Private College Student Loan

Student Loans coming due - and there are no jobs....?

My husband's student loans are coming due in Feb 09, and there are no jobs. The day before he officially received his masters in education, as a matter of fact, the state announced massive layoffs for teachers. The people at Wachovia have been unwilling to discuss the issue with him. He is currently a stay at home dad, while I work. Our daughter turns 2 in a couple of months, so she will need a full-time caregiver if we both work, which means that he will have to make enough to cover all of her childcare, plus his student loan payments. Most temp jobs won't even cover the expenses for her childcare, not to mention paying off the loan. Also, most temp agencies and other companies won't consider him for temp or part time work because he is "over-qualified/over-educated". Other than this loan coming due, we have excellent credit, and I am concerned that this situation will kill our future credit and home-buying opportunities. Is it better for us in the short-term if we divorce while he remains unemployed? How are others handling the student debt issue in this economy?

Public Comments

1. I'm not sure exactly what good divorcing him would do.... or why you are leaning in that direction, except maybe make to make lawers rich. Even divorced, he would still have to pay back his loans. lol My advice: the first job right out of college is always the toughest. In order for him to actually USE that degree it sounds like he will need to MOVE to a location where teachers are scare. Actually, this happens a lot... esp when people live near a college.... or area where certain majors are churned out like there is no tomorrow. (Teachers, Counselors, etc.) In certain areas of the country or states teachers ARE in demand... you and he just need to be willing to move. He will prob be offered a job in a small town, isolated, with very few people who have college degrees. The good news is that in these places the cost of daycare is not near as much as what you are paying. Doing this for a year or so would get him great experience. The chances of you getting a job would be good as well... esp if you don't have a degree already. It may not be the ideal situation for you... but if HE has the higher earning potential than you with his Master's degree, then you need to sacrifice your current job to give him that work expereince so it will pay off in a few years. The biggest mistake people make when hunting for that first "real" job out of college is being way to picky. If they have money to pay him... he needs to TAKE it. Don't limit him by state or region. After a year or two of experience it will be much easier for him to pick and choose. The absolute WORST thing he could do right now is to sit on the couch and wait until his daugher is old enough to start school. By then, any future employers will just look and him and think their is something "wrong" with him becuause he wasn't able to get a job after graduating with his masters. Unfortunatly, a woman might be able to get away with..."I was staying home with my daugher" but a man may still get put on the bottom of the pile with suspicious eyebrows raised because of lack of gumption. I don't agree, but it DOES happen. In the short term, he should also consider taking a job to start paying on his loans. He should look into working at a daycare or a headstart or someplace where he can take his daughter with him to work. If that isn't possible, he can work part time while you are not at work.