Anonymous
Post 01/31/2023 18:45     Subject: Re:student loan debt
Anonymous wrote:OP only $27k of those loans are in the GF’s name. The rest, the, $197k is 100% in her parents’ names and GF has absolutely zero legal responsibility to pay those, only her parents do. Hope that clears things up for OP and other readers because a lot of people take out PP loans with informal, unenforceable “agreements” that they’re somehow the kid’s loans.


Private loans are co-signed. That makes them both parties’ responsibility
Anonymous
Post 01/31/2023 18:45     Subject: student loan debt
Anonymous wrote:It's perfectly sensible to take out big loans if you're sure you're going to spend the 10 years in public service to get the forgiveness. I know a ton of people who are currently getting everything forgiven. BIG debts.


No it doesn’t, because public service jobs always pay less than their private equivalents. The professions in which there are jobs that qualify for PSLF are low-paying in general.

Don’t say lawyers, because public defenders make crap. Doctors are paid through “physician groups.”
Anonymous
Post 01/31/2023 18:45     Subject: Re:student loan debt
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would tell your son not to marry her. If she round up so much debt for an education degree, she’s gonna be milking him and get the hell out.


I have to agree. Bad financial sense gets worse. She is getting a $220,000 masters to take a job making $55,000!


UVA undergrad put her in a position to marry a UVA CS major. That's a much better situation than having no debt, the same job and a degree from Longwood


I would rather have no degree at all than have $220k in student loan debt.



She’s going to be married to a very high earner while she teacher and raises a family. It sounds like she’ll be fine
Anonymous
Post 01/31/2023 18:43     Subject: Re:student loan debt
OP only $27k of those loans are in the GF’s name. The rest, the, $197k is 100% in her parents’ names and GF has absolutely zero legal responsibility to pay those, only her parents do. Hope that clears things up for OP and other readers because a lot of people take out PP loans with informal, unenforceable “agreements” that they’re somehow the kid’s loans.
Anonymous
Post 01/31/2023 18:40     Subject: Re:student loan debt
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would tell your son not to marry her. If she round up so much debt for an education degree, she’s gonna be milking him and get the hell out.


I have to agree. Bad financial sense gets worse. She is getting a $220,000 masters to take a job making $55,000!


UVA undergrad put her in a position to marry a UVA CS major. That's a much better situation than having no debt, the same job and a degree from Longwood


I would rather have no degree at all than have $220k in student loan debt.
Anonymous
Post 01/31/2023 18:35     Subject: student loan debt
Ugh. For a masters in education? She will never pay back that debt. Take it from someone who married a person with 250k law school debt- it takes a toll. Doesn’t seem that big of an amount at the start but with the interest it’s a bear. We are about 8 years post law school and we still have 100k to pay. The only reason the other part was paid off was bc of Covid (interest pause) and we did a refinance on our home and wrapped part of the debt into our mortgage
Anonymous
Post 01/31/2023 18:21     Subject: student loan debt
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I am a dad that makes a point of staying out of my kids' personal and private lives.

My 25 years old son told me that he is getting serious with his 24 years old GF and that they are discussing marriage; however, his GF will finish her master degree in education in a few months with a 220K in student loan debt. My son did not have any student loan debt because he was fortunate enough to get a full scholarship + room/board at UVA (his gf is also attending UVA). He also just finished his Master degree in CS at GMU without any debt. While the student loan debt is a big concern for him, it is not a deal breaker. He asked me what I would do and I told him that while money isn't everything, it is going to take both of you a long time to pay that off. Are you going to be OK with that? WWYD?


It seems like she went to UVA for the Mrs and that it worked out for her.


Are you inferring that becoming a teacher means you are trying to find a well-heeled spouse? I guess Chasten Buttegieg got his Mr.


I'm implying that going to an elite school that costs 70k a year that you have to finance through loans in order to get a job where you will never have any hope of paying off those loans and raise a family unless you marry well strongly implies it.


