Here's a doozy: Currently have $588k in student loans, here's the breakdown how I got there
15k undergraduate
300k for dental school (pretty typical)
100k for living expenses in San Francisco for 3 years
40k in private loans my ex-wife convinced me we needed
The rest in interest that just keeps growing.
I've only been in regular repayment for maybe 1 of the past 5 years since graduating. I'm living near (within an hour of) my kids to be dad which REALLY limits job prospects, etc and it took a couple years to build a full time schedule, then bought my own practice and am working to make it profitable. A min payment on 25yr plan for all this would be around $4700/mo or about $56k/yr (Plus the taxes I have to pay on the income I have to make just to pay this, so it's like 80k of income to pay the 50-60 in loans)
I am making regular payments on about $100k of these loans at about 1000/mo. I recently tried to refinance these through SoFi and several other lenders, denied by all of them because my debt-to-income is poor (currently making 110k/yr). Credit score is 720. Being able to refinance these would only IMPROVE my financial situation.
Do you have any advice for my situation or the classmates I have who I know are in a similar situation (pretty much anyone that was married and had kids and no parents to help them through dental school)??
lassensurf27 karma
Here's a doozy: Currently have $588k in student loans, here's the breakdown how I got there 15k undergraduate 300k for dental school (pretty typical) 100k for living expenses in San Francisco for 3 years 40k in private loans my ex-wife convinced me we needed
The rest in interest that just keeps growing.
I've only been in regular repayment for maybe 1 of the past 5 years since graduating. I'm living near (within an hour of) my kids to be dad which REALLY limits job prospects, etc and it took a couple years to build a full time schedule, then bought my own practice and am working to make it profitable. A min payment on 25yr plan for all this would be around $4700/mo or about $56k/yr (Plus the taxes I have to pay on the income I have to make just to pay this, so it's like 80k of income to pay the 50-60 in loans)
I am making regular payments on about $100k of these loans at about 1000/mo. I recently tried to refinance these through SoFi and several other lenders, denied by all of them because my debt-to-income is poor (currently making 110k/yr). Credit score is 720. Being able to refinance these would only IMPROVE my financial situation.
Do you have any advice for my situation or the classmates I have who I know are in a similar situation (pretty much anyone that was married and had kids and no parents to help them through dental school)??
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