Quote:
Originally Posted by mpweaver4
if the term is lengthened and the minimum monthly payment is reduced, can I pay this off faster assuming I am making large payments?
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This question is hard to answer without seeing solid numbers, including your interest rate, the length of your periodic payments, how much you intend to pay, etc.
The fastest way to pay off a loan, lump sum payment notwithstanding, is to shorten the length of the loan to reduce interest.
Quote:
Originally Posted by mpweaver4
Any advice and feedback is greatly appreciated!
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I don't have quite as much student loan as you do, but I intend to draw out student loan payments for as long as possible for several reasons:
1) student loan interest is tax-deductible,
2) student loan interest is relatively low compared to other types of loan,
3) student loan payments may be deferred in periods of economic hardship or returning to school at least half time, or military/peace corp service, etc.
4) some employers offer student loan payoff as compensation,
5) federal subsidies if you have any,
6) there's a real chance that the next administration may help out people with student loans, depending of course who's in office.
Student loans would be my last priority. Focus on paying off all other debts first and start saving for retirement.