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Ok, I've got to ask. How the f*ck does anyone manage to get into 500K student loan debt!?!?! Spell it out for me, b/c that just seems staggering to me. Were you using student loans to finance other things like livings expenses for your family, vacations, new cars? If you and your wife have been together for even part of that time and she pulls down 90K, with a $1400 rent you really shouldn't have any problem paying your tuition directly right now. Why are you still taking loans? And if you NEEDED student loans for your ENTIRE higher education, why wouldn't you also qualify for some level of scholarship. Particularly at the better (more expensive) private schools, scholarships are fairly easy to come by.
Besides my question above, I would heartily recommend that you start looking right now at the way that you are living. It sounds to me like you are currently living the lifestyle that you want to be living in a few years. You are living in advance of your earnings. Trim back the excess expenses and live below your means right now and going forward. Obviously, I don't know anything about your personal situation, but it seems like just about anyone should be able to live well enough on a 90K salary even in California or the Northeast US, even with kids, etc. So trim the fat, and start living with the money you have right now. The debt can be addressed when your income increases once you get out of school. It sounds like you already have a plan for that.
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You do not really understand something unless you can explain it to your grandmother.
- Albert Einstein
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