$100k in studen loan debt...deal breaker

[pickflicker]

This isn't a bad debt, it's a good one. That's how you need to split debt - into good and bad.

[Leigh 87]

WTF?

 

 

 

Well what do you expect her to have done? Picked a less costly student loan so she could do a degree that she hated/or wasn't passionate about?

 

Hello! College in your country is super expensive due to your retarded system. In Australia we don't think that education should require a lifetime of paying a stupid loan back. We make education more affordable here. The USA is a joke. I am so never visiting again.

 

You can pay it off slowly from what I have heard of your student loans, so what is the big deal?

 

It is not like they FORCE you to pay off more than you can afford.

 

Furthermore, if you both have college degrees/or decent professional jobs and earn even an average income, the both of your wages would be able to support a family AND pay the debt off slowly.

 

I am planning to pay off about 50 K in student loans due to doing a 4 year honours degree as well as a professional diploma course.

In Australia, this is A LOT for someone who is not getting a masters or a second degree.

I will earn an average ish income, as will my partner most likely; I still plan on travelling, getting botox when I see fit and having kids if the guy wants to and also the plastic surgery that comes along with needing to fix your vagina and body after having to have a baby (no c sections here are NOT elective and you are not aloud to opt to have one).

 

So even with loans,even an average income is enough, when coupled with YOUR income, to support yourself and survive and even save for "luxuries" such as overseas travel.

 

 

 

 

Why do you feel you can't do things in life that you want to do due to student loan? You know people pay months for cell phone plans, rent, mortgages and many other things in monthly/weekly/fortnightly instalments?

You can cancel your cell phone plan and only get pre paid credit and seldom use your phone unless it is an emergency, as well as other money saving methods if you are THAT concerned with the re payments regarding her loans.......

Student loans are essential; there are simply no other options besides college for MOST people over where you live to earn a living.

I can think of MANY things you can stop buying/doing/paying off that are not as important as her loans.....

 

 

 

 

Why don't you focus on cutting you spending on luxuries for a while, since student loans are essential for most adults?

[FitChick]

For that amount of money, I'd be willing to spend a few hundred dollars to consult an attorney who specializes in such things, at the very least to get peace of mind and avoid future arguments. I wouldn't listen to strangers on an internet forum or go by info posted via Google search.

[StanMusial]

If the legal advice would give you peace of mind, go ahead and get some.

 

However, let's say you get married and stay that way. You're going to have to deal with that baggage for the next X number of years anyway. You've had four years to figure out the end game here.

 

Also, I have a hunch you are being over-optimistic about her earning potential in her chosen field. I have a feeling you are quoting best-case scenario rates, that can be billed only after a decade or more of experience, with a top-notch reputation and circumstances breaking in her favor. I would try to be more realistic when planning or the future.

[Noproblem]

Are you serious

Law, med etc students has 300 k loans

It's part of life now.

If you are worried, sign a prenup and get done with the worrying

[Noproblem]

WTF?

 

 

 

Well what do you expect her to have done? Picked a less costly student loan so she could do a degree that she hated/or wasn't passionate about?

 

Hello! College in your country is super expensive due to your retarded system. In Australia we don't think that education should require a lifetime of paying a stupid loan back. We make education more affordable here. The USA is a joke. I am so never visiting again.

 

You can pay it off slowly from what I have heard of your student loans, so what is the big deal?

 

It is not like they FORCE you to pay off more than you can afford.

 

Furthermore, if you both have college degrees/or decent professional jobs and earn even an average income, the both of your wages would be able to support a family AND pay the debt off slowly.

 

I am planning to pay off about 50 K in student loans due to doing a 4 year honours degree as well as a professional diploma course.

In Australia, this is A LOT for someone who is not getting a masters or a second degree.

I will earn an average ish income, as will my partner most likely; I still plan on travelling, getting botox when I see fit and having kids if the guy wants to and also the plastic surgery that comes along with needing to fix your vagina and body after having to have a baby (no c sections here are NOT elective and you are not aloud to opt to have one).

 

So even with loans,even an average income is enough, when coupled with YOUR income, to support yourself and survive and even save for "luxuries" such as overseas travel.

 

 

 

 

Why do you feel you can't do things in life that you want to do due to student loan? You know people pay months for cell phone plans, rent, mortgages and many other things in monthly/weekly/fortnightly instalments?

