I Owe $250,000 In Student Loan!
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- เผยแพร่เมื่อ 18 มิ.ย. 2020
- I Owe $250,000 In Student Loan!
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Wow: I like that, "Until you're married, she should not pay your bills."
Or even share money if you know what I mean
Of course.
DO NOT DEFER STUDENT LOANS! The interest piles up
True but for the first years the interest is very small
Can’t speak for private student loans (because their are a million and one different lenders with a million and one terms and conditions) but most forms of federal student loans do not accrue interest during deferment.
(These are the specific types of loans that don’t build interest during deferment)
Direct Subsidized Loans
Subsidized Federal Stafford Loans
Federal Perkins Loans
The subsidized portion of Direct Consolidation Loans
The subsidized portion of FFEL Consolidation Loans
@@swordstrafe That's not true anymore, at least for the graduate level. Loans start to accrue interest from day 1. Perkins loans also no longer exist.
Alex they still exist, but yes they stopped writing new ones in 2017...
Residency is 3 - 7 years, not 2 years.
He said 1.5-2 years to get married, 4 years of residency... 🤷♀️
I'm like where is Dave getting his information 🤷🏻♀️🤷🏻♀️🤷🏻♀️
Students in early college, and late high school would benefit a lot just from a simple calculation of the average income of your target career/major versus the cost of the school you're wanting to go to and how long it would take to pay off any loan. You can still major in what you want but at least you know how many years it may take to pay off.
I'd go as far to say they should require it!
Why would you take 5 minutes to save 5 years?
Great idea.
He knew to get engaged before calling Dave!
twin cherry OF COURSE. SO HE CAN GET A FREE MEAL TICKET. A REAL MAN WOULD FOCUS SOLELY ON HIS DEBTS BEFORE EVEN CONSIDERED MARRIAGE.
@@ACCOMPLISHEDSHEIS A doctor wouldn't get married until he was 40 if he did that.
@@ACCOMPLISHEDSHEIS u're ignorant. His future earnings are worth the investment. No need for him to delay a family because of the debt.
I had $165,000 in student loans 5 years ago with less than $1000 to my name. I am now a homeowner and have paid almost half of that balance off. Stay the course you guys - you’ll get through it!
Congrats!
Wow! Good job!
Congratulations! Please share how you accomplished this?
Tenshar1 I have been fortunate enough to work at the same Honda dealership since age 15, I went back after college, and as a service advisor, I have been making great money. I didn’t take that money for granted, as having student loans really taught me the value of a dollar. I BUDGETED everything and sacrificed my social life. I finally have taken my life back. I refinanced my student loans 4 times to get the interest rate down, while shortening the term length, and always paid extra towards the highest interest debt (my private loan) at just over 4%. It is the reason I started my TH-cam channel. To help others, of all ages, but mainly teens and young adults, learn that personal financing is important to a bright financial future.
And my wife is 3 semesters away from getting her nursing degree at a community college paid for in CASH
You'd think they'd cap the amount one can borrow at this point......... Ugh it took me 10 years to pay mine off and I didn't really borrow that much to begin with. Life lesson learned....
The standard loan payment term for student loans is 10 years, so you paid yours off in the standard time frame. You are doing better than most!!
How much did you borrow?
Right there with you! I agree.
I’m sure her parents paid for her school so she can have a great start, not so she can pay some boy’s bills. That’s really not a good character for a man no matter what, how is he not ashamed to plan on putting 100% of his income towards him and living off the girl.
He was going to but all his 60k to his own debt. Yes ofcourse that means shes paying rent. But if they are married, money is one same as the couple as one. Hes not hiding it. If she felt he was snooching off of her then she can wait until he pays it off before getting married.
6/19/20....IF I had paid off my daughter's college + law school, I would also pay for BIG WEDDING too.
BUT I WOULD MAKE SURE TO HAVE SIGNED LOAN OR PRE-NUP THAT IF DAUGHTER GETS A DIVORCE AFTER HELPING HUBBY PAY OFF HIS BILLS, DAUGHTER WOULD BE FULLY REIMBURSED!
ONLY FAIR B/C HIS EDUCATION & TRAINING IS NOT HER RESPONSIBILITY!
Exactly!
They will be married. "for better, for worse, for richer, for poorer"
Because if they were married right now they would both have the debt. This isn't someone leeching off a girlfriend, this is a family.
