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I have a student loan question
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Mrs B
Posted 5/14/2023 19:15 (#10229091)
Subject: I have a student loan question


Highland Center, in Southeast Iowa

I'm waaaaaaaaaaaaaaay too old to be a student.....this is a hypothetical question. I know less than nothing about student loans, the process, the pay-back, any of it. So, I heard part of a Dave Ramsey call-in call the other day where the guy who called in was a now-practicing orthodontist. He was asking how to manage the pay-back on his student loan and how to achieve the best efficiency. Ramsey asked how much he owed on his student debt, and my jaw dropped when the caller said "....right at $1,000,000".  My question is this:  how are these loans applied for.....does the approving loan generation source have some form of requirement of proof of ability to service the loan? Does anyone in that system do any sort of due diligence to establish if the borrower has the ability to service the loan in a reasonable timeframe? Or is it just blind faith that if you're going to college, you can pay back how ever many dollar bills you're borrowing at any point in time?

Ramsey asked the guy if he remembered living as a broke college student. Guy answered yes. Ramsey said, "well, now you're a broke orthodontist".

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