looming loans

The other day, we were killing time at Target, because it is air conditioned and not inside our house.  We didn’t buy anything; just wandered around.  As we were leaving, Russ asks “Hypothetically, if I came to you and said that I had a great idea for a business and that I could guarantee that I would make $150,000 a year with it, would you let me take out a $200,000 loan to get it started?”  I knew what he was implying, but I still said “no” – mainly because in the entrepreneur/business world, you cannot guarantee success.  We went back and forth on the “hypothetical” nature of the question…because apparently my brain doesn’t work with hypothetical all that well – too much of a realist I suppose. My argument was that he couldn’t (with 100% certainty) guarantee success.  He kept saying, “But let’s say hypothetically I could”  And we repeated ourselves several times before we got to the root of the question.

We have been fortunate that we won’t be stuck with $200,000 in student loan debt when Russ finishes…but that is the average amount of medical school debt over four years.  (Not all med students are lucky enough to have a high earning sugar mama to keep them afloat).  Regardless of the amount, the hypothetical situation is basically what he is doing now.  I like to think the odds are pretty good that he will be a doctor one day and will be able to pay off the student loans rather quickly if we stick to our current lifestyle for a few years post-residency (I mean we’ve been doing it for eight years, what’s a few more).   But it’s still a pretty stressful cloud looming over our heads.

Today, I ran across this article about whether or not student loan debt was worth it.  It’s sad that all the people featured say “no”.  But they all had expectations of the jobs they would have after school that are not coming to fruition.   I suppose the same could go for medical school…but I’m still optimistic that Russ will be a part of a practice one day and that the student debt will be worth it.  And that we’ll be able to pay it back.

Though Russ did give me some good news yesterday.  If he dies while he still has student loan debt, it goes away; I’m not responsible for paying it off…hmmm….food for thought, yes?  Just kidding.  I thought it was odd that he shared this bit of information with me while we relaxed on the couch.

Russ’ loan for the fall came in this week, so we feel a little less poor (even if we are more in debt)…so we celebrated by going to McAlister’s for some sweet tea and to split a piece of chocolate cake four ways, because we are just CRAZY like that.

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2 Responses

  1. Just curious….what is this hypothetical business that would bring in $150,000 a year?

  2. It’s so funny that you wrote about this! Nick has told me the same thing about not having to pay off his loans from med school if he dies….boys are weird 🙂 Enjoy Russ’ 4th year! It was awesome for us (http://www.youtube.com/watch?v=6gn3Vep9xjg is a video his class made about 4th year–it’s hilarious! Check it out!) and a distant memory now that residency has started and Nick is on UK wards :/

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