YoungFogey wrote:It's good to plan to pay off things fast. It generally isn't good to count on doing it.
Smartest thing yet said in this thread.
SenatorDoherty wrote:Ok, but we can still make payments far in excess of 20k/year. And you will save tons of money on interest on student loans if you pay more money. All the extra payments go against your principal rather than your interest, it will make a huge difference. I see no reason for someone making BigLaw money to have student loans more than 5 years after school. If you do, I'd hope you invested that money hoping for better returns against the added-interest you'd accumulate.
I'd talk to a bunch of big firm attorneys about this. I think you'll find that it's not uncommon to still be paying off debt 10-15 years out, if not more. It's not necessarily that people want to do that, but more important things come up (families, house payments, car payments, etc...) - and your student debts tend to be something that you can pay off at a reasonable regular rate over a long time when those other items get in the way.