No, it implies a clueless teenager whose parents should have known better. They probably could have gone to an in-state public and still found a spouse.


Sadly, this was probably what happened. Adding a masters just made it worse. Parents and kid are dazzled by prestige over practicality.
Anonymous
Post 01/31/2023 17:24     Subject: student loan debt
Anonymous wrote:I’d advise your son to wait for another 2 years post gf’s graduation. The huge debt can be an impediment in their ability to become financially stable. Are the 2 in the same page regarding budgeting and expenses? Finances can cause friction in relationships especially if there’s inequality in the debt burden coming in as a married couple. Is your son really okay with that huge debt?


+1

I would advise my son that he needs to wait a couple of years. His girlfriend needs to get this taken care of on her own. $30k, no problem. Almost $250k, huge problem.
Anonymous
Post 01/31/2023 17:05     Subject: student loan debt
Anonymous wrote:It's perfectly sensible to take out big loans if you're sure you're going to spend the 10 years in public service to get the forgiveness. I know a ton of people who are currently getting everything forgiven. BIG debts.


PSLF doesn't cover private loans and public loans are capped far lower
Anonymous
Post 01/31/2023 17:04     Subject: student loan debt
It's perfectly sensible to take out big loans if you're sure you're going to spend the 10 years in public service to get the forgiveness. I know a ton of people who are currently getting everything forgiven. BIG debts.
Anonymous
Post 01/31/2023 16:59     Subject: student loan debt
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I am a dad that makes a point of staying out of my kids' personal and private lives.

My 25 years old son told me that he is getting serious with his 24 years old GF and that they are discussing marriage; however, his GF will finish her master degree in education in a few months with a 220K in student loan debt. My son did not have any student loan debt because he was fortunate enough to get a full scholarship + room/board at UVA (his gf is also attending UVA). He also just finished his Master degree in CS at GMU without any debt. While the student loan debt is a big concern for him, it is not a deal breaker. He asked me what I would do and I told him that while money isn't everything, it is going to take both of you a long time to pay that off. Are you going to be OK with that? WWYD?


It seems like she went to UVA for the Mrs and that it worked out for her.


Are you inferring that becoming a teacher means you are trying to find a well-heeled spouse? I guess Chasten Buttegieg got his Mr.


I'm implying that going to an elite school that costs 70k a year that you have to finance through loans in order to get a job where you will never have any hope of paying off those loans and raise a family unless you marry well strongly implies it.


No, it implies a clueless teenager whose parents should have known better. They probably could have gone to an in-state public and still found a spouse.
Anonymous
Post 01/31/2023 16:36     Subject: student loan debt
I paid off my dh's student loans and he had about 85k. It was a bear.

Starting salary for teachers is about 55k, but most teachers make a lot more. All of our teachers make about 90-110.

200k+ in student loans is just wild though. The only people I know who have that are surgeons or very specialized doctors. Her family had zero saved for college?
Anonymous
Post 01/31/2023 16:29     Subject: Re:student loan debt
Anonymous wrote:
Anonymous wrote:I would tell your son not to marry her. If she round up so much debt for an education degree, she’s gonna be milking him and get the hell out.


I have to agree. Bad financial sense gets worse. She is getting a $220,000 masters to take a job making $55,000!


UVA undergrad put her in a position to marry a UVA CS major. That's a much better situation than having no debt, the same job and a degree from Longwood
Anonymous
Post 01/31/2023 16:28     Subject: student loan debt
My wife had $225k from law school and ended up not getting into biglaw. Its been a bear. We're finally done in our mid 30s. We are lucky to have a relatively high combined HHI. If we only made a combined $300k we would have been stuck with the debt for longer and delayed our lives further.

She needs to prioritize paying it down
Anonymous
Post 01/31/2023 16:27     Subject: Re:student loan debt
Anonymous wrote:I would tell your son not to marry her. If she round up so much debt for an education degree, she’s gonna be milking him and get the hell out.


I have to agree. Bad financial sense gets worse. She is getting a $220,000 masters to take a job making $55,000!