I'm a bit conservative, so I would count the student loans as pure debt until they are actually paid off. 10 years is a long time for policy changes, and I was just reading about cases where the Dept of Education or whoever has rescinded the offer for forgiveness. If you do get the loans forgiven, then your net worth goes up quickly and you can retire/reach FI earlier than expected. Same reason why I don't include Social Security in calculations. I don't expect to receive it, and if I do, it will be a bonus.