Married lawyer, doctor are $500,000 in debt | The Frugalista

Married lawyer, doctor are $500,000 in debt

by frugalista on September 2, 2008

Why_graduate_0407 The Today Show had a couple on the show for a money makeover. The couple is $500,000 in debt, the bulk of it is from student loans. The husband is a doctor. The wife is an attorney, who has a master’s degree. The couple moved from the New York City area to Buffalo to save money. I’m impressed that the couple made the big decision to move to a cheaper area, saving about $1,300 per month. Once the wife finds a job (smaller markets can be hard to find work), they will be able to earn more money.  They have $59,000 in credit card debt.  Oh my. I have several friends with advanced degrees. The loans can be crippling.

I found this story interesting because your parents teach you that more degrees means better pay. On the other hand, debt is debt. Borrowing $200,000 is still borrowing $200,000. I seriously considered going to graduate school, but I didn’t want the loans that go along with it. No parental help for that.

What do you think about the couple that has $500,000 worth of debt? Is that the price you pay for an education? Do you think people should only go to graduate school when they can afford to pay it outright? Would you move to a smaller town to save money? Is attending graduate school worth it?

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