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When your child grows a little bit older, i.e. enroll in pre-school, tell your wife to get a government job, no matter it is Federal, State or City.
Then use her income to pay for child care.
After 5 years, she can quit. Because after working 5 years for any government job, the student loan will be forgiven and you won't need to pay a dime back.
The average total student loan balance is $34,144.
The study also shows that the average student loan amount per consumer increased 62 percent during that time, but the percentage of late payments has been decreasing since 2009:
I do as well. One of my biggest regrets is putting our kids in daycare at such a young age. Also, a HUGE portion of one's income goes to daycare when they are very young, and the costs are much higher for an infant.
Also, I read back to where the OP mentioned that his wife has an autoimmune disorder. Not exactly making it easy to go out and find a job quickly (especially in teaching), and with a 6 month old to boot.
I think people focus on the wrong things. The only thing the OP should be concerned with is providing for his family. I was in daycare. I almost lost an eye. I was a latch key kid. It sucked. If I had kids, my husband would be the sole provider until they were school aged. No one will take care of your kids better than you. Child care is also extremely expensive.
There is a young family in my development living in a one bedroom. They moved in with a baby and now they have another child. She stays at home. The living room looks like a playroom. He is doing his job as a man to provide for his family. This is his best for now. It is not forever. I say bravo.
^^ Uh, yeah. But they're not struggling together. HE is worrying himself sick over HER debt, talking about eating less and finding an additional job.
And SHE:
-- doesn't seems concerned about her husband, the father of her child, AND breadwinner who goes out everyday and commutes over an hour to work, in order to keep the roof over their head that they DO have.
-- doesn't want to work, won't let the grandparents watch the kid so she can even look for work, and talks about a bigger house, knowing the situation they're already in.
Then again there's a life insurance policy on him. So if he dies, she can get that money, and marry the next suck- uh, person she can convince that she's a prize.
How do you know that? I doubt she is living a life of luxury on $70,000 per year in NY. I think he is using her debt as an excuse. He is consumed by the sacrifice of a family man doing the right thing. He is overwhelmed by his situation.
I have a friend who owes over $100,000 in student loans. She has only worked 3 out of 7 years since she received her professional degree. Her husband did not pay her debt. He paid the household bills. They decided to relocate for a lower cost of living. She is now working full time although she prefers to work part time and care for her kids. She only pays the minimum. I do not know how they will get out of it. The new state does not pay well. There is no talk of divorce. I think their situation is worse than the OP. She is not the only person I know who owes over $100,000 in student loans. The sad part is that they are not earning high incomes. Life is tough.
You probably already know this OP, but the answer to your family's situation is in your own words.
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Most jobs around my area (Long Island) are retail unless you're a teacher or cop or doctor, then you make bank...
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...her degree is in teaching and she has a masters with it..
Your wife could make more than enough on Long Island as a teacher to cover childcare costs and get this thing paid off. You guys need to get to counseling together to help her see that such a short-term sacrifice is needed for the health of the family.
I think people focus on the wrong things. The only thing the OP should be concerned with is providing for his family. I was in daycare. I almost lost an eye. I was a latch key kid. It sucked. If I had kids, my husband would be the sole provider until they were school aged. No one will take care of your kids better than you. Child care is also extremely expensive.
There is a young family in my development living in a one bedroom. They moved in with a baby and now they have another child. She stays at home. The living room looks like a playroom. He is doing his job as a man to provide for his family. This is his best for now. It is not forever. I say bravo.
They don't even need daycare. His parents are retired and could watch their baby most of the time, but the wife is unwilling to allow that.
Yes. And even tougher (tougher than it needs to be) when you have a wife that doesn't seem to care that you're worried sick about her debt and its affect on the FAMILY's (including the kid's) future, who talks about a bigger house putting even more pressure on her husband....you know, the guy who she's supposed to love and care about, the one who goes to work with an over an hour commute so they can have what they do have.
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How do you know that? I doubt she is living a life of luxury on $70,000 per year in NY.
How do I know what? I never said she was living a life of luxury. So I don't know what you're refer to or talking about.
I read the OP's original post again. It is kind of misleading that it seems he only realizes the financial problem right now.
But he should have realized the problem prior to marriage. Did his wife reveal her student loan to him? If so, then they should have planned ahead prior to marriage. For example, the wife would work for some years to pay off the student loan first before giving birth.
-Your other thread mentioned she got occasional disability payments. If that is still true please provide more details.
-Has she ever had a full time job in her life? If so for how long?
-Was the pregnancy a "surprise"?
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