Student loans + now you have older kids

[Anonymous]

Come in and talk if you have student loans still, and you have “older” kids. Older being, grades 6-12.

My (now) wealthy brother was like this and joked he’d still be paying grad school when his kid went to college. But, he had massive raises a few years ago and is living the good life. His salary is actually published in newspapers under law (public servant), so I know he’s fine.

I’m 10 years younger than him. This is hitting a nerve now because we feel perpetually 2-3 years away from finishing off med school debt.*

And our oldest is entering high school.

Come in and talk if you are in a similar place.

[Anonymous]

Meh, the whole thing is going to come crashing down in the next few years - 70 percent of Americans are saddled with debt they can't afford. Just wait it out and be glad you are at least in a secure field.

[Anonymous]

Anonymous wrote:Meh, the whole thing is going to come crashing down in the next few years - 70 percent of Americans are saddled with debt they can't afford. Just wait it out and be glad you are at least in a secure field.

NP. What scenario are you imagining?

[Anonymous]

*the career we had debt for would dox DH and I. He is also locally a public figure.

Just know it is directly career related. If you see this career, 100% of them have loans (or had extremely rich parents). There is no way to do this career without loans, and it’s not undergrad debt.

Balance now 90k. Hitting a big stride in salaries, finally, but had early years of not getting paid enough.

On dcum, it’s typical for people to go “Wahhhatat?!” when learning we had kids young and during school. Dumb right? Well, give me a time machine I guess? It’s a moot point to the bigger question of still working on this while kids are growing.

I have more I could say about this, but it’s not the point. It makes asking for advice hard when people try to teach me a financial lesson that applies to 13 years ago.

The point is, I’d love to connect with anyone else on here in a similar boat. Anyone? Anyone?
-OP

[Anonymous]

My dh still has some. We could repay now but there is no point. Money makes more in HYS account.

[Anonymous]

Anonymous wrote:My dh still has some. We could repay now but there is no point. Money makes more in HYS account.

Do you have kids? About how old?

[Anonymous]

I’m in this boat. What are you describing as big earnings for a …public servant? Bigger than your salary as a doctor? Seems unlikely?

[Anonymous]

We do have student loan debt, but it’s quite low and almost paid off.

It’s a different ballgame than the debt students now have to carry.

[Anonymous]

Anonymous wrote:I’m in this boat. What are you describing as big earnings for a …public servant? Bigger than your salary as a doctor? Seems unlikely?

For my brother or me?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My dh still has some. We could repay now but there is no point. Money makes more in HYS account.

Do you have kids? About how old?

Teens, one off to college next year.

[Anonymous]

OP, Do you regret taking out loans?

[Anonymous]

90k is a beast for us still. We focused on savings so far this year, with everything going on.

It’s for DH’s career but he became the breadwinner in 2015, so it feels like our debt. Our stuff has always been tied together since marriage in 2008. First kid in 2011.

Graduation 2015. 10 years in, older friends of ours in the same career would say we’re on track to paying off. *They were not done in 10 years.* We feel like it’s 2-3 years way, and gulp, our child will be in 10th or 11th grade. I feel bad for her that we live in an affluent area and are the “poorest.” Actually we have a lot of money, but we can’t spend it all the time. Not responsible. But we give her a lot of perspective that we have it really good; we have everything we need. Financial security.

[Anonymous]

Anonymous wrote:OP, Do you regret taking out loans?

Good question. No. He had in-state tuition, and we know married couples in this career (twice the salary, twice the debt). Some friends of ours had out of state tuition.. Makes me nervous for them.

Other friends, all paid for at the time of school or within a year. They come from wealthy backgrounds.

It was an investment into the career. It’s like reverse investing… maybe?

We’ve tried really hard, really really hard. We aren’t struggling, but imagine paying 2000+ monthly, not for minimums but for our attempt to finish. What we could do with 2000-4000 monthly for our own savings, spending, investment…

[Anonymous]

Some financial guru needs to help address longterm low-ish (4-6%) debt.

Dave Ramsey advice on “gazelle” attitude doesn’t apply. You cannot gazelle for a decade.

A decade or more, and you see that your whole life, kids childhood, passes before your eyes.

You can’t physically pay it off any faster, but you can’t make hardcore sacrifices for that long.

[Anonymous]

Anonymous wrote:Some financial guru needs to help address longterm low-ish (4-6%) debt.

Dave Ramsey advice on “gazelle” attitude doesn’t apply. You cannot gazelle for a decade.

A decade or more, and you see that your whole life, kids childhood, passes before your eyes.

You can’t physically pay it off any faster, but you can’t make hardcore sacrifices for that long.

+1

I am not worried about my student loans. I consider it a mortgage payment.