Reply to Does anyone else owe a TON in student loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]300k here. I have nightmares about it! It is the same amount as our home loan. We hope to pay for it during 10 years and then have  it forgiven.[/quote]

OP here.  I have nightmares about it too!  Sometimes I can't get to sleep because I feel so stressed about them.  We're trying to pay them down, higher interest rate loans first.  Neither one of us works for the govt.  To answer other PP - one [b]Dr. and one lawyer[/b].[/quote]

With your high earning careers, don't you think you'll be able to pay it off quickly?[/quote]

OP and others who have really high debt: if you lived 'poor' you could pay it off. Take a good hard look at your finances and cut out any extras (i.e. buying lunch everyday, eating out, cable, phone bill, the size house that you bought, your cars, what you buy at the grocery store). There is a lot that can be done that adds up with your budget. If you were to graduate and rent a small apartment and live cheap you could of gotten your debt under control.
How much do you make in combined income every year? 200,000? More? Less? If you set a budget to live say on 50-80K a year for a period of time (which is still more than most make) that would allow you to set aside the rest of your income to pay down your student loans.

Signed, someone with about 40K of debt, income of roughly 25,000 and working to get a better job to raise my income level. I'll still live like I was earning 25,000 though to pay down my debt as quickly as possible.[/quote]

For the lawyers on here who graduated in the mid-2000s, did you take on debt for the type of schools that could get you into biglaw? There’s no guarantees these days, but I graduated from a good/top law school in the mid-2000s and every student in my section who wanted a biglaw job got at least one offer.  That's what you did if you had debt to pay down.

And what did your lifestyle look like after graduation and before kids?  I lived like a student for my first few years as an associate and was regimented about making extra debt payments.  Lots of my classmates, however, got luxury condos, took fabulous vacations, spent ridiculous amounts on clothes, custom suits etc. but I viewed biglaw as temporary -- not because I didn’t want to stay but because even the most perfect associate was not promised partnership, even back in the good old days; now it should be a mantra of save everything you can on the assumption you will not be a partner and then if you make it, it’s a pleasant surprise.

And for the PP who is staying home but only making interest payments, I get why you want to be home with 3-4 kids and I’m sure a partner’s wife wouldn’t want to do this but why not at least think about some seasonal employment or a night job at Target or whatever -- it won’t make a huge dent but at least it’ll be a few hundred a month of principal payments.  I knew Asst District Attys in Boston and NYC who used to bartend on the side, so those kinds of part-time jobs are not out of the ordinary.
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