(Closed) Student Loans

posted 6 years ago in Money
Post # 3
Member
501 posts
Busy bee
  • Wedding: May 2012

I don’t have any advice for you but since he has his degree, he will start out in the military in a higher ranking and make bigger $$. I have a friend who went into the army after college and has made a career out of it. He is very sucessful and keeps getting promoted. He and his wife are moving to Hawaii this month.

Post # 4
Member
3692 posts
Sugar bee
  • Wedding: December 2011

What’s the job pool like for those with a Masters in his major?  

Post # 5
Member
9917 posts
Buzzing Beekeeper
  • Wedding: June 2013

@MoissyFanatic:  $45K is not that much.  It sounds like a lot, and feels like a lot, but it’s not that much.  I owe $90K and know that I will just keep paying it off until I’m done.  I can’t worry about it other than just know I’ll have to pay it.  There are ways to consolidate your loans to make them easier to pay off, too.  What is his chosen profession?  

Post # 6
Member
827 posts
Busy bee

I would never allow my man to join the military. If you don’t want him to do this, make sure he knows how strongly you feel about it.

Post # 7
Member
13010 posts
Honey Beekeeper
  • Wedding: November 1999

@MoissyFanatic:  I’m not 100% sure the Navy will just pay off his loans.  It’ll involve a huge service commitment, but I don’t know if they will wipe out everything.  I work in government and a lot of people get sucked in to the “student loan forgiveness programs,” but they are set up really weird, and don’t always work out so well.  A friend of mine has law school debt and the program was structured so badly that she opted not to do it, and another friend said the service commitment for hers was so high she also turned it down.  Before he enlists, he should get something in writing about what amount they’d pay, and decide if it’s worth it. 

My brother is a ROTC candidate, and he can’t even get the military to pay for three years of schooling with an 8 year term of service… belts are tightening in the military, too.  It’s a good option if it works, but from everything I’m hearing…you’ll want to look into it very carefully.

Also, 45k in student loan debt for a master’s is average.  It’s not viewed as “bad” debt (like credit card debt). 

Post # 8
Member
9917 posts
Buzzing Beekeeper
  • Wedding: June 2013

@abbie017:  Can he find a job in his field?

Post # 10
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I agree that it is pretty tough to get loan forgiveness through a new employer.  It’s easier to get an employer to pay for a degree while you are working there.  I would really let him know if you don’t want to be a Military spouse, you know how tough it is.  Is there any way the two of you can cut down spending to work on getting the loans paid down faster.

Post # 11
Member
9917 posts
Buzzing Beekeeper
  • Wedding: June 2013

@abbie017:  Oh, lol.  That makes more sense why you didn’t answer the question!!!!

 

 

Post # 13
Member
44 posts
Newbee
  • Wedding: July 2012

I’m a little opposite – we’re getting married in July, and I’m bringing the student loan debt. I owe $100k from my masters and doctorate. The best thing I’ve found to manage it is Income-Based Repayment if there’s concern about making the monthly payments. Mine would have been $1300/month, but with income-based it’s closer to $200/month. As far as debt goes, it doesn’t count against you in the way credit card debt, etc. does. It’s overwhelming, but managable. Also, IBR forgives loans after 25 years in the even your payments go that long. 

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