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Rising tuition costs can create an extra burden for struggling students in this current economic climate. For many, though, financial woes don’t end with graduation. Particularly for Dr. Michelle Bisutti, mounting debts from student loans have wreaked financial havoc on her life.
Upon graduation from medical school in 2003, Dr. Bisutti’s debt was $250,000. Today, that balance has risen to $555,000. Why such an increase? Part of the blame could be due to her deferring payments during her residency and other interest rate-related charges, but sometimes the terms and conditions are not as clear as they ought to be.
“Maybe half of it was my fault because I didn’t look at the fine print … But this is just outrageous now.” (online.wsj.com)
Unlike mortgage, credit card or gambling debts, student loans are virtually impossible to get out of. There are no bankruptcy claims to waive the ever-increasing debts. And for Dr. Michelle Bisutti, it will take roughly 351 months for her to completely pay off her debts.
“I will likely have to deal with this debt for the rest of my life.” (online.wsj.com)
According to Vitals.com, Dr. Michelle Bisutti is a family practitioner in Dayton, OH. She completed medical school at the American University of the Caribbean School of Medicine in 2003.