I have recently gotten engaged. Unfortunately, my partner has a large debt to the tune of over $175k. The majority of it is from student loans from a degree that was not finished. The loans are as follows:
Private loan of $119k, 7.8% interest. Another private loan of $5k with 5% interest, CC of $6600, and a government loan of $45k with var interest.
He is paying $1848 combined on all of these loans, which is as much as he makes in one paycheck… in addition to the rest of our living expenses. $1k of that goes toward the largest loan monthly. I have minimal debt (under 2K), and a credit score of 774.
Is there anything I can do? Have I screwed myself on ever being able to buy a house?
First off, congratulations on your engagement! That’s a big milestone and I’m sure you two are excited about building your life together. But you’re right to be concerned about your partner’s debt situation. $175k is no small amount, especially with those high interest rates.
[Read more…] about Relationship Matters: Marrying Someone with Large Debt