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  1. #1 101 Americans who each borrowed over ONE MILLION dollars to attend school 
    Power CUer
    Join Date
    Jun 2008
    With interest, these folks will owe OVER 2 MILLION in 25 years. Something's gotta give.

    There Are 101 Americans With Over $1 Million In Student Loans
    ...While millions of Americans are drowning in student loans - 101 people have the ultimate albatross around their necks; student loan balances exceeding $1 million, according to the Wall St. Journal. Five years ago, there were just 14 people with loans that large.

    Utah orthodontist Mike Meru, 37, is one of them. After graduating from Brigham Young University with no debt and a new marriage, Meru borrowed $601,506 debt to attend USC's orthodontics program - while his new wife Melissa finding work as a USC administrative assistant to save on tuition. After a few years, his student loan had swelled to $1,060,940.

    Mr. Meru said the dental school’s financial-aid director, Sergio Estavillo, estimated that the basic four-year program would require $400,000 to $450,000 in student debt, including interest. Mr. Estavillo said he didn’t recall the conversation but had no reason to doubt its accuracy. -WSJ

    And despite Meru's $225,000 salary in 2017 which leaves him with roughly $13,333 per month after taxes, he makes monthly payments of $1,590 by taking advantage of a government-sponsored debt repayment program. Without the program which still leaves his debt growing at $130 a day, Meru's monthly payments would be $10,541.91 according to an email from his loan servicer. At this rate, Meru's loan balance will exceed $2 million in 20 years.

    Since refinancing his debt with the federal government in 2015, lowering the rate to 7.25%, Mr. Meru’s balance has grown by $148,948. It will keep growing through the 25-year life of the repayment plan until it reaches $2 million. -WSJ...
    Last edited by Elspeth; 05-26-2018 at 10:48 PM.
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  2. #2  
    Power CUer noonwitch's Avatar
    Join Date
    Oct 2008
    Warren, MI
    I didn't take any loans. Tuition was affordable for middle class families in the early and mid 80s. It started going up a couple of years after I graduated.

    I consider it an advance on my inheritance. Good thing I got it in advance, because when we got my dad back from Florida, we found out he had hardly any money left.
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