Married=responsible for my wife's student loans?

[GoBlowMe]

Cannot believe some peoples views on this matter…..I personally had 70K in debt…..I now make 50K a year in my degree field.

Lets break this down for the idiots out there….

I make $800/month payments (they requested $1600 a month as my minimum payment which is almost ALL of my monthly income so i was reduced to $800 interest only payments which i have to re-apply for every 6 months otherwise my payments return to $1600)

The system is messed up! Yes i went to school to get a degree, yes I am now in a great paying job for my field. I have been paying $800 per month to student loans….living off of $500 per month for the last 4 years while holding a permanent full time salaried position. I rent a basement room from a friend for $200 per month, my vehicle costs $100 per month until december 31st 2016, insurance $80 month leaving me with $120 per month ($4 per day!) for utilities and food. I quite frequently have to go to the food bank in order to make my loan payments. I have also literally starved!

Making $800 a month payments since November 201o……its now July 2014……Ive managed to pay off $600 of my debt!!!! FABULOUS!!!!!! all my money is going straight to interest!!!

I will never be able to buy a house, nor rent my own apartment or get a new car (my car was a beater purchased used strictly to get me to and from work….hell i can't even afford to drive it on my days off) because i live off of $500 while my student loans keep getting bigger. Did i mention that they charge $10+ interest per day?!?! how is anyone supposed to recoup from that?!?!?

I would have been better off never getting a loan and working at Mcdonalds…..then i could have afforded my own place because I'd be making more than $500 a month.

I think there is some wording in the loan that states "if you feel like you do not want to pay this back at some point, feel free not to."

I have to say this thread is beyond ridiculous. It sounds like your woman does not want to work. Wake up call: she shouldn't have taken out the loans if she never intended to actually work (gasp!) to pay them back.

It sounds like you guys have already decided NOT to pay the loan money back and are just asking for validation or "what's the worst that could happen." thumbdown Sorry that paying back a loan is getting in the way of your life...I can't believe this is an actual thread.

Sounds like the "entitled" mentality that gets tagged on our generation.

(Sounds like the "entitled" mentality)

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[mvenus929]

Cannot believe some peoples views on this matter…..I personally had 70K in debt…..I now make 50K a year in my degree field.

Lets break this down for the idiots out there….

I make $800/month payments (they requested $1600 a month as my minimum payment which is almost ALL of my monthly income so i was reduced to $800 interest only payments which i have to re-apply for every 6 months otherwise my payments return to $1600)

The system is messed up! Yes i went to school to get a degree, yes I am now in a great paying job for my field. I have been paying $800 per month to student loans….living off of $500 per month for the last 4 years while holding a permanent full time salaried position. I rent a basement room from a friend for $200 per month, my vehicle costs $100 per month until december 31st 2016, insurance $80 month leaving me with $120 per month ($4 per day!) for utilities and food. I quite frequently have to go to the food bank in order to make my loan payments. I have also literally starved!

I'm confused. Where do you live that 50K gross yearly income equals $1600 take home pay per month? I plugged in numbers for NYC and still came out in the upper 2K range after taxes. Even medical/dental/vision that's a couple hundred a month wouldn't drop you down to $1600 (or $1300 as your living expenses suggest).

Also, I have a hunch that your debt isn't federal student loan debt, because the standard repayment of 70K in 7.9% loans (the highest interest level offered by the federal government) is about $850/month, which is slightly more than you are claiming to be paying, and no where near what you say is the minimum payment demanded by your creditors.

Apparently I'm one of those idiots that needs it broken down more.

 

[RangerBob]

I'm also confused--I used to make about $35k and lived in SF (there goes $1200/month for rent, for my share) and was paying $500/month towards loans. I still had ~$600 left over, plenty enough for food, gas, and insurance (my car's been paid off, so that helped). There's must be much more to your situation--you should be able to afford the full payment (and more) on the salary (and living expenses) you provided. Based off your numbers (salary $50,000, monthly take home $1300), you're getting taxed at almost 70%.

 

[RangerBob]

repeat post

 

[lovelybones]

I wonder what ever happened to the OP, this was a long thread...

 

[jakeislove]

I wonder what ever happened to the OP, this was a long thread...

I wonder why so many argued OP should pay off SO's student loans.

 

[PreMedMainah]

I know this tread is old and beaten up but I just stumbled on it and wanted to say this:

To all those who sit on here and blame the government, Bernanke, and Wall St. Who cares! Yes, it is horrible and what not but what does that have to do with paying YOUR student loan debt. She chose to go to school. She signed entrance counseling paperwork. She knew the interest rates. I don't think the OP said what his SO majored in or where she went to college but 100K? She must a useful degree to make a living? If not, than she shouldn't have gone to an expensive school to get a worthless degree. There IS a moral obligation to pay back one's debt, regardless. And to the OP when you get married, you do it because you love that person and want a life with them. You both should pay all of your debts together, so you can buy a house have a family and what not. If that takes an extra 10 years to do that than so be it. People on here amaze me with their ignorance and selfish behavior. Also, I read that many people on this thread are paying the interest on their loan during residency and living as residents during the first couple of years out. That is amazing and those people will be happier and live a more financially rewarding life because of it.

 

[MedicineMan99]

"Will you marry me?" should really be, "Will you marry me, all my debt, and all my problems?"