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Student loans

karlvv30 said:
People think it's hard to do the right thing. Usually it's harder to do it wrong. I've done both. I know.
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Well we were seeing what Biden was going to do. But I don't think they are that stupid to wash that much money away. But the market is high right now and I didn't want to miss my chance for a plan that was very hopeless. Plus didn't feel right just pushing my loan off on someone else.
 
jpm2953 said:
That’s not a bad idea. My house is valued at about $110k more than I owe on it. I could also sell my truck for about $14,000 and just drive my old beater Corolla.
I just refinanced 2 years ago to drop my PMI insurance though
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Problem solved! I'll take my 5% funders fee now.
 
jpm2953 said:
That’s not a bad idea. My house is valued at about $110k more than I owe on it. I could also sell my truck for about $14,000 and just drive my old beater Corolla.
I just refinanced 2 years ago to drop my PMI insurance though
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Make it work in a way that don't hurt but you do it right. You got this.
 
The biggest thing for me was being prepared when I went to work. I brought my own drinks, snacks and lunch. I saved a lot and paid as much as I could to lower my debt. I was spending about $20-30 a day. Sacrifice must be made but you can do it. Also, don't forget to treat yourself a little.
 
jpm2953 said:
So my wife was never good with money and racked up a fair amount of student loans before we got married. To the tune of 50k.

we recently had a kid so she is now a stay at home mom. Which I’m thankful for but puts the weight of paying off her loans on me.

Do I have any options besides just suck it up and eat ramen noodles the next 10 years? Besides our house and this, we are debt free
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It is a significant adjustment when a family suddenly does not have 1/3 (on average) of their previous income when the wife no longer works.
All of the previously disposable income is gone. It will require a significant change in lifestyle and no, it will not be easy.
You will need to change your singular way of thinking about finances (your income/debt, her income/debt) to "family budget"
Have you and your wife created a budget and a plan?

Regardless of what you have been told on social media, millions of Americans in previous generations faced similar challenges.
It took 10 years to pay for my college debt, my wife's credit card and technical school debt.
We started our family in a small home in a rural area, drove older vehicles, grew a lot of our own food in a garden outback, took local vacations and slowly paid the debts we accumulated.

Once those debts were paid off we moved to a home in a better area, drove nicer vehicles, new cell phones, etc. What did not change was our disposable income. We had adjusted our spending to the available income. We had some nicer stuff, but in the end we were still broke at the end of the month. :shocked:

Welcome to the American Dream :thumb:
 
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