A quarter of a million dollars in debt is scary, but it goes to show, having a plan to deal with it makes it completely doable.
Also the amount of money they are making and how they most likely will get raises as years go by. I remember a pharmacist that I knew said she was like 200k in loans but was making like 120k at that point so its not too scary with that much amount being made
Unless u went to med school and then delivered pizza the rest of your life
Beans and rices 🍚 rices and beans don't go in a restaurant unless you work there 🙉🙈🙊
Oh people stop telling Dave you live together and are not married. That's a no no. Keep it quiet.
Some of us have lived together so many years we are common law married in our state.
Shut up, Karen.
😂 Right! You’ll never get an answer out of Dave if you tell him you’re ‘playing house’.
@@saulgoodman2018 It really is an individual choice. Dave also mentioned having a will. He talked about a couple that had lived together for years and at the end the one partner got no assets, retirement accounts etc. The money went to a sister that wasn't even in the person's life. Dave talks about more divorce if people live together first. I dont know. I think everyone is different. It's more accepted today then years ago. I dont have a problem with it either when you are an adult you get to make your own choices. My generation it wasn't as common as it is today.
Have a plan to tackle the debt step by step. It won't be easy but it is best to pay it off before the interest piles up!
Who is having a ceremony in the middle of a pandemic? 2021 at soonest even at an outdoor venue
Prenup! a divorce to a lawyer sounds frightening.
bright future ahead for these two..
just have to ride it out in the mean time living on rice and beans with beans and rice 👌
I'm sure he will make 200k a year when he's done with residency as a new doctor.
Jorge sounds super respectful
This was re-uploaded? 🤔
I have a question relating to building credit. If I take out a loan, let's say 3000, and keep it with me inside my within a safe, could I give the loan money back repeatedly? I kinda want to try it out but don't want to get arrested ._.
I got engaged in July, the first month of my residency, and then got married in April (9 months later). It wasn’t that difficult to pull it off. Got married 2 states away & had a good sized wedding (a few hundred people).
250k will be a small amount to them. Gotta watch out for a clash of egos though.
they will be fine in the long run
they may b divorced in a year lol
It's going to be a very very exhausting long run.
But Dave’s advice never comes from that mentality. His mentality is attack the debt right this minute like your hair is on fire... not lazily figure it out “in the long run”
There are trillions of student loans solely in the US.
Loans are a thing mostly of the us, I’m Mexican and study in China. I think nowhere else college is as expensive as in the us!
I loved being “married-ish”, and I’m glad I did it. Being married is better, though, and I definitely agree with the advice to work through the stressful times together rather than having this idea that you need to have this fully formed, easy-street life before you get married.
Who even wants a big wedding in 2020?? Too expensive with too much uncertainty right now
I was in their shoes, 4 years ago had $200k in debt, now have $80k in debt, own a house which has gone up $200k in value (purchased for $500 now worth $700-$750), and have close to $150k in retirement over that time period. In 2 years I will have my student loans paid off. Then I’ll have my house paid off in 12 years from now (when I’m 55), by the time I retire I’ll have a HSA with $1m and a 401k with close to $8-$10m, and my kids colleges will be fully funded with 529 plans.
If you want to do this you can. You just have to live like no one else. (And note I don’t always listen to Dave’s advice)
I have 90k in debt and I want to pay it off before I start saving my money but that is very hard. I pray god helps me to get it accomplished
Prayers is baby step 2 1/2
Save the 1k first, its great discipline on money management to then beable to tackle the debt.
I owe 46k and I’m over here stressing....250k gahhhhhhh zang
I owe nothing.. going to college for most is just plain stupid
Don’t forget that he is making more money
46k is a lot of money for law income
I’m at 24k and I’m over it. I wouldn’t be mentally stable with 250k in debt.
She’s a princess- red flag 🚩 buddy
Ramsay's answer to crippling student debt "well....work harder"
Dave’s usual answer is to hustle & grind; alternatively, if you are choosing between 2 bad options, choose neither & find another way.
Ramsey seems out of touch with what the time burden of residency is.
Most people are
Student load debt isnt bad unless you do not graduate
Many degrees dont lead to a job
Not entirely true. What if you take out loans to get a degree in a field without plentiful job opportunities? People do it all the time. Art degree... history degree... gender studies... psychology. Unless people with those degrees are going to then pursue a master’s or beyond in order to become a teacher or college professor, those degrees lead you no where.
