Great googly moogly!

Since I'm graduating soon, we have to sit down with a financial aid advisor and go over our situation. This requires going over debts, expected incomes, etc... So I finally sat down and figured out our total debt.

353K!!!

Federal student loans 217K
Private student loans 43K
Car loan 21K
Mortgage 72K

I guess I'm not too worried about the house payment, and the federal student loans will be a long term project. Argh though. The # crushes my will to live.

[spotty_dog]

Ouch! What a slap in the face! Federal loans are deferred until after residency training, aren't they?

[DCJenn]

Don't despair! There are plenty of people here who have survived that kind of debt.

the good news is that you guys BOTH have excellent income potential and plenty of opportunity to kick some arse in the debt reduction arena.

Take a deep breathe and don't think of the one big number. Think of the fabulous education you both have recieved. or if that doesn't work, think of the long term plan, rather than the "wow, holy crap, we're less than poor."

Jenn

[Auspicious]

You know what they say: you gotta spend money to make money. It's a big number, but really, kudos for getting 2 medical educations and home ownership under your belts right out of the gate.

[Vishenka69]

Federal student loans are not automatically deferred until end of residency. You need to a). consolidate within 6 (Stafford, 9 for Perkins) months of graduation and b). apply for deferral each year, depending on your income they may or may not grant it (I forget what the formula is but the payments would have to be a certain % of your monthly income).

Depending on who the lender is on your private loans those may also be deferrable. Some of ours are from DH's med school and we don't have to pay those until he's done with residency (although he has to call them every year to defer).

I'm not sure of the same options apply but this is what DH did. We did not qualify for deferral and had to do forebearance instead. I think that is what it is called. He was able to put the loans into forebearance without consolidating. He has to request this every year. About a year ago, he consolidated his loans and continued with forebearance.

The consolidation was a *great* deal because of the new rate.

[rainbabies]

[SueC]

We are right there with 'ya monkey! Try not to freak out too much, I assume it will all be paid for one of these days.
I think they said "great googly moogly" on Monster's Inc., also, but I could be wrong.

http://en.wikipedia.org/wiki/Great_Googly_Moogly

Who writes this stuff???

[fluffhead]

Yeah, I only knew Great Googly Moogly from Frank Zappa.
"well I took some husky weewee and rubbed it in his right eye"
it's the same song as "watch out where the huskies go and don't you eat that yellow snow"

First time for me was Maggie and the beast too.


Please say the student loan amount includes both of your graduate and undergraduate amounts

First time for me was Maggie and the beast too.


Please say the student loan amount includes both of your graduate and undergraduate amounts

Neither of us had undergrad debt. That total is solely from medical school plus veterinary school.

[rainbabies]