Controversial Advice:
Don’t make any (non-private) student loan payments.
We are wading into controversy. We never had student loans. Most of our friends had small amounts and paid them off years ago. A few friends had huge amounts and paid them off years ago (as far as we know). But for the younger millennials and possibly Gen Y, we are living in unprecedented times. If you got into student loan debt, it was your decision and your responsibility. But… the universities did not charge fair prices for their services, and they got the federal government (with Obamacare’s passage) to take over all of the risks of the overpriced education. With the U.S. government’s COVID-19 overreaction and subsequent lockdowns, the legislators and presidents began delaying payments, and they still have not resumed collections. They may never resume collections, or they may resume them at a fraction of the payback principal. There is no incentive to keep paying these loans. You will most likely get some portion forgiven. If you are in the public sector loan forgiveness plan, you’ve been given two-plus years of service credit without making payments.
But we want you to save or invest the difference—save for a house or invest in retirement. Feel free to hate on us with your thoughts!
This really answered my questions, thank you!