My spouse unveiled she’s got $220,000 in student loans—what do we do now?

My spouse unveiled she’s got $220,000 in student loans—what do we do now?

Posted: Aug 11, 2018 9:10 a.m. ET

This gladly hitched dad feels as though an ‘economic slave’


Dear Moneyist,

I’ve known my spouse for 8-plus years and I’m joyfully married with a son that is newborn. Both of us create a good living ($100,000 each year), but we spend a substantial quantity in figuratively speaking. We work numerous jobs, and some help is got by us from original site my parents and scholarships. My master’s price 3 times not as much as her master’s. She owes over $200,000 in federal student education loans and another $20,000 in personal student education loans ( one reaches 12%).

I became uninformed during the time that my wife’s loans had been twice our mortgage repayment and, while i do believe we shall handle, it offers actually consumed into an currently hectic wedding with your newborn. We don’t understand whom to make to for advice and I also feel just like we now have become slaves that are economic. We spend $1,000 every month merely to keep her big federal loan from accruing interest. She’s perfectly educated, but cash is a handicap.

Not long ago I began handling her debts and knew she hadn’t made payments for a month or two due to forbearance and misunderstanding her loans, unfortuitously those couple of months included $5,000 on the accrued interest associated with the total we currently owe. I’ve begun to learn just as much as I’m able to about financial obligation, and pupil financial obligation, but i understand I’m maybe not where i must be. (suite…)

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