Wife has 90k student loan
10-25-2016, 02:15 PM
#31
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Joined APC: Dec 2009
Posts: 80
Originally Posted by leica typ240
Please, DONT do this!!!
Please, DO this!!!
$25k/year is much better off than having no income or education!
pretty much!!! what other options are available in supporting yourself if you were not born well off? depend on government assistance or perhaps, marriage?
how long were you two dating prior to getting married, did you know this info before hand? if she does not work, who is paying for the wedding?
this is the first time I ever heard that earning a degree is a poor decision!
don't be that guy!!!
Please, DO this!!!
$25k/year is much better off than having no income or education!
pretty much!!! what other options are available in supporting yourself if you were not born well off? depend on government assistance or perhaps, marriage?
how long were you two dating prior to getting married, did you know this info before hand? if she does not work, who is paying for the wedding?
this is the first time I ever heard that earning a degree is a poor decision!
don't be that guy!!!
All I'm saying is that I wish people would tell kids to get a degree that can make a living with, not a liberal arts or psychology degree that is just a useless pile of debt (unless of course they actually have a plan to earn a living using the liberal arts or psychology degree, which seems rather difficult compared to say a BBA, engineering, biology, etc).
The other option if you're not born well off is to learn a trade or get a degree in a subject that's actually marketable, none of the "just follow your heart BS advice".
11-08-2016, 07:21 AM
#33
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Joined APC: Feb 2012
Position: CRJ FO
Posts: 4,599
Dave Ramsey isn't the be all end all. I've heard him give bad advice before. You could take $90K and make more money than you would gain by paying off student loans at 6% interest. I like real estate, but that's an animal that many aren't willing to tame. I earn almost a 10% ROI on one property and I've gained about 30% in equity. Looking to add more in the near future.
DO NOT SPEND 90K paying down your wife's school loans. Like I said, there are much better uses for that money long-term for the both of you. If in 5 years you're still married, maybe consider it then. But depending on the type of account that money is in, you may be facing large penalties. Take the money out in a way that will penalize you the least amount possible.
DO NOT SPEND 90K paying down your wife's school loans. Like I said, there are much better uses for that money long-term for the both of you. If in 5 years you're still married, maybe consider it then. But depending on the type of account that money is in, you may be facing large penalties. Take the money out in a way that will penalize you the least amount possible.
11-15-2016, 06:12 PM
#34
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Joined APC: Jun 2005
Position: Retired
Posts: 2,934
If you didn't know about this before marriage, I would be very concerned. Money is the number one reason for stress that leads to divorce.
I had a significant loan balance before my wife and I were engaged. Once I knew I wanted to be with her, we sat down and I was very honest with her about my debt, and that I wanted to marry her, but I didn't want my financial issues to be OUR financial issues. I spent about a year cutting my debt in half, paying off several high interest credit cards (youthful ignorance comes back to bite you). Fast forward six years, we're expecting our second child, bought a nice house that is perfect size for our growing family, and are looking to upgrade to a larger vehicle with more than enough breathing room to be comfortable. I'm fortunate that we both have good careers, and we have positioned ourselves that we can afford everything, with minimal changes (like not eating out so much) on a single income.
It needs to be a team effort, but she has to be the instigator. Bad advice/poor choices/ignorance is no excuse. She signed on the line, just like we all do. No, you don't need her income to pay it off financially, but you need it for your relationship. With her education, and experience, she should be able to find something that would pay it off in a couple years with good focus and that would show her dedication to you.
I had a significant loan balance before my wife and I were engaged. Once I knew I wanted to be with her, we sat down and I was very honest with her about my debt, and that I wanted to marry her, but I didn't want my financial issues to be OUR financial issues. I spent about a year cutting my debt in half, paying off several high interest credit cards (youthful ignorance comes back to bite you). Fast forward six years, we're expecting our second child, bought a nice house that is perfect size for our growing family, and are looking to upgrade to a larger vehicle with more than enough breathing room to be comfortable. I'm fortunate that we both have good careers, and we have positioned ourselves that we can afford everything, with minimal changes (like not eating out so much) on a single income.
It needs to be a team effort, but she has to be the instigator. Bad advice/poor choices/ignorance is no excuse. She signed on the line, just like we all do. No, you don't need her income to pay it off financially, but you need it for your relationship. With her education, and experience, she should be able to find something that would pay it off in a couple years with good focus and that would show her dedication to you.
11-15-2016, 07:29 PM
#35
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Joined APC: Mar 2012
Posts: 11
Originally Posted by GoAroundFlaps
Had a friend pay off his wife's med school, she bailed about a month after the last check cleared.
Seen that too. I would let it ride. Give her time to find a job and contribute. After a few years you guys can decide how to tackle that debt equally.
