Nearly $30k in loans doesn't sound like a terrible amount to me. Are you already on track to have your loans forgiven? Is your income truly insufficient to pay these off on your own? I ask because I had over $30k in loans myself when I got my graduate degree, and combined with my DH's loans, we had close to $53k. We paid them off in less than 4 years, making an average of about $75k annually. My sister OTOH has over $100k in loans and makes about half of what DH and I make, and absolutely loves working in the school system, so to me, it makes sense for her to get on the track to forgiveness.
Hi Rubybeth,
Please let me answer your questions in turn:
• Yes, I am on track to have my loans forgiven. I have worked for tax exempt nonprofits since 2006 and been making my payments.
• My income would allow me to pay down the loans on my own but not until the very far future and without considerable hardship. I have two children in daycare, I have numerous and expensive medical issues from an auto immune disorder and food allergies, etc. Any debt that can be eliminated is a help.
• Here is some additional information that will explain my strong interest in getting this debt off my plate -
1. I make $62,000 gross.
2. While in graduate school, I ran up $6,500 in credit card debt.
3. I owe about $3,300 to my wife in the form of a loan.
4. My total debt is about $41,900.
5. I am making timely payments on all of the above.
6. My family and I live in an expensive Boston suburb.
7. I should add that my wife has a mortgage in her name on our residence for $646,000 over 30 years.
8. She is making car payments on a family car that is out of warranty. She has paid that down to the last $1,000 or so.
9. She makes $74,000 gross. Her employer lays off staff regularly.
Thanks,
Neil
