> the typical person who enters medical school can expect to pay off their medical school debt in their 40s. That level of debt load
Does how long it takes someone to pay a debt off say anything at all about how big the debt load was? You've juxtaposed these sentences as if it does.
Many people pay off their student loans last, as they're usually very low interest. You could have a student debt into your 40s but not because you can't pay it off - rather because it's cheaper than your mortgage.
Why pay off a cheap debt to buy a new expensive one?
People probably pay off their student debts in their 40s as they part of pay off the last of the mortgages and look to finally get rid of other debts.
> Many people pay off their student loans last, as they're usually very low interest. You could have a student debt into your 40s but not because you can't pay it off - rather because it's cheaper than your mortgage.
As explained below, no, the debt load that doctors hold is not very low interest. It's in the line of 8-10%. For contrast, I have credit cards that have APRs within striking distance of those rates, and that's consumer debt.
You seem to be thinking of undergraduate student loan debt, which is heavily subsidized.
Yea, I'm 37 and have about $2,500 of student loan debt left. I could pretty much pay off the balance whenever, but the interest is low, the monthly payment is low, so meh.
Does how long it takes someone to pay a debt off say anything at all about how big the debt load was? You've juxtaposed these sentences as if it does.
Many people pay off their student loans last, as they're usually very low interest. You could have a student debt into your 40s but not because you can't pay it off - rather because it's cheaper than your mortgage.
Why pay off a cheap debt to buy a new expensive one?
People probably pay off their student debts in their 40s as they part of pay off the last of the mortgages and look to finally get rid of other debts.