Married Borrowers With Separate Debts
Married Student Loan Borrowers
A young couple is starting out with a lot of debt. They both had great educations, both having received their undergraduate and graduate educations from Ivy League Schools. They each had Bachelor’s degrees, and they each had a graduate degree. He has an MBA, and she has a JD degree. They also now have three children.She uses her law degree for her passion, which is battered women. She works for a not for profit where her salary is very low. He started out in the corporate world. He hated it. He didn’t find the work challenging, and he wanted to start his own company. He had a great idea, and if he could get the time to make it work, it would make him a great deal of money. He knew with time he would probably be able to pay back all of his debt. He just needed time right now.
Wife’s challenge is to be able to use her education to do the work that she loved. Husband challenge is that he needed a bridge to lower payments to allow him to ramp up his income.
The solution for both was in lower payments and maybe loan forgiveness. Wife if she stays with this line of work qualifies for loan forgiveness in 10 years. Husband qualifies for lower payments today based upon his current income. As his income rises, so will his payments, but it gives him the room he needs now, to get the future he wants for himself and his family.