finish a four year degree on a full scholarship. I have accepted the fact that there is no way I will realistically be able to get seriously into aviation without some form of loan; so I want to pay off as much of the debt I have now as possible. Something like ATP looked great to me two years ago, but is too expensive now. I guess when the time is right, I hope prices haven't gone up too much at other places (like Skymates or Ariben, etc)
 
Re: How much is to much debt?

My wife went to Ohio State law - cost her $60k.

For aviation, I'd balk at anything over $50k - you can buy your own plane for that much - fly the hell out of it, and then sell it when you're done.
 
Re: How much is to much debt?

I graduated from the DAB campus of Riddle with about $14k in student loans with 2.25% fixed for life.

Those with a lot higher debt 1) didn't do their research with grants 2) didn't lift a finger while in college working 3) Took WAAAAAY too long to finish college and their flight courses (ie flying over required amounts) and finally 4) Went to Riddle once the prices started getting jacked up. All fatal mistakes.
 
Re: How much is to much debt?

My brother has a JD in patent law. Finished up with around 100K in debt.

Personal opinion here, but if you have 125K in debt you better have a medical or law degree hanging on your wall at home. (Or better yet in your shiny new office.) Waaayyy too much for the aviation thing. Again just my .02 cents.

Gotta side with Murdoughnut here. Should be able to do it for a lot less.
 
Re: How much is to much debt?

I have about 20K for my degree in Psychology (I'll really use that at FL350 :sarcasm:). Looking at between 36K and 50K depending on what school I use to get me Instrument through ATP.

70K by the time its all done! I have a wonderful girl to grab the rent during the lean years. Am I too optimistic that it is just that, a few bad lean years? I am 23, I believe with all my heart I'll be captain at a major someday if I stick with it and pay my dues (years and years I know) Hope I am not naive, open to constructive criticism

Oh and this.....

quote=wheelsup;614296]I graduated from the DAB campus of Riddle with about $14k in student loans with 2.25% fixed for life.

Those with a lot higher debt 1) didn't do their research with grants 2) didn't lift a finger while in college working 3) Took WAAAAAY too long to finish college and their flight courses (ie flying over required amounts) and finally 4) Went to Riddle once the prices started getting jacked up. All fatal mistakes.[/quote]

Umm yeah I have a response..... uhh what!?!

1. Tapped out my grants
2. Worked almost full time since high school
3. Finished ASAP

Not all of us have rich parents who sent them to Riddle in a cute little cashmere sweater.
 
Well, my wife is a doctor. She has about 60,000 for grad and undergrad combined, without any parental support. After college and flight school I have about 55,000. My parents paid off the flight school loan when I got married.
 
The only thing you should owe on your credit card is this month's charges.
The only other debts you should have are a home mortgage and a car payment.

For flight training, you can get all your licenses/ratings for about $30,000. I would say $50,000 is the absolute most (if you go to a super expensive school like ATP). I personally did not (and will not) take out a loan for flight training. I belive you should work, save money, and invest. If you plan ahead, you don't need to take out a loan. I have no idea how you can pay off a $30-50,000 loan on regional FO pay.

For college, it is acceptable to get a loan. It is very important. However, I think it is not smart to have a loan for both flight training and college at the same time. THAT IS A LOT OF DEBT!
 
For me, any debt is too much. Mortgage is all I got right now.


Wanna buy a house?
 
JayAre said:
What would say a doctor or attorney be in debt after school?
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Depends. My brother just retired as a Captain from the Navy this month. He's also a physician. The Navy paid for his medical school plus salary during his training including Internship and Residency. He owed nothing except for timed served and he had some pretty nice billets over the years with no deployments overseas (San Diego, Annapolis Naval Academy, Pensacola and a Residency at the famed Mayo Clinic in Rochester, Mn).

He told me that when he initially applied for the Navy medical program that they had more applicants than slots available and it was very competitive. Recently, he told me they have far more slots available then applicants and they probably won't fill their quota. Probably have the same kind of deal for lawyers too.

Hmmmmmm.....sounds like a good deal to me.
 
A300Capt said:
Depends. My brother just retired as a Captain from the Navy this month. He's also a physician. The Navy paid for his medical school plus salary during his training including Internship and Residency. He owed nothing except for timed served and he had some pretty nice billets over the years with no deployments overseas (San Diego, Annapolis Naval Academy, Pensacola and a Residency at the famed Mayo Clinic in Rochester, Mn).

He told me that when he initially applied for the Navy medical program that they had more applicants than slots available and it was very competitive. Recently, he told me they have far more slots available then applicants and they probably won't fill their quota. Probably have the same kind of deal for lawyers too.
Click to expand...

Unless you're already in, military doesn't pay for the law degree. Current service members can apply for FLEP (something law education program??) which will pay them to go to law school, but civvies have to pay for themselves. (I've been nosing around the JAG recruiting sites this week. :D )
 
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