@@jill9606 that is their fault. Stupid people
@Johnny Blaze yes, and its also the persons confidence and ability. Some can get a good degree but not able to actually do the job. Such as someone can be book smart and get a law degree but doesnt make them a good lawyer.
I’m 18 years old and going to start Studying Architecture, since I live in Puerto Rico I don’t have many options to Study what I want (Architecture) And I will probably get out of college with a $70,000 to $80,000 in debt.
I Don’t know what should I start doing to prepare for that, If any one that have experience can give me any advice I would highly appreciate it!
i never got this thinking "i'm gona be too busy i can't be married right now" what do these people think marriage. marriage is busy. get used to it
Yep! You carve out time for your priorities
I honestly feel bad for them. Their tax bill will be insane and they are both going into careers that are high stress and high burnout rates. Doctor and lawyer sounds good on paper but the reality is often different
A lot of debt also sucks but it’s your parents can finance it in cash then you’re starting out high..that’s a real privilege in life
MORE LIKE, ‘I’LL MARRY YOU WHEN YOU BECOME DEBT FREE’. 😂😳😉
My money is on the reason for the wait is she wants him to be a real doctor first and start bringing in that doctor money before she comitts. Smart girl in that case.
O Lawd
Imagine the girl calling in and saying I just graduated as a lawyer my parents paid for everything and I am marrying into 250k debt and he wants me to run the house while he pays his student loan debt. That conversation would be so different. Not fair to the parents that pay for their kids education to give them a good start
Note the new normal for professionals is wedding is a debt free celebration, i.e keep everything separate til debts are paid.
120k income after tax is like 90k. No way you can throw 60k at the debt...lol.. 250k after residency will balloon to about 320k at 7% interest. If you can cover the interest. It could help.
You can have a big wedding in these times? How? I’m going to be married in October in Phoenix and I’m having a hard time finding a place to have a nice wedding.
$250,000 in student loans?! Wow. That’s almost a price of a decent house in a rural area!
@FinancialFox that surprise you? Her law school also cost about that. Professional education is very expensive in the US and the cost of 8 years of school once you include the total bill.
I though medical residency was 3-4 years?
While this isn't a Art History degree from Berkeley, it's still a huge amount of debt on a purchase with no resale value. What if he gets in car accident or develops a disease that leaves him unable to work? If I were her I'd play house until he works off a major chunk of that debt.
If you become seriously disabled federal student loans are discharged.
He will insure his practice (disability) and be paid $250k/y staying home... no stress
@Elaine McMurren yes it is. If you are considered permanetly disabled or your disability review is a minimum of seven years out (there's a process of 1.5 years, 3years, then seven years and so on determining your disability status.) Then student loans can be discharged.
Lol why berkeley? It’s the #1 public school in the US. In state tuition is very cheap compared to similar caliber schools. (Unless you mean the music school)
@@EwYoureCringe I think that's what he was saying - for people who think private schools are better...
Dave, don't rush them into marriage. Let them take their time.
Agreed. The entire call they focused on how quickly they can pull off the wedding (which is not smart without the bride’s input) instead of the issue at hand.
Why? They're already engaged so obviously they are ready to make the commitment. The fact that they're already trying to combine finances means they should be married.
I wish my parents paid my student loans
60k as starting for residency? Is that normal ? That sounds so little
That's good actually. Residency for med is internship for other programs, which many dont even get paid at all.
In the US, residency salaries range from about 45K-65K, depending on what level you are (first year, second year, etc) and what city you are in. That is completely normal and the salaries are set by the ACGME (accrediting board). When you figure that residents work 80 hrs/week, its not a lot of pay.
@@arthrodea In the 70s into the 80s I was a med tech, and I believe our pathology residents were getting paid close to that range. I'm probably wrong, but 60K sounded awfully low for such brutally intensive work, with those long hours.
Yes it’s accurate they overwork you the heist few years to mold you into a great doctor.
Her parents must be loaded, I'm surprised they can't just pay for the wedding if they paid for her whole law school.
@Anne Day I'm willing to bet that they have some money to spare, but like you said we are just guessing.
They don’t support her marrying the boy who is $250k in debt so they don’t invest in the wedding.
