Live on her income and use yours to pay down the debt.

> What am I missing?

Those other people spend less than you do.

> 5,000 per month will take like 8 years to pay off which seems just so daunting.

Yeah. That’s what happens when you get a large mortgage in student loans.

Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics

It’s just math. Spend less or make more.

Also you should have an after tax income of around $18k/month (ignoring state and local taxes), so you’ll need to figure out where that other $8k/month is going.

Hello fellow BigLaw lawyer. One thing that I do want to note (and is important in people paying off that much debt quickly) is the importance of chucking your bonus and raises at it.

By the end of year three, your total comp will have risen from $235k to $307.5k (once factoring in bonuses). Between bonuses and raises, that’s another $150k in pay by the end of year three, over top of a constant $215k salary. Factoring in taxes, it’s still around $100k or almost a third of your debt load.

Amortizing the remaining $230k over 40 months (stub year + 3 years) and it’s “only” $5,750 per month instead of $10k. Again, this assumes you don’t lifestyle inflate and see diligent about paying off your loans.

But the fact of the matter is that few people have $330k in debt, even in BigLaw. Those people who pay off in 3 years probably have nearer $200k. You’re probably looking at 4+ years (Year 4 alone will give you another $155k gross over the $215k start). End of the day, you made your bed and have to lie in it because you aren’t paying those loans off elsewhere.

I’d also want to warn you to strike a balance—don’t live like a pauper to pay this off at the expense of your mental health. The money in BigLaw is real. It’s hard to get fired as a junior, so leaving is almost always a personal choice of the associate. If spending an additional $2k / month on being near your office keeps you at your firm from Year 3 to 4, that’s $130k “kept.”

> What am I missing?

That some people prioritize debt repayment differently than you are. Maybe even to the point of deferring any retirement savings. Or are able to put themselves into a situation with a high income and very low expenses. That's usually tough to pull off because jobs that pay a lot are often located in high cost of living locations.

Once you get to 5 or 6 figures worth of debt, you have to look at it as a marathon, not a sprint. With $5k a month, that's at least 5.5 years of payments even without interest. You just have to remember that each monthly payment gets you that much closer to your goal, and keep your lifestyle to a level that supports continuing those payments. Balancing debt paydown vs. other goals (retirement, living for today, etc) is also something you have to keep aware of.

$330k is roughly the same amount as a mortgage on a small house in the Midwest. Yes, it will take a while. Congratulations on passing the bar and finishing lawschool and getting a good job, but unfortunately it came at a cost to you.

Echoing what others have already said: spend less.

The people that pay off that much that quick have cut back A LOT. Like, never going out to eat, basic vacations, cheap(ie-free) entertainment, inexpensive hobbies and living well below their means. It’s awesome to have done it, but it takes a ton of discipline.

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Congrats on the new gig! Wonderful news for you & spouse!

What can you do? That's really a matter of the math and what you're willing to give up. You and your spouse need to be on the same page here, because either one of you can sink the plan. A plan has to be executable or it is done as soon as the ink on the paper is dry. Be balanced, not punitive.

If you aren't already, consider a very strict budget and understand where ever single cent in and out of your checking acct is going. Doing this will help you understand where your money is going and what choices you are willing to make. What are the expenses that can be removed, reduced? Is there an expensive car? Is there a better rental option?

Check out the wiki and prime directive content here. There is a great flowchart.

I always take "others" perfect plans with a grain of salt. $330,000 is an awful lot in student loans, like a shit ton.

Many people fall into the trap that a big salary means you buy big things. If you truly will make that much money upfront, stay focused on paying your debt. You can also reasonably enjoy yourself, but don't overdo it.

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>What am I missing?
>
>Rent is $2500 and monthly expenses are ~$2600.

Nothing, you answered it right there. People pay off that much debt quickly by continuing to live the "poor grad/medical/law student" lifestyle they're accustomed to for an extra few years, and plowing everything towards their debt. It's easy to pay off $300k+ in loans if you take home $15k/month and live in a $1,000/month apartment, drive a paid off car, and eat cheap home cooked meals.