Per the subject line, I've gotten my student loan balance down from ~$90k to ~$30k in a few years by paying off large chunks aggressively. However, I stopped paying off my balance due to the Covid-19 forbearance option in Mar-20. When student loan payments resume in Jan-21, I was wondering whether I should continue paying off large chunks or make the minimum payments and wait and see if the gov't does anything further (i.e. loan forgiveness).
My worst case scenario is that I use my bonus money from this year to pay off the majority of the remaining balance, only to miss the opportunity of federal gov't forgiving it.
Appreciate all the informed thoughts on what I should do.
What interest rate are you paying? Are they all federal?
Never pay your loans, what are we $28.4Tn in debt as a country? Fuck it place the money in something that generates interest and never pay back student debt
Exactly lmfao. Associates and VPs will come in here crying about how kids need to pay because they are afraid of tax hikes to pay for the bailout of these loans down the line. This shit is inevitable. If everyone keeps DCA into markets everyone is literally better off it’s that simple.
Stop listening to all the advice you hear on this. Asumming federal. Pay the ABSOLUTE MINIMUM. Drag this shit out and keep investing and DCA into indexes and crypto. You will be better off. There is also a decent chance some form of forgiveness will come in the future. Don’t be like another one of these grumpy guys yelling about “well I paid my loans why forgiveness now!” When the writing was on the wall.
I doubt there will be any forgiveness unless 1. you are a qualifying minority. 2. serve in a public roll
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