Yet, as staggering as these student loan statistics are, borrowing is on the rise. With a degree in hand, many college grads enter the job world not only having to repay their student loans, but loaded down with credit card bills, too. And creditors will extend credit to medical and law students in particular, based on their income potential , according to Rhode. The problems begin when student expectations for the future clash with the economic realities of life. Many of them actually feel compelled to get a new car.
Doctors often feel they have a certain image to keep up to appear successful to their peers.
If you're banking on earning the big bucks in this job market, keep dreaming. Loan repayment takes 8 percent or more of the typical graduate's monthly income, so you may want to re-think that BMW lease and go for the Honda instead. You can tear it up and throw it away. Financial Foul-Ups Living on borrowed money causes serious anxiety for many students. While being in debt seems like a real life crisis, credit bills don't kill people.