Thursday, May 22, 2008

My Wife's Student Loans

I’ve been holding off on writing about my wife’s student loans for a while because she is not completely on board with me blogging about our finances. She thinks people will judge her for having those loans even though I have tried to tell her that it won’t happen.

The short version of it is:
She has about $215,000 in student loans. Some are consolidated and very low interest. Others are over 10% interest. They are going to be more than our mortgage and will take a long time to pay off. Thankfully, the interest is deductible so the situation isn't all bad.

I understand, and I think most anyone reading this will too, that student loans are a pretty common part of life. I feel like I should be more embarrassed about my credit card debt than she should be about her loans.

But that is as in-depth as I am going to go for the sake of her privacy. Maybe once our credit debt is paid off, she’ll let me elaborate on it a bit.

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