You are a savvy medical assistant student eager to finish your studies at SAC. You also know to want your keep options about other careers in the medical field and have done some research that shows nurses have salaries in excess of $80,000 per year and doctors have salaries in excess of $250,000 per year. With this information in hand, you are making some financial plans to determine how much debt you would have at graduation for each of the three professions. ESTIMATE the future value of your student loan at graduation given the following:
Medical Assistant--2-year program (term), with $15,000 in student debt at a 4% interest rate.
Nurse--4-year program (term), with $35,000 in student debt at a 4% interest rate.
Doctor--8-year program (term), with $175,000 in student debt at a 4% interest rate.
Which option would you choose and why?