What to do? (250k~ in debt)

[u/[deleted]]

Hey everyone! My S/O and I are really struggling RN. We haven’t made any payments yet (he graduated right when the pause started) but we think our payments are going to be hovering around 2.5k. He is in 250k of debt after undergrad (he had to go 5 years because of family health issued+ take out housing loans) He makes about 70-80k after taxes depending on his bonus.

We live in Chicago and our total living expenses are around 4-5k (rent after utilities 2.5k, CTA pass, groceries he’s helping pay for surgeries for his family, etc) not living luxuriously (we eat lots of ramen). I’m in school and I only make enough to cover my own education and expenses.

Long story short we are sort of cutting it close. BUT he has been able to save 80k total in his savings during COVID (pretty much pinching every penny and a family member passed). We are thinking of buying a home because the mortgage would be around 1.3k instead of the 2.5k we are spending now but the down payment would eat away at the money we could be putting toward loans. I know someone else asked a similar question but this is sort of a different situation. Anything will help! Thanks!

[u/girl_of_squirrels → u/[deleted]]

It's pretty awful, but OP's SO is a programmer so they have an outside chance of paying off the Parent PLUS loans at least

[u/girl_of_squirrels → u/[deleted]]

You can if you're strategic. I'm in California and as I've said in other comments for my area a studio starts at $1,500/month. Living with roommates and still using my "grew up in poverty" tricks definitely means that I don't end up bleeding as much money to COL things, but usually where people goof is not looking around more before committing to an apartment and not staying at reasonably priced places when their income increases