justonemoregame wrote:Guys, please. "Putz?"
You are responding to someone who has been entrusted by the federal government to give final approval on the underwriting of these loans. OP is clearly qualified in this regard. You don't need a PhD in Finance to figure out that 64K X three is 175,000 and even if you get a 50K job after graduation, 175K will take EXACTLY 3.5 years to pay off.
Not sure if you are flaming, trolling, or just writing stuff while drunk.
With 50k/yr salary, it will take 10-15 years to pay off 175k in debt assuming you live an extremely frugal life style. You're forgetting the fact that your salary will be taxed (at ~36%) and the fact that you need a roof over your head and need to eat. Not to mention, that 175k in debt won't be 175k as time progresses, due to the interest.
I work at a consulting firm as an analyst, making slightly more than 70k a year. I live a very frugal life style, and live in a shit hole in Brooklyn with two roommates to save money on rent. Still, I have a very hard time saving anything more than 1.5k a month, even if I don't go out to eat/drink that often.
It's only when you actually start working that you realize the value of each dollar you pull in, and have the experience to say, with confidence, that 200k is a fuck ton of money.
EDIT: People mention IBR. But, my impression is that it is pretty difficult to land a job that would qualify for IBR. Correct me if I am wrong. And, if you don't get a job qualifying for IBR, you will be pretty much fucked with that much debt.