I can't be the only one. I feel like I flipflop between committing to an aggressive payoff strategy versus minimums on IBR for 25 years of qualifying payments until the remaining balance is forgiven. I have 121K and my spouse has 51K, all federal SLs. Our combined income/assets is in the 250k range, but we have five children at home. My loans are consolidated, his are not.
Some days, like today, I think a hyper-aggressive payoff tactic (3.5 years) would be so much better than being saddled with monthly minimum payments essentially for the rest of my life. I'm 36 now, and will be into my late 50s/early 60s before IDR payments could be considered for forgiveness.....if whatever sitting US President at that time still even has a program for forgiveness that many years down the road. An aggressive payoff would require us to live on one income, tightly pulling back things we do as a family (i.e. eating out, extracurricular activities, gym membership, unnecessary home services such as cable and internet, etc.).
Other days, I think staying on IDR forever and paying monthly minimums is the right answer. Living life in the moment, yada yada yada. Which is basically what I've been doing the past 5 or so years. Minimums on IDR, forebearances, etc. We've never tried to pay more than the minimum balances for student loans.
TL/DR: Pay off six figure student loans in aggressive tactic or ride it out on IDR and just count on SL payments being on my tab for the rest of my life. Anyone else go back and forth on how to proceed with that high SL Debt?
The desire to have them paid off and GONE is about equivalent for my desire to own a home again. I think that's why I go back and forth so much. Some days, home ownership prevails, which puts me into auto-pilot-IDR for student loans. Other days, like today, I think an aggressive plan to pay them off would be so much more beneficial. It would put home dreams on hold for now, but would put us in a better place financially in 3-5 years.
