My Husband And I Thought Education Was A Way Out Of Poverty. Now We’re $718,000 In Debt.

[Red11]

Bruhs who don't understand how this works. IBR is limited to 10% of gross income. He can live VERY well with this debt.

I just put their student loan amounts in one of those online calculators.

https://studentloanhero.com/calculators/student-loan-payment-calculator/

$4,197
Monthly Payment

$810,867
Total Interest

This means your total repayment
amount would be $1,510,867

 

[Red11]

He needs the HPSP.

For the people that say "go to the military": nah. You can't get a secret clearance after you're in a certain amount of debt. He'd be a fry cook and slaving for pennies in the Navy.

 

[Red11]

they'll most likely have no fincancial legacy to leave to their children with that amount of debt. I really hope they figure something out.

Never understood this. Save your cash, pull cash at retirement, give cash to family, family pays bills and holds cash. Tada.

 

[KENNY DA COOKER]

There is hope considering she is not 30 yet

And still has her looks

She still qualifies for U.N.C.F

UNITED NATE COLLEGE FUND

 

[UpAndComing]

The crazy part is that a Physics major actually has better job opportunities than Biology majors

 

[EndDomination]

Is it really worth it to go to law school? What if you don’t pass the bar?

Get into a T-14, do the bare minimum, the bar isn't hard = profit.

 

[Bubba T]

Get into a T-14, do the bare minimum, the bar isn't hard = profit.

Tell that to @String Bell

 

[JT-Money]

Bruhs who don't understand how this works. IBR is limited to 10% of gross income. He can live VERY well with this debt.

Only an idiot would pay only 10% toward that kind of debt while interest continues to accrue. That's why I'm glad that I'm virtually debt free by paying off my debt early. Anyone in those IBR plans are only postponing the inevitable. They would be better off fleeing the country and never returning.

 

[Originalman]

Bruhs who don't understand how this works. IBR is limited to 10% of gross income. He can live VERY well with this debt.

True on that. But that interest is still going to be compunding. With IBR for both of them their payments can be 1000k or less a month.

But they will only be paying a portion of the monthly interest and the rest of the interest will still be adding up.

So yeah they interest will be double their loan debt. So they will owe over a mill in interest alone. If they make it to the 20 years to be forgiven they will have a lump sum taxable income of 2 mill.

They may owe over 500k to a mill in taxes in 20 years.

 

[Balla]

Get into a T-14, do the bare minimum, the bar isn't hard = profit.

Is it worth it for the debt? I’m asking because my degree is a regular degree, but idk if I should take on more debt.

 

[Red11]

Only an idiot would pay only 10% toward that kind of debt while interest continues to accrue. That's why I'm glad that I'm virtually debt free by paying off my debt early. Anyone in those IBR plans are only postponing the inevitable. They would be better off fleeing the country and never returning.

True on that. But that interest is still going to be compunding. With IBR for both of them their payments can be 1000k or less a month.

But they will only be paying a portion of the monthly interest and the rest of the interest will still be adding up.

So yeah they interest will be double their loan debt. So they will owe over a mill in interest alone. If they make it to the 20 years to be forgiven they will have a lump sum taxable income of 2 mill.

They may owe over 500k to a mill in taxes in 20 years.

They will not owe 500k, its called insolvency. You think people who owe taxes have to pay even when they actually have no money?

Read:

Defusing the Student Loan Forgiveness Tax Bomb

TLDR: "You assume I'm talking about actually ever paying the debt."

 

[Red11]

Mike Meru Has $1 Million in Student Loans. How Did That Happen?

 

[Obreh Winfrey]

Education is a way out of poverty.

And stupidity is a fast track right back into it.

True on that. But that interest is still going to be compunding. With IBR for both of them their payments can be 1000k or less a month.

But they will only be paying a portion of the monthly interest and the rest of the interest will still be adding up.

So yeah they interest will be double their loan debt. So they will owe over a mill in interest alone. If they make it to the 20 years to be forgiven they will have a lump sum taxable income of 2 mill.

They may owe over 500k to a mill in taxes in 20 years.

I would hope so :guccard:

 

[Originalman]

They will not owe 500k, its called insolvency. You think people who owe taxes have to pay even when they actually have no money?

Read:

Defusing the Student Loan Forgiveness Tax Bomb

TLDR: "You assume I'm talking about actually ever paying the debt."

Good info did know this. The husband will probably not get to the solvent amount. But as the link shows it also counts 401k and depends if they file together or separate as well.

Also I highly doubt this couple has only federal loans. I am sure they are also private loans. So those won't be forgiven.

 

[Balla]

nikkas said, “I sure I don’t want Otis as my dentist”.