Student Loan Stress

[Heather11]

Is there anybody else out there buried in student loans?! I am trying to figure out how to juggle everything in my life when these loans are such a burden just wondering if anybody else was struggling and if they had any advice.

 

[blondey]

Are you in the UK hun?

 

[Dinah93]

If you're in the UK you only repay them when you're earning, and to be honest while the initial few months of getting used to them are awful, after that you just accept your salary is lower than it otherwise would be. At least you don't earn enough during maternity leave to have to repay them then so you don't need to budget for that time, and if and when you return to work you only start repaying again over £16,000. Student Loans aren't written off by going bankrupt, unlike most other types of debt, nor can they be amalgamated into an IVA or similar, you just sort of have to accept them as a delayed payment for your education which enables you to earn what you do now.

 

[Heather11]

I'm not in the UK but thanks for the info!

 

[alaskagrown]

I worked my way through college, but OH took out massive loans.

They consume about 80-90% of his income. We live in my parents' attached apartment rent-free, and I do most of the grocery shopping and purchasing for baby. I will also be footing the bill for daycare.

It kinda sucks because when it comes to daycare assistance, they take in both our incomes for consideration. He makes quite a bit...but like I said, it all goes to pay bills. I'll be paying $900/month for daycare, when I only make about $1400-$1600 a month!!! We're lucky we don't pay rent, because the average 1-2 bedroom apartments run $1600+ here!!

I'm currently accumulating money in my savings account for a down payment for a house, while he continues to keep his chin above water. When he pays all his debt off, I'll use my money for the down payment for a house, and he'll be able to start paying the mortgage.

Hopefully you have a supportive OH!!!

 

[babybaker2011]

Is there anyway you could call the loan providers and try and lower your monthly payments?

 

[andella95]

Are they federal loans? There are different payment plans including one's that are income based. I am on the income based plan, and right now we actually have a payment of $0/month. There is no way I'll ever be able to pay all I owe, but after 25 years on this plan, the rest of the debt is forgiven, and the payment will never be more than a certain percentage of our salaries.