How Difficult Will it Be to Pay off My Student Loans?
I am in chiropractic college right now and i figure that when i am done, i should have about $165,000 in student loan debt, for the full 7 years of schooling. The average pay for the first year out of school is about $40,000-$50,000 and at about 5 years, it is around $110,000 or so.
I have no plans on having children or buying a house. My car is already paid off. I can probably get a $1000 a month apartment where i will be living. Besides that and a few standard utility bills and whatnot, nothing too expensive that i can foresee.
I know there are a lot of variables here but in general, does it sound like i could pay off my student loans fairly quickly with that type of finical situation?
A $165,000 student loan certainly is nothing to be taken lightly. Unless you have a rich uncle,is it even imaginable that you are going to start your own practice? About the only alternative is to become a chiropractic associate. Unfortunately an associate position will not pay anywhere near $50,000 a year. Get used to spending your weekends at a mall doing “spinal screenings” for your boss. Did you know that 50% of chiropractic grads are out of the profession in just 5 years because they can’t make a go of it? And the the student loan default is highest among chiropractic graduates? If you aren’t too far into it,get out now http://www.usatoday.com/money/perfi/credit/2006-11-26-young-debt-schopp-profile_x.htm
Edit: Also http://answers.yahoo.com/question/index;_ylt=AoqwX_KpImXe0TO.jR9UMBQjzKIX;_ylv=3?qid=20070831213751AAQ1Obx http://money.usnews.com/money/careers/articles/2008/12/11/overrated-career-chiropractor-2009
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