Hello all. While I plan on doing a reader case study in the future, this post is more to get the community's thoughts on a few more general topics.
(Also, I did attempt to search for post about this, but the search function kept erring out on me with a database error)
Some background: Living in Illinois, USA.
1) My girlfriend (soon to be fiancee) has $146,000 of student loans. Which... is a bunch. She is currently paying $585 a month under the income base repayment plan. She got her doctorate in physical therapy and as such she signed up for a program that will allow all of her debt(including interest) to be paid off after 10 years of working at non for profits as long as she continues the $585 payments.
I'd like to evaluate this only financially speaking. Based on a rough calculation of $600 per month (factoring some buffer for her getting raises which will then raise the payment amount) she's looking at paying $72,000 over the ten years.
It seems to me it makes sense to pay this way and get the loan forgiven rather than spend twice as much to pay it off herself.
Am I missing any considerations?
2)I have a student loan through my parents for $12,000. There is no interest associated with this and I pay $430 to them every month, full principal. Is there any reason I should attempt to accelerate paying this loan to them off (perhaps because I will benefit from investment gains sooner rather than later?)
Thanks for your time!