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Anon because of personal info...

I have 140K worth of student loan debt and a salary of 135K in a secondary market with a relatively low (well, relative to NYC, DC, LA etc.) COL.

I want to aggressively start paying off this debt asap. I was clerking last year so I've been on an IBR program and it's time to re-verify my eligibility for IBR.

My plan is to stay on IBR to keep my monthly debt-to-income ratio in a solid position (may be applying for a mortgage soon/car loan etc. soonish), while still making payments in excess of the required monthly payment (and even the required standard monthly payment).

Is there a downside to this re: penalties or the way that the "extra" will be allocated in terms of principal and interest?

Thanks in advance for any help.

Afaik there's not only no downside but it has the advantage of letting you target higher interest loans with your excess payments (unless you've consolidated)

I recommend this thread for you as it discussesi loan repayment at length:

http://www.top-law-schools.com/forums/v ... &start=950

I don't see any downside but I'm not sure you'll save a lot on monthly payments on IBR at that income level.

dixiecupdrinking wrote:I don't see any downside but I'm not sure you'll save a lot on monthly payments on IBR at that income level.

purely speculating but i think your IBR monthly repayment may be about equal to your 10 year SoFi repayment. You should prolly refinance