You can cancel your cell phone plan and only get pre paid credit and seldom use your phone unless it is an emergency, as well as other money saving methods if you are THAT concerned with the re payments regarding her loans.......

Student loans are essential; there are simply no other options besides college for MOST people over where you live to earn a living.

I can think of MANY things you can stop buying/doing/paying off that are not as important as her loans.....

 

 

 

 

Why don't you focus on cutting you spending on luxuries for a while, since student loans are essential for most adults?

I totally agree with you. Education prices here are ridiculous and plus you are not guaranteed you will even have a job once you graduate

[I_Like_To_Golf]

If she does one of the eligible repayment plans like income based repayment plan, if she makes all her payments on time the remaining amount of her debt will be forgiven after 25 years or something like that.

 

I also believe under the public service student loan forgiveness program that Obama put into place a few years ago, if she works in a government job, a public sector job, or for eligible not for profit organizations, after making 120 continuous on-time payments under one of the eligible repayment programs such as income based repayment, then her student loan debt will be forgiven after 10 years.

 

But a lot of these programs has a lot to do with what type of loan she withdrew for her school, I don't think any private loans will work under any of the forgiveness programs. So it matters what kind of student loans she has.

 

Just something to look into, I'm not 100% positive on how all of it works, but that's the gist of it.

 

I also believe that if you're already worried about her financial future and are already second guessing your future with her, I wouldn't continue on to marry her because the stress from worrying will later on lead to arguments and a lot of unnecessary stress.

 

It sounds like she has a good head on her shoulders and is a very motivated individual. If it was me, it wouldn't bother me seeing as in America, it's to the point where you really do need an education which means student loan debt. Marrying her with her 100k student loan debt is much better than marrying a woman who is considering working at McDonald's as her "career" (unless she owns it or something haha).

 

Just do research on the loans and take advantage of the options that she's eligible for. Call the loan providers and communicate with them, usually they are willing to work with the individual (can't speak for the private loan providers though).

Edited March 4, 2014 by I_Like_To_Golf

[TheGuard13]

This is pretty normal these days. College is expensive, and if you're going into a potentially lucrative field, $100k in student loan debt isn't considered that much as a result, especially from a good school.

 

I have a friend who graduated law school with $180k in debt.

 

 

It's all about your priorities. Discuss your concerns, educate yourself about her plans for the future, where she is now and where she's likely to go, and educate yourself about your options if she can't pay her loans.

[czanclus]

Some posters before me gave good advice.

 

Given that she recently graduated and didn't know what the final number would come out to, I think it's acceptable that she didn't tell you from the get go what her loan situation would be.

 

I've had my student loan for almost a decade now, and since I know the number down to the nearest 10$, I would be and always was upfront about the current figure with any guy I'd consider a long term relationship with.

 

I think that a disclosure of that kind should be made in the early stage of a relationship whenever possible. I also think that she should not expect you to be paying for her loans unless you yourself (for whatever reason) insist, or you two work out a living arrangement in which it makes sense for you to be paying her bills.

 

Other than that, ask her to reveal her payment plan (duration of loan and amount of monthly payment, as well as the source from which the payment will be made), and figure that into your mutual budget moving forward.

 

Good luck and success.

[abby_tx]

depends on what the degree is in. 100k is nothing for someone with a degree in pharmacy, medicine, etc. but if it's a degree in philosophy, uh. not so much.

[Revolver]

I think its sad that being tens of thousands of dollars in debt is seen as "normal" now

[Els]

My guy has more than that from med school, and is halfway through repaying it. I definitely don't count it against a person, assuming they are able to cover it themselves. For him, it was definitely a worthwhile debt to have, and a necessary one. I only judge a person for unnecessary debt (fancy car, credit card, etc).

Edited March 4, 2014 by Elswyth

[RonaldS]

I think its sad that being tens of thousands of dollars in debt is seen as "normal" now

 

Why? It's not like she has $100k in credit card debt.

 

College, grad degrees and certifications, JDs, med school, whatever...this stuff costs a lot of money, but it's an investment a person makes in themselves to give themselves earning potentials far beyond what they're borrowing.

 

If borrowing $100k puts you in a position where you're making $100k/yr on up beginning in your mid-lates 20s, you don't think that's a good investment? If by the time she's 35 she's making $250k/yr, even if her income doesn't go up, you're talking $7.5mil over a career. You get a $7.5mil dividend off a $100k investment, and that's not a good investment?

