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Student Loan Balance 275K TERRY SAYS: Don’t marry him!!!!

By Terry Savage on April 02, 2021 | Credit/Debt

Hi Terry,

I listen to your podcast and on WGN.

My daughter is getting married Aug 1st after postponing x 2 due to COVID and she just found out her fiancé owes 275 K on a Federal Grad school loan. He ignored it for several years then just started making payments and they are going toward interest. His salary is only about 50K working as a free lance photographer. My daughter is getting a teacher certification at Northeastern Illinois.

Are student loans ever forgiven? What are the options here? Our daughter is understandably upset that she will be taking on this debt and so are we.

I remember you had a caller on WGN a few months back in a similar situation but I couldn’t listen for the answer. You always have practical advice.

Many thanks!

Terry Says

OK, you’re not going to like my advice: SHE SHOULD NOT MARRY THIS GUY!

(I don’t think I’ve ever used boldface, all caps in a response before!) It’s one thing to marry someone for “in sickness and in health, for better or for worse.” But it is totally insane to marry someone who is already buried in debt!

AND,(more caps, I can’t stand it) THIS IS EVIDENCE OF HIS TOTAL IRRESPONSIBILITY! No one who accumulates that kind of debt, ignores it, and then can’t get a job is ready for marriage!!

Your daughter is walking into a terrible trap. they can never buy a house, care for children, plan for college or retirement with this kind of a burden.

AND, NO THIS AMOUNT OF DEBT IS NEVER FORGIVEN!! PLEASE PLEASE SHOW THIS TO YOUR DAUGHTER. She can call me if she wants to confirm. Just send an email to me at Terry@TerrySavage.com. I get so many sad stories from people who have financial problems they don’t deserve and didn’t cause. But to simply walk into a mess is well, the right word, is INSANE! Her credit will be commingled with his — though he owes the debts –and she will have a problem forever!!



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