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Updated over 7 years ago,
Is paying off student loans first always best?
This question is asked frequently, but I'm wondering if the same applies when it comes to having student loans under income based repayment when you work in public service. I am currently paying under $470 a month on student loans and have a salary of approx 75,000 per year. I made the huge mistake of going to a private university for my masters and owe over 100k in student loan debt. With my payment arrangements, it is certainly manageable to make payments, but with our family growing soon, I have my eyes on finding financial freedom!
So my question is, should I still focus on paying down this kind of debt although there's the possibility of forgiveness 10 years down the line?
I purchased my first home two years ago when I was 24, and it is a two family home where I share one unit with family and my husband and I split 1300 for our unit. I feel like this is decent for north NJ.
We would really like to invest but wonder if with this kind of debt real estate investment can be in our future within the next few years? Ideally I would like to invest to pay off the student loans.
Credit score is in the 700s so the main thing keeping me from trying is that fear of my student loan debt.