 

No, maybe she should have just passed up on college and not put herself in debt and she could work at Target for $10/hr for he test of her life. Much more sound financial plan.

Edited March 4, 2014 by RonaldS

[pickflicker]

WTF?

 

 

 

Well what do you expect her to have done? Picked a less costly student loan so she could do a degree that she hated/or wasn't passionate about?

 

Hello! College in your country is super expensive due to your retarded system. In Australia we don't think that education should require a lifetime of paying a stupid loan back. We make education more affordable here. The USA is a joke. I am so never visiting again.

 

You can pay it off slowly from what I have heard of your student loans, so what is the big deal?

 

It is not like they FORCE you to pay off more than you can afford.

 

Furthermore, if you both have college degrees/or decent professional jobs and earn even an average income, the both of your wages would be able to support a family AND pay the debt off slowly.

 

I am planning to pay off about 50 K in student loans due to doing a 4 year honours degree as well as a professional diploma course.

In Australia, this is A LOT for someone who is not getting a masters or a second degree.

I will earn an average ish income, as will my partner most likely; I still plan on travelling, getting botox when I see fit and having kids if the guy wants to and also the plastic surgery that comes along with needing to fix your vagina and body after having to have a baby (no c sections here are NOT elective and you are not aloud to opt to have one).

 

So even with loans,even an average income is enough, when coupled with YOUR income, to support yourself and survive and even save for "luxuries" such as overseas travel.

 

 

 

 

Why do you feel you can't do things in life that you want to do due to student loan? You know people pay months for cell phone plans, rent, mortgages and many other things in monthly/weekly/fortnightly instalments?

You can cancel your cell phone plan and only get pre paid credit and seldom use your phone unless it is an emergency, as well as other money saving methods if you are THAT concerned with the re payments regarding her loans.......

Student loans are essential; there are simply no other options besides college for MOST people over where you live to earn a living.

I can think of MANY things you can stop buying/doing/paying off that are not as important as her loans.....

 

 

 

 

Why don't you focus on cutting you spending on luxuries for a while, since student loans are essential for most adults?

 

We are certainly blessed in Oz. For the price of textbooks and software, I can study anything i like, at my own pace, work full time - we are extremely lucky.

 

I would hate to have to think twice about bettering myself because of the financial hole it would throw me in. Between health care and student loans, America is fast-propelling itself back to the Age Of Ignorance.

[gaius]

The real question you should be worrying about is if you can handle it when she starts making more money than you do.

[Eggplant]

I mean one solution would be just be single forever. Then no vampire spouse can ever mess up your finances. That's the most important thing, after all.

[ChessPieceFace]

I just can't imagine how you could date her for 4 years and not know she had a $100k student loan debt. I know people with less debt than that and they talk about it constantly.

[Queenie42]

Am I reading this right? In the USA, do you have to start paying off your student debt as soon as you graduate? And will they continue to take it from you if you lose your job or from your estate if you die? In that case, I can see why there might be concerns for the financial stability of someone who's just finished uni. But in the OP's case it sounds like his lady is pretty well set up so it won't be a huge issue.

 

I have just over AU$40,000 in student debt, and my boyfriend has none at all because he's got rich parents who payed most of his tuition for him. It's no big deal, since my repayments won't start until the government decides I earn enough that I can spare a few bucks each week. Yeah, it could take 20 years to repay at the minimum rate, but it's not the sort of debt that could jeopardise my financial stability. Even if I wanted to get a mortgage in the meantime my student debt won't be counted against me! God bless Australia

[Leigh 87]

Why the hell does the US believe that, in order to better oneself and obtain a college education (most people need a degree to do well in life UNLESS you are very talented in business or labour related areas), you outa not be any better off than a person who works at Target due to the disgustingly high student loans?

 

Seriously. With that much debt that could stop you from obtaining a mortgage, why would you expect people to study for 3 or 4 years to be say, a teacher or nurse, when a waitress is pretty much just as well off (sans the student loans, waitresses who have not even invested a days study are pretty much as well off as a social worker or a nurse who both work their BUTTS OFF at college over there).

Look, people don't normally invest 3 or 4 years of boring study JUST to be overwhelmed with loan that stops you from ever doing anything in life.

 

The USA is the worst developed country to live in, in my honest opinion.

