I don’t have much advice, because I’m in the same position. But I found something cool for you. FI has not asked me to quit school, but I know it makes him CRAZY to be the primary breadwinner at a time in our lives when we should be having babies, buying a house and taking vacations. We split everything 50/50 right now, but I have nothing left over- meaning no vacations, minimal savings, etc. About once a month or so, he registers a complaint about it, but so far he’s maintained his supportive, understanding stance. He knows it is single hardest decision I’ve ever made and it’s something I’m beyond passionate about.
*fingers crossed he’ll keep his patience up*
Your post inspired me to find out how much debt I’ll be in when I finish school with a Speech Pathology Master’s (an in-demand field, or so I hear). I basically looked at the rate per year I’ve been borrowing and stretched it for the number of semesters I have left.
$80,000. *(&)&*^%(&^*%$#&$%@^$# That’s Terrifying!!! But you know what? I’m already 20k in, and I would resent so much if I was made to quit now.
I found this loan calculator that gives you not only your payments and payment schedule, but also tells you the approximate payments that you’ll be making, as well as what you need to make as a salary to comfortably keep up with your payments.
My payments, on a 15 year span at 6.8% interest will be $692 per month (that’s more than I pay in rent right now!), and I’ll need to make 83k per year to pay that comfortably. SLP’s make good money, but $83k is stretching it.
Seeing all of that information just gave me a kick in the ass to work some extra hours during school.
Anyway, maybe this site will help you to line out some of the numbers your fi needs to see. If you put this info together with some data from the bureau of labor statistics (and find out where the jobs are), you two will be able to put together a reasonable plan for your likelihood of getting a job and paying off the debt yourself.
PLEASE don’t quit school. If you take the semester off and make money, it will be that much harder to quit again and go back. I’m honestly worried that he’d try to talk you out of going back once you’re out.
Another bee mentioned that a primary cause of divorce is finances, and that’s true, but feeling as though your partner has stifled your dreams has to be a close second. There’s middle ground, you guys can find it.
ETA: Here’s the link: