Discussion Thread

This infographic by a medical group claiming that teachers make more than doctors has to be one of the most dishonest pieces of student loan apologia I have seen.

The biggest lie is that it says that it cost $687,000 in training to become a doctor by stating that the interest on medical school debt/college (not the principal) amounts to $387,000 to be paid over 20 years. It's pretty easy to see how this isn't close to true. Undergrad and medical school student loans can be deferred until after graduation. So, there may be three years of being a resident where you are paying interest on the loans but soon after you will be making 150k or 200k a year and can easily pay down 50k a year if you wanted. Even if you did just a fraction of that the "interest" you pay on the loan is going to be nowhere near 387k. They are distorting how bad compound interest is here.

Additionally, they include 500k pension that teachers get. It is true that teachers rely on pensions since they don't have as large of income to invest on their own. However, they assume zero investment growth for doctors. Again, by the time you are 40 you are making 200k+ so can put away 40k a year if you want. In this case they are distorting how good compound interest is.

/r/neoliberal Thread