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Student Loans and the Family Budget

Monday, November 2nd, 2015

The Wall Street Journal, Lisa Ward wrote today of a doctor earning $200,000 with over $200,000 in medical school loans–one third of his after-tax income goes to servicing his student loans.  Some suggestions for budgeting, from the article:

  1. Purchase disability and life insurance because there will not be enough saved if you are unable to work;
  2. Try to refinance the debt at a lower rate through a bank or private firm–there could be thousands of dollars of savings per year;
  3. When purchasing a home, consider a large mortgage which, unlike student loans, offers a tax deduction;
  4. Avoid risks in investments by having a diversified, low cost portfolio in equity funds or index funds.

We have worked with many people who are paying back student loans over years.  This is a consideration, whether negotiating a divorce and looking at cash flow for family budget as parties separate, or negotiating a prenuptial agreement where one party may have high earning potential but also significant student debt.

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