Totally agree with Dave on this one. It’s not fair to his gf/finance (of just one week) to start paying his $250K in debt which will also grow in the next couple of years. Just NO.
It’s your debt, you signed up for it, get married and 2-3 years into marriage, start to pay your spouse’s debt. This caller wants to play house with a girl that luckily has no debt.
I never understood why residents make such low money. They work hard long hours with brilliant skills. That needs to change.
Starts as a finance question and turns into a marriage trap. Not cool Dave.
I wish my wife only had a 4 year residency and then done. She has a 5yr residency which she is starting her 5th year next month, then a 3yr and 1yr fellowship after that 🤪🤪
Whew! !
So when does the career actually start? Age 45?
@@robertbell525 She will be 35 when all said and done.
@@runningdebate2670 man that is a long time. I hope she does well!
I’m glad doctors go through such rigorous schooling, but at the same time, MAN are they put through the ringer! They deserve a high income!
Easy to plan a party in 12 months or less.
Are callers required to whine.... 'thank you for taking my call.' ????
Why in USA so expensive education? In Russia education is free or pay about 7000S/5years. I understand that in USA more salary but not so.....
It wasn't that ways always. What happened is the govt made it easier for student loans and all that did was give colleges a blank check to charge more since it would be paid due to finacing. Financing is just a slick way to make you get more debt.
He's good
....again guys don't get it. There's a reason no weddings are happening in venues
Excuses !!!!
“You don’t get married around stress, that’s the rest of the trajectory...” -A Living Legend
These loans need to be able to be wiped by BK.
I know going to the JP isn't this magical, fairy tale wedding , but why don't people understand that they can go to the JP or get the license and get a pastor and get married quickly, then when you're ready have the wedding ceremony that you want? People don't think about that. But there isn't anything wrong with it.
My husband and I had a very VERY small wedding, but it was important to me to get married in a church by a pastor. So, I called around and found a pastor who agreed to marry us. I didn't get the white dress, instead I had Walmart clothes and cheap heals. I did get my nails done, but it was nothing fancy and cost me maybe $25. I did my own hair and makeup and his mom and sister took pictures. We didn't do invitations, flowers, reception - nothing. Instead his mom, oldest sister and her son came and afterwards we went to Pancho's Mexican buffet - because I'm the bride and my favorite food is Mexican and also we were all dirt poor at that time! My nephew prayed over the food and said "Please Lord, don't let anybody get sick! Amen" lol!! and to my knowledge none of us did! Anyway, in September this year (2020) we'll be celebrating our 14 year wedding anniversary! We've discussed having a ceremony for our 20th for vowel renewal... oh my I can't even believe that's 6 years away!! Whew - time flies!
Anyway, just go to the JP or get the license and get married by a pastor and then do the ceremony in the next two years if you want. Congrats on the engagement (and wedding... if he listened to Dave)! :)
Wedding stuff is never going to be real cheap. Wedding venues aren't open because of covid
Why does Ramsey always have a cohost now...
Because it's his show?
Do it right the first time, then there won't be a second time 😕😊😊
Marriage is also a high stress thing. So, two new jobs, marriage, probably a move and you're adding up some top 10s all at once. Or yeah, Covid too. It would be an all or nothing bet. Now let's get commenting on HER waiting until he pays it off!!!
She wants a wedding.....guys don't get it
Lol
If he cheaps out on the wedding, and she's been dreaming about it since a little girl, he'll never hear the end of it.
If you're $250,000 in debt and about to get married, get married at the COURTHOUSE.
250k in debt and starting at 60k.. I make more than that and didn't go to school and should have my mortgage paid off by the time I'm 35.. (4 more years) even if his salary jumps to 100k, it will take forever to pay that off and not to mention trying to pay off a mortgage on top of that! School puts ppl wayyyy behind in life!!
His starting salary will jump to at least $200k and up to $600k, depending on his specialty.
Actually med school is one of the few degrees left that at least have enough ROI (return on investment) to pay off the loans afterwards. He can easily get up to 300-500K (some specialities much higher). And he will be able to moonlight for on average $1500 a day, on days off.
you clearly don't know much about a doctors earning potential
And he’s not just starting at 60k. He’s still in training. It’s like an apprenticeship sort of.
Might be a princess pal.... step lightly n rubber up or your plans will do a 180 faster then you blink because Kenny Chesney was right don't blink.
