For those of you who have/had student loans, what repayment approach did you take? Student loan forgiveness plans/income-driven repayment plans, or refinance/consolidation plans? Or did you just straight up try to pay it all off ASAP however/whenever you can?
For those who chose refinance, anyone have any experience with low interest rate lenders/companies like SoFi, Earnest, LaurelRoad, LendKey, Commonbond, etc?
Out of college I went with the lowest payment option possible (forgiveness plan), but I’m learning that might NOT have been a good move because it just tacks on considerable interest with the idea that in ~20 years whatever is still left will be wiped clean. Sounded decent, until I learned you’re still taxed on that big forgiveness chunk 🙄. Been out of college for many years now and higher payments are less of a problem, so now I’m looking at better options. Unless, maybe I don’t need to make a change?
Any insight appreciated!
Then as a second step I’d defer to taking the Dave Ramsey approach and being laser focused and paying off those loans and any other debt (minus your home) in a much shorten time frame (say 1-3 years). Check out his podcast / or google his 7 baby steps for more insight.