 

Money = basic necessities that people in the USA deem " luxuries that only people who attain high earning potential are deserving of" too bad if law, medicine or something like advertising/sales isn't your thing. I guess your kids don't deserve to be looked after when it comes to their basic health needs or education (only the rich can pay their children's college tuition and in the same vein, only well off parents can afford to get their kids life saving cancer treatment over there too. It is truly disgusting:sick:).

 

 

 

 

 

 

College over there needs to STOP being such a damn "privilege". People have brains they need to use! Why the hell is it imperative to have a societal structure in place that CRIPPLES young adults into debt for merely wanting to get a PROFESSIONAL job?

[Revolver]

Why? It's not like she has $100k in credit card debt.

 

College, grad degrees and certifications, JDs, med school, whatever...this stuff costs a lot of money, but it's an investment a person makes in themselves to give themselves earning potentials far beyond what they're borrowing.

 

If borrowing $100k puts you in a position where you're making $100k/yr on up beginning in your mid-lates 20s, you don't think that's a good investment? If by the time she's 35 she's making $250k/yr, even if her income doesn't go up, you're talking $7.5mil over a career. You get a $7.5mil dividend off a $100k investment, and that's not a good investment?

 

No, maybe she should have just passed up on college and not put herself in debt and she could work at Target for $10/hr for he test of her life. Much more sound financial plan.

 

And how many college graduates are actually making 100,000 A year? Alot of these people in massive debt have garbage degrees that are pretty much worthless. Let's be real

 

It's funny you bring up target for ten dollars an hr because that's where many people with degrees are working now along with places like Starbucks

[Els]

 

The USA is the worst developed country to live in, in my honest opinion.

 

I would probably take the USA over Singapore or Japan - but yes, pretty close, IMO.

 

That being said, being born in a developed country to begin with (even if it is the US) is a privilege that many take for granted. In the developing country I come from, national tertiary institutions have racial quotas - the minority races have to either study overseas (and you don't want to know how inflated international fees are), or resign themselves to private colleges.

 

So, yeah, 'worst' is relative.

[gaius]

Why the hell does the US believe that, in order to better oneself and obtain a college education (most people need a degree to do well in life UNLESS you are very talented in business or labour related areas), you outa not be any better off than a person who works at Target due to the disgustingly high student loans?

 

Seriously. With that much debt that could stop you from obtaining a mortgage, why would you expect people to study for 3 or 4 years to be say, a teacher or nurse, when a waitress is pretty much just as well off (sans the student loans, waitresses who have not even invested a days study are pretty much as well off as a social worker or a nurse who both work their BUTTS OFF at college over there).

Look, people don't normally invest 3 or 4 years of boring study JUST to be overwhelmed with loan that stops you from ever doing anything in life.

 

The USA is the worst developed country to live in, in my honest opinion.

 

Money = basic necessities that people in the USA deem " luxuries that only people who attain high earning potential are deserving of" too bad if law, medicine or something like advertising/sales isn't your thing. I guess your kids don't deserve to be looked after when it comes to their basic health needs or education (only the rich can pay their children's college tuition and in the same vein, only well off parents can afford to get their kids life saving cancer treatment over there too. It is truly disgusting:sick:).

 

College over there needs to STOP being such a damn "privilege". People have brains they need to use! Why the hell is it imperative to have a societal structure in place that CRIPPLES young adults into debt for merely wanting to get a PROFESSIONAL job?

If someone is going over 100k in debt they're most likely pursuing a very high level of education at a very high end University. There are many much cheaper options for people who want to be in a professional field but don't want that kind of debt level. In reality we are the best developed country to live in, by far. Especially if you do reach the upper echelons of society via education. That whole thing about cancer kids not getting treatment is just hogwash.

[Els]

In reality we are the best developed country to live in, by far.

 

Sorry, Gaius, but this is something that only Americans believe, not anyone else in the world.

[gaius]

Sorry, Gaius, but this is something that only Americans believe, not anyone else in the world.

150 Million Adults Worldwide Would Migrate to the U.S.

[Els]

150 Million Adults Worldwide Would Migrate to the U.S.

 

Mercer Quality of Living Survey - Wikipedia, the free encyclopedia

 

I'm not denying that America is a better option than many third world countries out there; some of my friends emigrated to America, too. But in most cases, if they had other options, America would not be on the top of their list. Your own link says that 'Potential migrants who say they would like to move to the U.S. are most likely to come from populous countries such as China (22 million), Nigeria (15 million), India (10 million), Bangladesh (8 million), or Brazil (7 million).' Yes, I would definitely agree that the US beats all those countries hands down...