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Message
1
Posted on 8/7/21 at 2:35 pm to Nosevens
quote:
And bs on a across the board statement that residents and doctors starting out make little or no money and in line with Const Management . Family friend son is about finish up residency in couple weeks and currently over 100k
Its not BS in the slightest. Most residencies last 3-4 years. 60K is more than the average salary for the first 2 years of residency.
your family friend is an extreme outlier, is counting moonlighting (ie a second job which is not allowed by all residencies), or you have misinformation. residency pay is determined by the government with minor tweaks based on COL.
quote:
Residency Year Average Salary
Year 1 $56,150
Year 2 $58,290
Year 3 $60,634
Year 4 $63,634
Year 5 $66,277
Year 6 $69,043
Year 7 $71,339
Year 8 $75,841
quote:
I know you sad nursing doesn’t factor in this debate but they are part of the medical field and discussion was on the medical field .
no this discussion is not on the medical field, it is specifically physician and dentist residencies. go back and read the bill quoted in my OP.
Posted on 8/7/21 at 2:40 pm to AMS
quote:Dint care what their degree was in. Not fulfilling your promise to repay what you took from others is a terrible precedent for our culture. If we’re going to become a nation of moochers—we will all suffer greatly.
lots of folks against anything student loan related because they are anti agender studies PhD loan forgiveness
quote:If anyone needs debt relief it’s dentists and doctors.
6-7% on ~250k loans is probably about 40-50% of take-home pay for these folks for the duration of their 3+ year residency training.
Posted on 8/7/21 at 2:48 pm to Ostrich
quote:
Don’t take student loans out if you can’t afford them when they become due. Period.
thats cool and all. they can pay the loans back when they are due that isn't the main issue, but it is a really nice benefit.
its intent is incentivizing investment/entrepreneurial docs/dentists opening their own practices. this will allow docs to start opening up clinics years before they would otherwise be stable enough to do so. there are healthcare shortages and this will help decrease the gap.
Posted on 8/7/21 at 2:50 pm to Taxing Authority
quote:
Dint care what their degree was in. Not fulfilling your promise to repay what you took from others is a terrible precedent for our culture. If we’re going to become a nation of moochers—we will all suffer greatly.
the debt is getting repaid in full there is no mooching. its just altering the payment timeframe.
Posted on 8/7/21 at 2:53 pm to AMS
quote:Still allowing them to break their promise and contract. People act as if lenders have some giant pit of money that allows them to enjoy zero returns for…. as long as the borrower wants.
the debt is getting repaid in full there is no mooching. its just altering the payment timeframe.
Posted on 8/7/21 at 2:55 pm to AMS
quote:Which is stupid considering Obamacare GREATLY incentivized a MSP/Hospital model and heavily penalizes private practices. As always… the solution to government f*ck ups is more more government.
its intent is incentivizing investment/entrepreneurial docs/dentists opening their own practices.
Posted on 8/7/21 at 3:06 pm to Taxing Authority
quote:
Still allowing them to break their promise and contract.
no promise or contract is being broken. the contract is to repay the debt, there are many different paths to do so. the debt is being repayed.
quote:
People act as if lenders have some giant pit of money that allows them to enjoy zero returns for…. as long as the borrower wants.
considering the lender is the federal government who literally prints and the debt is non-dischargeable, yea its basically that.
also its not as long as the borrower wants... its for the duration of residency, which is funded for an individual for x amount of time, depending on the residency. residency isnt some indefinite process like you may believe. even if it did work this way prolonging residency to avoid interest accrual would make no sense due to earning caps of residency and major salary inflation afterwards.
This post was edited on 8/7/21 at 3:26 pm
Posted on 8/7/21 at 3:33 pm to AMS
quote:I don’t think I’ve ever seen a promissory note that did‘ not have repayment terms.
no promise or contract is being broken. the contract is to repay the debt, there are many different paths to do so. the debt is being repayed.
If you want to believe that, you’re not worth my time. quote:Literally makes it worse. The government is $30 Trillion in debt. Servicing thst debt will be the largest item in the budget in a few years. Arguing that borrowed money should t be paid back is… silly.
considering the lender is the federal government who literally prints and the debt is non-dischargeable, yea its basically that.
quote:There are 5 docs in my immediate family… none of them were surprised they had to do residency.
also its not as long as the borrower wants... its for the duration of residency, which is funded for an individual for x amount of time, depending on the residency. residency isnt some indefinite process like you may believe
They simply planned for their financial needs. Magic!!
Posted on 8/7/21 at 3:51 pm to Taxing Authority
quote:
I don’t think I’ve ever seen a promissory note that did‘ not have repayment terms. If you want to believe that, you’re not worth my time.
There is no mention in the promissory note declaring there can be no deferment. in fact it leaves open flexibility and possibility of relief/forgiveness of the loans. this is a widely known benefit to taking federal loans instead of private loans. there are plenty of repayment options that arent enacted until after graduating, not carved into stone upon taking the loans. despite what you may believe repayment plans are malleable within terms of the contract and there is no breech by the lender deferring.
quote:
Literally makes it worse. The government is $30 Trillion in debt. Servicing thst debt will be the largest item in the budget in a few years. Arguing that borrowed money should t be paid back is… silly.
again with this nonsense? No one is arguing that that money shouldn't be paid back. It is being paid in full.
quote:
There are 5 docs in my immediate family… none of them were surprised they had to do residency.
They simply planned for their financial needs. Magic!!
I was responding to your erroneous suggestion that the loans would be deferred indefinitely for 'as long as the borrower wants'. not that doctors are surprised by having to do residency.
This post was edited on 8/7/21 at 3:52 pm
Posted on 8/7/21 at 4:39 pm to Nosevens
quote:
After 30 years in medical field even a nurse makes a 100k plus so your take doesn’t compute
So hospitals don't have salary caps? What do you think an LPN makes? My nephew definitely started out at the same hourly wage as me.
This is Louisiana...maybe you are somewhere else. The last facility I worked at the charge nurse only made $2.00 more per hour than I did. I don't know what to tell you.
Posted on 8/7/21 at 10:08 pm to AMS
quote:Post them.
despite what you may believe repayment plans are malleable within terms of the contract and there is no breech by the lender deferring.
On that note, you should come work for me. I'll pay you.... under a malleable terms of a contract.
quote:Sure. Let's just ignore the time value of money.
again with this nonsense? No one is arguing that that money shouldn't be paid back. It is being paid in full.
quote:Whoooosh. When the student borrowed the money, they knew what they'd be making during residency. If they couldn't pay it back--they shouldn't have borrowed it. Doing so was reckless. WHy should others bear the burden of that recklessness?
I was responding to your erroneous suggestion that the loans would be deferred indefinitely for 'as long as the borrower wants'. not that doctors are surprised by having to do residency.
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