Author Topic: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans  (Read 25039 times)

totoro

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #50 on: August 05, 2013, 09:14:20 AM »
Yep, sunk costs are sunk costs.  I have had some come my way too. 

Life is not a win:lose proposition so finding yourself in this kind of debt is just another challenge - could be a housing crisis, divorce or these giant student loans.

There are; however, strategies that work better than others for increasing quality of life which generally involve treating debt as an emergency because of its impact on your ability to buy your own time back.  Time is way more valuable than money once you can reach the FI point imo. 

That said, once you have the debt and have a repayment strategy, if you can be grateful for health and family and the blessings you do have I say - so what.  Gratitude/attitude can create a great quality of life in all sorts of circumstances.   

BoulderTC

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #51 on: September 19, 2013, 12:49:29 PM »
Hi LipFoliage303, I didn't read through all these posts and I don't really have any advice for you that hasn't already been listed. I read through the beginning parts of this thread though and I just want to affirm you that I believe you that you're working hard. I have other friends who are in astronomical debt right now because they went to law school and then the field tanked. I believe you that it sucks. I know you're trying. I know it hasn't been fun. I'm sorry that some of the posts I read on this thread were nasty and that people seem to not believe you're trying. If you've been reading MMM and putting the practices into play, I'd say you're on the right track already and I commend you for putting your debt emergency in the public domain for us to all see (and/or nitpick). No hate here.

I also wanted to say great job on finding a 3br/2ba in North Boulder with such a small mortgage! Boulder is NOT a cheap place, and many of us on here (including myself) have mortgages nearly 3 times that size (and probably not even in as awesome locations). Sounds like you won on that one. And glad to hear that your house isn't damaged. It's been crazy here lately.

Daleth

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #52 on: September 19, 2013, 07:27:25 PM »
Genuine question as I am not a lawyer...

Can a lawyer actually take the legal hat off and give advice in the same way that "social workers or Joe citizen" does?  I thought in most professions, once qualified your whole status changed?  A medic is always a medic and, unlike Joe public, would be considered under medical rules if their road-side first aid or public health advice proved to be negligent.  I would have thought that, similarly, a lawyer providing mediation services to a range of clients would still be thought of as acting as a lawyer and would breach the OP's one client rule for the CO bar?

I went through mediation when some lunatics who had agreed to sell me an investment property reneged, and that mediation was done by a lawyer, so apparently it's not a problem. The reasoning, I think, is that a mediator is not offering legal advice; a mediator is more akin to a judge than to a lawyer.

mm1970

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #53 on: September 19, 2013, 09:04:04 PM »
Haha I would love to be paid more and pay off those loans myself the old-fashioned way....  I've really really REALLY enjoyed not having to look for a job every night after working all day (as a temp).

Hahaha! You're f-ing welcome that the taxpayers (yours truly included) will swoop in and pay off your debts for you while you enjoy not being bothered to further your career. Hope you had a grand time at law school!

Advice: Rent out the basement and take care of your kid your damned self.

Wow, dude, 3 f-ing years to find a job as a lawyer...did you not read that?  Yeah, sounds like some deadbeat who doesn't want to pay back his loans...or sounds like someone who got screwed by the idea of "hey, pay a lot for this great degree and bring in all the big bucks!!"  $30k is a sucky income for a lawyer and I'm pretty sure he knows that.

But as far as working a full time job, spending nights looking for another job, and a baby on the way?  If I were this guy, I'd tell you to suck it.  Because I've been there, and it BLOWS.

brand new stash

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #54 on: September 20, 2013, 08:06:06 AM »
Update

Our monthly expenses total $2800 a month and our monthly take-home pay (after 401k and HSA contributions to maximize our employer matching, and taxes too of course) is $5200. So we're paying $0 to my Federal loan (forgiven in 10 years for working public service) and we're paying $2400 a month to wife's Federal loans. All money from my side gig (mediating HOA neighbor disputes) as well as all future raises goes to wife's Federal loan.

We also sold my pickup truck for $3600 and have that money in savings as an emergency fund.

Our new house is also dry - no flooding on our block in Boulder. Very lucky!

Glad you are dry.  Keep up the good work paying off those loans.

Rebecca Stapler

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #55 on: September 20, 2013, 08:32:58 AM »
Update

Our monthly expenses total $2800 a month and our monthly take-home pay (after 401k and HSA contributions to maximize our employer matching, and taxes too of course) is $5200. So we're paying $0 to my Federal loan (forgiven in 10 years for working public service) and we're paying $2400 a month to wife's Federal loans. All money from my side gig (mediating HOA neighbor disputes) as well as all future raises goes to wife's Federal loan.

We also sold my pickup truck for $3600 and have that money in savings as an emergency fund.

Our new house is also dry - no flooding on our block in Boulder. Very lucky!

Keep up the good work!

bettyb

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #56 on: September 20, 2013, 11:12:57 AM »
There's a misconception out there that there are high paying jobs a plenty out there for lawyers. I have an endless supply of stories of lawyers who are highly intelligent, qualified, and having a tough time searching for employment in the post 2008 world.  Keep it up - and you've probably already done this already, but you might want to check how changes in your wife's salary longterm affects your IBR (ie does it take into account spousal income, like the LRAP programs do)?

LWYRUP

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Re: Jr Mustachian couple needs advice re: ASTRONOMICAL student loans
« Reply #57 on: September 20, 2013, 08:57:41 PM »

I know there was a lot of extremely bad luck re: the timing of OPs entry into the legal market.  Definitely a brutal market out there and I very much sympathize.  But I can't help thinking he would treat this situation a little more like HIS HAIR IS ON FIRE!! if gov't programs were not paying for housing (massive subsidy for a 3BD / 2BA in a stunning locale) and his post-collegiate education (via loan forgiveness). 

Agree with other posters that the correct move is to wipe out the loan not on the 10 year plan and keep the other.  But this is just a very weird situation and not a great example of gov't in action, so I can understand why other posters are upset (although nasty e-mails to a personal account are totally uncool).

 

Wow, a phone plan for fifteen bucks!