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You are not good at saving... but you have almost 300k in savings?
I’ve been out of school for 7+ years.
Recently paid off 400k in loans. (Ballooned while I was in government.) Feels great to be free of them.
Mentor
You’ll never get relief. You make too much money. Even after paying your share for 25 years, you’ll still owe $300k. They’ll forgive it, and then tax it as if it was income.
Just pay it off. You won’t regret it
I’m in the same boat and I would ignore everyone telling you to pay it back right now. Economy is gonna get even worse and you should have a good amount of liquidity. Once your emergency fund is good to go, throw anything extra into a brokerage account. Make your monthly payments and hit the highest interest rate loans first and/or the unsubsidized ones
Mentor
Pay it all off or at least pay it off substantially. Would advise you to also put it in the market but looks like things will stay choppy there for the time being …
Pay it off over a year, with first quarter payment being this month. Make a separate savings accounts, one is for “going forward” the other is for paying loans.
I would pay off or at least refinance? I’m not sure what the market is like for refinancing now but when I first got out of law school and had loans at 6%, I refinanced with first republic (RIP) for like 1.85%.
Idk, I would just pay the dang thing off and you have no worries. You can easily replenish that and not have to worry about debt. Don’t worry about losing your job. Otherwise, it’s just going to continue to sit there and implode at the 6% interest rate.
I’m on PAYE and my $200k in loans ballooned to $300k as well with interest. I haven’t had to recertify since 2020 so I’ve also been paying the minimum even though my income has more than doubled since I last recertified. I didn’t care because I was banking on the 20 year loan forgiveness but now that the BBB screwed those of us on PAYE and the term for loan forgiveness has been extended by 10 years, my husband and I made the decision to just pay them off. I’ve paid off $75k this year so far. I’m hoping to have them paid off completely in two years.
PAYE is being phased out. You have to move to a different plan (IBR, RAP). Under RAP, you need 30 years of qualifying payments to be eligible for the remaining balance to be forgiven. A lot of this depends on what plan you are on now and when you took out your loans so you’ll have to look into your specific situation.
You have the means to pay off your debt so I would recommend doing it. Being liquid with no student loan debt is a must. I recommend paying it off now. Then you can start saving/investing stress free. Your earning power is high given big law status meaning even if you “lose your job” you would very easily be able to pivot to a Am law 100-200 firm or in house still making more money than most people. I’d much rather lose my job being debt free from student loans than being in debt with 300k in the bank.