[quote=threadkiller]Wow! What a thread. Very good points made by everyone. If I may speak on behalf of the middle class. I remember a time when being in a high tax bracket meant one was rich, no longer. Now I as a member of the middle class am in the high bracket. I was somewhat surprised that Countrywide approved us for a home loan when at the time I had consumer debt and my wife had 6 figure school loans to pay back. Fortunately for us our debt rates are low and she has like 30 years to pay it back. We bought approx. 2.2 times our gross income and are owners paying the same monthly payments that renters next door are paying. I personally would not have loaned us the money but I’m glad we were able to pull it off, as I’m now saving via equity more than I would be as a renter. We went FHA 3.5% down and were definitely put under the microscope, first time I’ve ever seen my wife cry on the phone. In the end it was worth it, now just need to convine her that solar is as good an investment now as gold was 4 years ago.[/quote]
I’m happy for you, threadkiller! But I have a few questions for you, if you don’t mind.
Did your wife defer and then consolidate her student loans?
What is their interest rate?
Does your wife still have 30 years remaining in her working life to retire her student loans?
Is your wife currently employed?
Is your wife currently employed in the profession she went to school for (incurring these student loans)?
Are you and she aware that your wife’s student loan creditors will put claims on her estate if she should die before paying them off?
If you don’t want to answer because these questions are too personal, I understand. I’m just adding more “food for thought,” here ;=}
