Apr 3, 2007, 10:22 AM
Remember, you can always teach at a county public school (high school) and, with a Master's, make in the low 40s your first year teaching. Depending on the state, maybe more.
The areas that pay more usually have a higher cost-of-living, which, combined with the higher tax bracket makes it a wash.
Look at it this way:
$75000 at 3% interest is a $500 per month payment for 188 months! That's more than fifteen years. If you pay $300 per month it will take almost 32 years! That doesn't include the extra costs that you will incur because you have higher interest rates on everything else (credit cards, mortgage, car loans) due to a bad debt-to-income ratio.
That is a crazy amount of debt for anything less than a JD, an MD or maybe, maybe an MBA.
(This post was edited by jaywalke on Apr 3, 2007, 10:24 AM)