Case Study Young Married Couple

“Our experience with Student Loan 411 was nothing short of life changing. If not for Ce and Mema’s help we wouldn’t have been able to get through this year financially.

Ce made everything so clear and was exceptionally patient and helpful with questions and clarification. It is one of the few times ever that our expectations have been well exceeded.

We hope that every student in this country knows about Student Loan 411!!!”

Borrower Repayment Example
Standard Repayment Plan

Married Borrowers – 3 kids

$450,000 Borrowed: 6.8% interest rate – projected payments

STANDARD REPAYMENT TERM (YEARS) tOTAL COST
$5,178 10 621,433
$3,435 20 $824,406
$2933 30 $1,056,118

Revised Repayment

IDR REPAYMENT TERM (YEARS) LOAN FORGIVENESS
$425 10 $557,174
$425 20 $695,889

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.

The Challenge

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

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.