The Orthodontist with $1 million in Student Loans

Let’s switch gears and talk about money for a bit.  Has anyone else heard about the orthodontist with $1 million in student loan debt?  You can read the Newser article here  or the Market Watch article here.  This just makes me sick a little.  This person makes $225,000 a year and yet only pays $1,500 to his student loan, which doesn’t even cover interest.  At the rate he is going, his loan will balloon to over $2 million, which I think he intends to get forgiven after 20 years of paying it.

Wow, talk about irresponsibility.  Many of us have been accountable to our debts and to our student loans.  It’s unfair for someone to rack up that much student loans and not be held accountable for paying it off.  I mean sure, I could’ve studied abroad to get that college ‘experience’ but I chose not to because I couldn’t afford it.  I also chose not to go back to grad school because I learned from my undergrad how hard paying off $20,000 can be especially on an entry level salary.  I’ve had to make sacrifices to pay off my debts like many others before me.  Of course my debt wasn’t $1 million dollars, but this man makes $225,000 a year which he could very well pay off if he and his wife live within their means like most people do.  He chose to go to an expensive private school and at least he is making well over what many of us makes.  This man needs to own up to his mistakes and take responsibility for his actions.

Ways he can pay more back by cutting back:

  1. Don’t drive a used Tesla.  Get a cheaper car.
  2. Limit eating out.
  3. Down-size your living space.  Rent a one bedroom.
  4. Pack your lunch.
  5. Cut cable.
  6. Do staycations.

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