My Wife Lindsay and I shared over $350K in student loan debt when we graduated from Chiropractic school.
We had to move in with my parents for over a year after while we were starting our practice because we couldn’t afford to pay rent at our office and an apartment at the same time!
When Lindsay became pregnant we decided it was a good time to buy our first home, but when we applied for a mortgage, the broker told us that our debt to income ratio was too high because of the student loans...It was devastating!
Not wanting to take no for an answer, I did some research online and I found out that we could significantly lower our monthly payments by switching to a different repayment plan.
That was enough to help us qualify for our mortgage BUT it also meant our student loan payments were not even touching the principal, so our student loan debt would actually be going UP over time!