my husband and i also have significant student loans from grad schools but i think you cannot deduct them if you hit a certain income level. Am i wrong? I am in the same boat as you are mrquoi , my husband also thinks houses will only drop 10% (although he does believe that now renting is more cost effective). His believe is that prices will never be affordable even for 2 MBAs so we better get out of here. We are actually trying to move out. Of course we need to find a job elsewhere first.