Used a ton of student loans to pay off medical debt and pay rent. $250K is actually probably a bit overstated. The day we closed on our house, we probably had around $240K in debt, and around $100K in assets. We were so bad with actually facing the problem that I have no idea the actual extent of it. The debt was student loans, a car, a bunch of medical bills, some credit cards and then obviously a mortgage.
I have no idea why any bank thought we were a good idea to give money to. We never defaulted on anything, so our credit scores weren’t awful, but when we bought our house, I was making in the low 40’s and my wife made like $8K a year on paper as a bartender.
that’s not so bad. at least the house and car are assets and you could argue the student debt is an investment in human capital. the way your presented it prior was that you racked up $250k in debt due to drugs or a gambling addiction or something.
i don’t know how you got the mortgage. you never would’ve got a mortgage in canada that’s for sure. i’m assuming they probably fudged it as a liars loan or something.