Quote Originally Posted by Ultralight View Post
Uh... what?
Quote Originally Posted by Ultralight View Post
This is my favorite topic to debate! My student loans!

Let us do some math here, amigos.

I owe $165,000. If I wanted to pay that off in ten years, starting from today I would need to pay $16,500 a year. That would mean $1,375 a month. I bring home about $2,400 a month. That would mean I would need to live on $1,025. This is simply not possible.

Or I can pay for 7 years (actually 6.5 but lets keep it simple), starting from today a monthly payment of $298 and have the rest forgiven, so long as I work for the government. That would be $25,032. I have already got three years (3.5 actually, but lets keep it simple) in to the ten year forgiveness program so I have already paid $10,728. Lets add $25,032 and $10,728. The sum is $35,760.

So what do you think I should do, pay $165,000 or $35,760?
List all your debts smallest to largest, this includes your student loans.
In your case, I am pretty sure (as you are not changing jobs), he would say option 3 which you haven't considered. Work your tail off, getting extra money and putting it aside. Since your intent on doing the forgiveness program, when/if your debt would be forgiven, you would have a nice chunk of change.
If you were terminated from your job, then immediately use that on the debt.