- 3 years ago
Longtime lurker…non-poster here. A small back story before I begin my vent. FI and I have been together for 5 years now and he is literally the love of my life, best man i’ve had to chance of meeting and I am blessed beyond my wildest dreams. Last summer he proposed to me while we were on vacation is St.Lucia and it was awesome. Super low-key and private. In 2011 FI graudated college and explained to me that he had zero debt from school because his mom would take out a loan but would pay it off within the semester so everything was paid in full. Cool. I didn’t question a thing…and I didnt feel like I should have. Fast forward to January….we are trying to buy a house next year and we wanted to pull our credit to see where we stood before we started to talk to lenders and such.
Well…we pulled his credit and there it freaking was…..$245,000 in school loans. I…about DIED. So many questions ran through my head “WTF? I thought he said his mom paid them?!”, “How could he not know about this?”,”He is 26 years old…he never ONCE checked his credit?!”. If you can think of a question, it probably ran through my head. So…I asked him the first 3 questions he no he hadnt checked his credit before BUT his mom told him she had payed for them as they came, which was clearly not true. The debt comes with a pretty $2100 a month price tag…which means…no house…no nothing. We can buy something eventually so this doesnt bother me as much…what bothers me is that he has so…much student loan debt that his mother pretty much lied to him about. How in the world are we ever gonna pay that back and live our lives comfortably?! Im so mad. At his mom for lying, at him for not knowing his finances better…and the amount of money. I just….I feel like we will be in debt forever. If one of us wants to go back to school, get a new car…kiss all that s**t goodbye.
His mom keeps saying “I will pay it off”…guess what boo?! Your name isnt on the loans…banks dont care if you pay it or not. His name is on them and he is a grown man…so keep your “I will pay it” no one cares, its on him. She has missed a few payments which obviously isnt awesome for his credit. We are both working 2nd jobs to pay down the debt as much as we can by next year. I dont know what kind of actual dent you can out in $200,000+ of debt, but we’re freaking trying. We are down to one car, saved tax returns from this year, no more vacations, credit cards, dinner dates. We even moved to a studio apartment (that saved us a lot actually). I know things will get better, but we dont have to be here…I wish his mom would have told him how much money it was costing him and that he was racking up so much debt…he would have switched schools so fast!
Ugh. Rant over. Has anyone been able to pay down college debt? If so howwwwww?!