I know it is easy to get excited to graduate and look forward to your career in chiropractic so you can pay off your student loans in record time. My husband graduated in Fall of 2008 and the 6 month grace period was as brief as a fart. Then for over 2 years we paid aministrative fees to defer them. All the fees did not apply to our loan balance but were strictly administrative hoopla. Meanwhile, the federal loans were all on an income contingent repayment plan. Eventually, as it turns out, we ran out of money for even the admin fees and ended up just defaulting on the private side. There was nothing else we could do because nobody would work with our situation. It was always, "$2K a month or nothing" or "Yes, another $150 for us to press a button to keep you in good standing until you can pay us $2k a month".
Now, it appears we make enough money to pay the federal side a reasonable monthly installment based on our income. Yay! And you know what? We are more than happy to! My husband set it all up today and couldn't help but notice our overall total including default, fees, and interest is sitting at over a half million dollars. What a downer!!! We owe over $500,000.00 for chiropractic school. Most of which is bogus fees and interest just gifted to the lenders.
If anyone knows how to settle private student loan runaway trains please let me know so I can let others know. I kid you not, the minimum payment currently due on our private student loans is $25,000.00. Minimum payment. WHAT???
The irony is, I just landed a really good job. I did. And I am sure our student loan payment for the ICR (income contingent)federal student loans will quadruple next year as a result. It is crazy that non chiropractic income will be footing the cost of chiropractic school. The private loans can at best be settled for the price of a home?? I don't know. Gosh.
Maybe divorce would be a good option because it would force the powers at be to only focus on my husbands teaching salary and supplemental chiropractic income rather than MINE TOO!!! It is a sad day in the USA when divorce is justified in a perfectly happy marriage to avoid being robbed from as a family. Ever heard anyone divorcing for financial salvage??
Avoid chiropractic school unless you can pay cash and be supported by parents or a spouse. It isn't worth it. No student loan debt is okay. It would be if it didn't multiply due to erronious fees and unreasonable interest compounding. Sickening...