In this longer video, the host explained just how humbling the following years are going to be for the couple– Let’s pretend you’re making $210,000, and I know you just got married, but let’s pretend you’ve been doing this as a couple as you went along. You’ve been making $210,000 and spending $310,000. I’m getting ready to put you on $30,00. You’re not gonna see the inside of a restaurant unless it’s your extra job or you’re waiting on some of the people you work with during the day.
– We actually live with my parents now. After we got married we offered to stay with them to help us with transitioning to the new life which has definitely been helpful renting out the condo.
Having said that, Miller noted that “this program will still require them both to make a combined payment of up to $1,600/mo to complete the 10-year requirement of the program before the loans are forgiven, but then the rest of the federal debt will be forgiven tax-free.” While Miller would prefer a deeper analysis to give a more informed and precise answer, he continued, “I’d likely recommend that they first see through Public Service Loan Forgiveness till the student loan balance is forgiven, then file bankruptcy for the rest, but only after the student loans are forgiven.” According to him, this process will limit their financial progress temporarily, but for a far shorter time period.