Chiropractor's wife!

Chiropractor's wife!
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Thursday, December 12, 2013

Student Loan Debt and Chiropractic

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...

19 comments:

  1. You are exactly right. We need to do something about he runaway costs of chiropractic education. Practicing DC's need to put pressure on the colleges to keep tuition down!

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  2. I'm looking into this, for direct loans
    working in public service or non profit. I http://studentaid.ed.gov/sites/default/files/public-service-loan-forgiveness.pdf

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  3. I would say Divorce is the best choice. Because its his loans, not yours. Also there's plenty of separated people still living together. Plus if you have shared bank accounts, after so many months of default the student loan company can seize money out of your bank account WITHOUT taking you to court.

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    1. Well, If we can't find an attorney to settle the loans effectively divorce is certainly a viable option. If Divorce ever happens, I hereby vow to change the name of this blog to "The Chiropractors Ex Wife" ;)

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  4. Oh man, is it so dire that divorce is really an option to keep people from being robbed by student loans? I knew that getting a doctorate was expensive, but not that expensive! And your husband's job isn't helping to pay it off? :/ http://www.owenschiropractic.com.au/topics/chiropractic-consultation/

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    1. I would like to know some options for employer repayment options.

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  5. This was a very informative blog post. Thanks for sharing!

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  6. Cool blog! I found this blog very useful; have learned lots of thing here. onlinepayloans

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  7. Private student loans can be bankrupted. Sounds like your bankrupt and just need to accept it and do it. I did bankruptcy as another Chiropractic failure. But, I didnt have privates student loans. So, I couldn't get rid of them. Though I have since found out its not impossible. Also go to IBR (income based repayment) instead. Payments are lower. Good luck getting out of Chiropractic hell. It's not what we expected... We expect to get a degree and be able to find a career or job that will pay for the degree. NOT IN CHIROPRACTIC. Too many have failed. My wife tells me chiropractic failed not me. The average Chiropractic Income according to the BLS is $65,000. Thats for those that stayed in it. I would guess half leave. Waste of time and money and a drain on society. I wish the government would look into it. College should not cost more then one years worth of income after the degree is obtained. I wish I had a time machine to take this one back.

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  8. I wish that I also had that time machine. Huge waste of money! I also wasted my time and money at Logan College of Chiropractic in Chesterfield, Missouri. Classes were much too large. The teaching of adjusting classes was worthless. Logan College is only out there to take your money. Buyer beware! You have been warned. Run away from all chiropractic colleges. I agree, I wish, the government would investigate and shut the frauds down. Debt and despair is what you will end up with. It is chiropractic hell as stated above. Logan makes a lot of false promises about a great education, and a rewarding career. It is a living hell and a freaking night mare.

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  9. Spacer, you wrote that you have found out it is not impossible to declare bankruptcy on fed loans. Could you please provide insight? I met muy wife in Chiro school. We alk know what happened after that... We're divorced on paper, she's paying admin fees to continue to defer until she starts working as an RN. I'm in default. I've heard there is a way to bankrupt feed student loans, but it is a VERY closely guarded secret.. Any insight you can provide would be greatly appreciated...

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  10. Spacer, you wrote that you have found out it is not impossible to declare bankruptcy on fed loans. Could you please provide insight? I met muy wife in Chiro school. We alk know what happened after that... We're divorced on paper, she's paying admin fees to continue to defer until she starts working as an RN. I'm in default. I've heard there is a way to bankrupt feed student loans, but it is a VERY closely guarded secret.. Any insight you can provide would be greatly appreciated...

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  11. ... Apparently I've become dependant on spell check...

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  12. I read an article that stated there is about a 40% chance to get Fed loans discharged. However, it is usually counted as income.

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  13. The problem with chiropractic debt is the interest accrual. If I could get my loan amount back to the original amount I could pay it off. We should be talking to our congressmen about the problem. Has anyone tried to negotiate with the Fed loan department to get the accrued interest discharged? That's all I am looking for. I don't see a solution in sight which means I will be in debt the rest of my life.

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  14. Screw the morons in this field!!! Enough said by a former successful Dr. Who didn't join this profession for$$$. That is the problem today. Cost of school doesn't equal reward of helping your fellow man. Your reward should be helping others with no other hope. I never became rich but have never starved either. Greedy fuckers have ruined an awesome field. Student loans are WAY less$$$ pricey than my treatments for end stage cancer. So sorry your big issue is student loan interest....grow up and WORK!!!

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  15. You sound like a broken, bitter man. I wonder if that contributed to your cancer?

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  16. SO how the hell did y'all get up to 500k in Student Loans from Logan???
    My husband was at Logan with your ex. (2005-2008) I worked so that he didn't take out extra for living expenses, books, supplies. (and I didn't make much ~28k a year)
    He graduated in Dec 2008 with about 65k in student loans.
    He opened his own practice and I ran the office for him, so yeah we made zero dollars for a while there. But we just paid off his student loans after 8 years of being in practice, living frugally, and paying extra.

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