Deliver pizza at night, rice and beans, beans and rice you should never see the inside of the restaurant unless you work there, no vacations for you😜
SAVED by marriage .
Dave loves marriage 👰
Only if a couple is headed that direction anyway
If they don’t get married now they won’t get married at all. He is about to become a doctor there is going to be a lot of women trying to get him. Free sx any place any time. She will be busy too busy to show him the attention. In her case she is about to go work with a lot of powerful rich men that have everything at heir fingertips. He will be too busy and broke to take her out and show her a nice lavish style of life. She will end up dating one of them
Did I miss something ? I thought the entire world knew to avoid student loans !!!
This guy needs to hurry up and become a house husband ASAP !
😂😂😂
Why??? Lol. He’s a doctor!!
I'm here looking for chocolate daddy " Black Vito ".
Wow lol Black Vito come get ya girl
It’s because the scrub comments on everything and has no real life
Give it time. He will be here.
They have to have the skill and confidence too. Theres many people who get great degrees but are not successful.
It is crazy to me how someone can allow themselves to get into this much debt.
How else would you pay for medical school if you didn't have rich parents?
How much do you think med school cost? Not too mention 4 years of pre med to get there??
Problem is Ramsey once said the "future" husband should help with her bills. REALLY Dave???
If I was in their shoes I’ll just get married at the courthouse make it “official” and work together through all of this and why not?
Maybe once he’s out of residency have the biggest vow renewal the biggest party ever! But that’s just my 2 cents.
Agreed!
The pressure to get married is insane lol
I’m just waiting for the government to cancel all student loans
1:31 "until you are are married, you shouldn't combine finances. Dave is so full of bs.
About 2 months ago, Chris Hogan suggested a caller who had a boyfriend to combine finances. Because it is better to do so, even while they weren't married. Dave did not correct him. He just went right along with his friend. Thereby, willing to sacrifice his whole concept of life just for the sake of a friend. He always says he doesn't change for anybody but that's a lie.
If you're too afraid to disagree with someone sitting next to you on your show, then you are not legit.
Bold comments from a nobody. Dave has got more than you ever will. So go ahead and tear the man down, since you know more than he does.
@@danclapper626 Your comment right there is where the problem lies. This is why you people will never amount to anything or take charge of your own life. So just because Dave has money, he is basically a god. He cant lie, deceive people leading them to even greater financial ruins?
So just because he is Dave, he is allowed to say something today and tomorrow say another? He ll get a pass because he has money.
Look! Everyone isnt like you. Just because you are corrupt to this point, does not mean I am like that. I don't care who you are, if you're wrong you're wrong.
What do you know about me to know that I was broke? If you're a failure, dont just assume everyone is.
@@jeanlenor1858 You are obviously a fan if you have seen enough to know when he says something differently. Why would be involved with someone you do not agree with? Is it just to find the contradictions in his philosophy over time? Or did he strike a note with you on this topic?
A link would be great, otherwise its reasonable to assume it was either misunderstood by the listener or hogan was referring to some isolated circumstance of an example, or perhaps they were getting married next week. Can go on and on. Theres no real lesson here without showing the video that you are referring to.
Yea I’ve heard several topics of Boyfriends and Girlfriends and I’ve Never heard him state to combine finances ever-
Why does he need a wife when he already has the government ?
Everyday of my life I thank god I never went to college.
Well you are definitely the exception
@@wa2k99 Let me rephrase that: everyday of my life I thank god I never went to college and get suckered into a worthless degree that will never help me pay off predatory student loans and will ruin my credit and life.
Dolf Well, if you’re aware of the useless degrees why would you ever fall for them? That’s like saying I’m so glad I never brought a new car at 11% APR because I could get into a car accident. Why not buy an inexpensive car? The car accident part (debt + high loans in your case) is an outcome that’s unlikely to happen due to buying an inexpensive car (getting a good degree)
My brother didn’t fall for a useless degree and got a bachelors in accounting and computer science and works as a consulting at an IT sales system firm making $150K a year.
I think something more appropriate in your case would be the same scenario as my oldest brother but even then, taking the time to be grateful you didn’t go to college cuz of reasons that you’re aware of is bizarre.
His case was he’s glad he didn’t went to college because he found a passion in trade as an electrician and makes good money.
Dave needs a toupee to look better on air .maybe younger.