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[quote=Anonymous]If I am reading this correctly, OP and her DH went to a 2nd tier law school, each borrowing every penning, costing close to 100K per person.

They graduated, and could find jobs that paid about 100K each.

So, they have 575K in debt, good income (without student law debt), two kids.  And a house.

To get out of this involves going long.

The only advice I have involves a time machine, so I am not going to pile on.

Best thing you can do is live modestly, stretch out the load payments, and hope your house appreciates.

220K is UMC with low loan payments....but. you have 700K in loans to pay.

My estimate is your cashflow looks like:

Student Loan:          5,000
Mortgage/Taxes/Etc: 2,000

Gross Pay:        18300
SSI/etc.              1375 (drops this time of year)
Taxes (Fed).        1800
Taxes (state).      1300 (assuming MD; in VA it would be 900)
Net.                  13825

after loans,        6825

Day Care:          3000

3825

Health care, etc:  500
                         3325

Retirement:        1800
                         1525

So you have 1500 for utilities, transportation, food, fun, emergency.

But, in 30 years you will have no student loan, and a paid off house, and more than 1 mil in the 401k.

20 years ago, I could have written the same post -- minus the student loans.

80K HHI, 250K mortgage, no assets other than the house.

Today, 200K HHI, mortgage down to 150K, assets are house (700K) and 401K (north of 1 mil).

The cool thing, is my mortgage is the same 2K, even though my take-home has grown.

Think long.
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