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11-18-2016, 11:34 AM
#36
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Joined APC: Dec 2009
Posts: 80
Originally Posted by Pilotpip
If you didn't know about this before marriage, I would be very concerned. Money is the number one reason for stress that leads to divorce.
I had a significant loan balance before my wife and I were engaged. Once I knew I wanted to be with her, we sat down and I was very honest with her about my debt, and that I wanted to marry her, but I didn't want my financial issues to be OUR financial issues. I spent about a year cutting my debt in half, paying off several high interest credit cards (youthful ignorance comes back to bite you). Fast forward six years, we're expecting our second child, bought a nice house that is perfect size for our growing family, and are looking to upgrade to a larger vehicle with more than enough breathing room to be comfortable. I'm fortunate that we both have good careers, and we have positioned ourselves that we can afford everything, with minimal changes (like not eating out so much) on a single income.
It needs to be a team effort, but she has to be the instigator. Bad advice/poor choices/ignorance is no excuse. She signed on the line, just like we all do. No, you don't need her income to pay it off financially, but you need it for your relationship. With her education, and experience, she should be able to find something that would pay it off in a couple years with good focus and that would show her dedication to you.
I had a significant loan balance before my wife and I were engaged. Once I knew I wanted to be with her, we sat down and I was very honest with her about my debt, and that I wanted to marry her, but I didn't want my financial issues to be OUR financial issues. I spent about a year cutting my debt in half, paying off several high interest credit cards (youthful ignorance comes back to bite you). Fast forward six years, we're expecting our second child, bought a nice house that is perfect size for our growing family, and are looking to upgrade to a larger vehicle with more than enough breathing room to be comfortable. I'm fortunate that we both have good careers, and we have positioned ourselves that we can afford everything, with minimal changes (like not eating out so much) on a single income.
It needs to be a team effort, but she has to be the instigator. Bad advice/poor choices/ignorance is no excuse. She signed on the line, just like we all do. No, you don't need her income to pay it off financially, but you need it for your relationship. With her education, and experience, she should be able to find something that would pay it off in a couple years with good focus and that would show her dedication to you.
11-28-2016, 11:19 AM
#37
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Joined APC: May 2009
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I have a masters in psychology. My career? Airbus pilot.
In all honesty I parlayed that degree - when combined with flying experience - into a lucrative human factors/CRM side business (working with Fortune 10 corporate departments all the way down to the single pilot operators). I also spent an enormous time writing in a psychology program; setting the stage to become published. That's another income stream while sitting on a 26 hr overnight.
I went to a state school so my cost was about 26K in loans. Without a PhD. a psychology degree just does not net more than a modest income.
Even then the 100K psych jobs are few and far between. Private practice in clinical would probably pay the most.
In all honesty I parlayed that degree - when combined with flying experience - into a lucrative human factors/CRM side business (working with Fortune 10 corporate departments all the way down to the single pilot operators). I also spent an enormous time writing in a psychology program; setting the stage to become published. That's another income stream while sitting on a 26 hr overnight.
I went to a state school so my cost was about 26K in loans. Without a PhD. a psychology degree just does not net more than a modest income.
Even then the 100K psych jobs are few and far between. Private practice in clinical would probably pay the most.
11-30-2016, 12:18 PM
#39
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Posts: 1,602
Originally Posted by threeighteen
Do not pay off that loan with cash. Invest your cash elsewhere if you want, but paying that off is about as dumb as paying off your mortgage early.
12-03-2016, 12:52 PM
#40
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Joined APC: Dec 2010
Posts: 3,090
Originally Posted by Std Deviation
Not necessarily. It is situation specific with numerous variables. Paying off the mortgage makes sense for some if math works. They'd pay more to the bank than the deduction from the IRS. It's also nice to have the security of never having to work again because you owe no one. Don't like the job you have? See ya boss man. Still need deductions? How about charity donations. Imagine that - helping others.
The cost of healthcare is going through the roof every year from here on out. Soon the only good/timely healthcare will be cash only, direct payments... if you can even find it. If you or your wife gets sick, you're going to want that cash instead of a paid-off house (what if the housing market tanks and you can't sell it if you need to?) or a paid-off student loan (they don't exactly offer College Degree Equity Lines of Credit at your local bank)....
Cash is king gentlemen. If you've got some extra lying around and you're looking for something to do with it, turn it into something that cash-flows monthly. Don't jeopardize your financial security just to pay off a loan.
You could probably buy a decent house with the amount of cash it would take to pay off that student loan, rent out the house, take the extra cash flow from the house (after paying the mortgage) to make the monthly student loan payment, and still have some extra cash coming in. Plus you'd be building equity at the same time.
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