Huge student loan debt
My student loan debt is only a little over $5,000, but my fiancee’s is $100,000 since he decided to go to school out of state. The problem is his major is music composition, so it is never a sure thing that he will have a decent music job, let alone a well-paying one. My major is in Environmental Policy and with grad school, I eventually may have the potential to make around $50-70k a year, but not for at least 5 years of being in the field. He graduates in December, so he will have to start paying off his loans in July. Is there any way we will ever be able to escape his debt? I’m am so scared for the future.
First let me tell you that the person who said to not marry this guy until he is out of his student loan debt obviously knows nothing about student loans in many cases. First consult an attorney and make sure that if you marry him and for some reason a divorce happens, that you would not be responsible for that debt. The other thing is NEVER consolidate them into both names. If for some reason he were to die, and you do consoldate you will be responsible…if you leave it in just his name and he dies the debt will be forgiven. I hope this makes sense.
As for paying it back…my husband has 93,000 dollars in student loan debt and he pays it back at about 470 a month. So be preapred for that payment the rest of your life. Also consult the bank regarding housing as to how this would affect you every buying a house. Don’t let everyone scare you. just be responsible and be causious of what you need to do and will have to do in the future.
