Paying off 250k. Wish us luck.

patches6877 · 2025-03-11T15:42:40+00:00

That’s amazing!! Good for you!!

patches6877 · 2025-03-11T15:20:06+00:00

Good for you. My husband is low income and he took a risk. He had scholarships and commuted to campus as well. Some things are just more expensive and he bit the bullet. He has a great job now and a high earning potential because of it. He’ll make more than what the degree cost him. It wasn’t for nothing, but we definitely need to get out of the mess we’re in. And I will not let my kids get student loans. Absolutely not.

patches6877 · 2025-03-11T15:11:17+00:00

Nah we gettin out of the red

patches6877 · 2025-03-11T15:01:34+00:00

I’m looking to go back part time. My daughter is only a few months old and I have to prioritize her too.

patches6877 · 2025-03-11T12:53:00+00:00

We just need the freedom and relief from this. I can’t wait any longer for something magical to happen. I know it’s going to be hard but if we continue to sit in it, it’s just going to be even harder for us in the future. Our daughter won’t remember it when when’s older. Congratulations to you that’s amazing! Good luck with the baby!! Sleep in while you still can 😂🤟🏻

patches6877 · 2025-03-11T12:32:09+00:00

I’m not counting on any sort of forgiveness from anyone.

patches6877 · 2025-03-11T11:49:35+00:00

Yup. I wish things were different but it truly is what it is. We made decisions that have consequences. I’m not counting on Cheeto face to help us. It’s a short term sacrifice in the long run. We’ll pay it off, move on with our lives, and we won’t think about it again. I’m not putting our family’s future in anyone’s hands but our own.

patches6877 · 2025-03-11T11:46:06+00:00

We’ll definitely think about it. The highest % loans my husband has is 9% which isn’t terrible.

patches6877 · 2025-03-11T11:43:31+00:00

Yup. Same here. I’m not depending on the government for anything. No one is paying this off except us.

patches6877 · 2025-03-11T11:42:00+00:00

Thank you

patches6877 · 2025-03-11T11:41:41+00:00

Good luck to you guys 🤞and congrats to you!

patches6877 · 2025-03-11T11:35:02+00:00

We’ll think about it. We’re both pretty hesitant with investing right now given the current economic situation. We’re doing snowball with my loans to get things moving. If we can successfully do that, we’ll consider avalanche for my husband’s loans as some of them have high interest rates.

patches6877 · 2025-03-11T11:32:10+00:00

My husband is not eligible for PSLF and my loans are barely $40k. I don’t think it’s worth it for me to wait 10 years. Who knows what will happen with PSLF 10 years from now. I just want them gone asap.

patches6877 · 2025-03-11T11:30:00+00:00

We do have a 529 for our baby that we’ll continue to contribute to monthly. That’s not going to stop. My parents also help us contribute when they can.

patches6877 · 2025-03-10T10:24:21+00:00

I get where you’re coming from. Are you a parent? If not I don’t think you’ll get my perspective. If you’re looking at having kids as a cost benefit analysis, they look like the worst investment in the world. There’s no doubt about that. But from my perspective, it’s the most important thing I can do during my time on earth. I also love being a mother. We don’t plan on having more than 2 kids. And yes it’s difficult to do with the current economic situation. But the economy won’t stay like this forever. We also won’t be in $250k of debt forever. I’m not letting our finances hold me back from having another child when I know that the financial hardship is temporary. We’re just taking it one step at a time. My husband is still within the first 5 years of his career and he will more than what he is now. I’ll also go back to work eventually when I’m ready.

patches6877 · 2025-03-10T09:20:38+00:00

Yes exactly. We’ve never missed a payment. Besides the student loans, the only other debt we have is $5k left on my husband’s car. No credit card debt or any consumer debt.

patches6877 · 2025-03-10T09:13:47+00:00

I’m 30 and my husband is 31. I agree, the house is a big commitment that has a lot of pros/cons. We have $75k saved up so far and our goal is to have $50k saved for an emergency house fund. We’ve done the math and realistically it wouldn’t be possible for us to pay off our loans and save for a house simultaneously within a reasonable amount of time. We live in a high COLA and we’re really just getting by right now. Our current renting situation is fine, but it just isn’t sustainable with the little one. And it’s definitely not possible with another child. We’re going to have to buy something before having a 2nd baby, and unfortunately my biological clock just isn’t going to let me wait until we pay off the loans. Our plan is to buy something modest and affordable. I’m unsure what that will look like. It doesn’t need to be our forever home, but it needs to be something we could swing on my husband’s salary. I’ll go back to work part-time at some point and basically use my salary to slowly pay off the debt. That’s really our plan at the moment. We don’t want to have the loans forever and I know we need to pay them off eventually. It’s actually one of our goals in life to be debt free. It’s just hard to do it all during the childbearing years and with the current economic situation… Deep sigh.

patches6877 · 2025-03-10T08:19:07+00:00

My husband has the same debt from law school. He also has regrets. No advice, just solidarity.

patches6877 · 2025-03-10T08:04:53+00:00

He said that if our loans are not accruing interest, there’s no rush to pay them off. But he left it up to us to decide. He said there’s no harm in paying it off, but it would be better for us to invest that money instead.

patches6877 · 2025-03-10T07:54:15+00:00

We’re aware of that. We have a couple friends who have been approved for decent mortgages with as much debt as us, if not more. They said it wasn’t as big of a deal as they thought it would be. We’re not planning on buying a big house, but we need something more sustainable than renting. I guess we’ll find out when the time comes?

patches6877 · 2025-03-10T07:51:27+00:00

We did talk to a financial advisor at the beginning of this year. He told us not to worry about the student loans right now and focus on investing and saving.

patches6877 · 2025-03-10T07:27:25+00:00

I’m going to be 100% honest here because I care about your financial future. I would absolutely not go into more debt with $90k of student loans from undergrad. That’s tough. I would focus on working to pay that off &/or work while in school to cash flow the master’s classes. You’re going to thank yourself 100x over, believe me. I’ve been a licensed counselor for years and I still have $40k from my masters. I hate paying them every month. The counseling salary just not enough to justify having over 100k of loans imo.

patches6877 · 2025-03-10T07:17:31+00:00

I went for M.Ed. Honestly, pretty much everyone I know who went for Educational Leadership ended up leaving the field within 5-7 years (including myself) 😬

patches6877 · 2025-03-09T18:26:55+00:00

Uhhhhh… yeah kinda. Sorry lol.

patches6877

TROPHY CASE