Finally Paid off My Student Loans!

[Anonymous]

Congratulations on paying off the loans but as someone making far less that paid do much interest on my loans it is really frustrating to hear that interest was waived for high earners for years….

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

All interest was frozen during COVID.

2025 was not "covid"

Covid ended 4 years ago.

Why on earth was a rich person getting covid relief through 2025?

Sorry, but that is insane.

Can’t speak to this person’s experience. The pause on my interest ended in 2023 I think so I paid all of my law school debt off at that time.

[Anonymous]

I am OP . I did not anticipate that some individuals would object to the interest freeze. Firstly, my loans were exclusively federal government loans. I repaid the majority of my loans during the COVID pandemic, and subsequently, the Biden SAVE program proved to be a valuable resource. While the SAVE program was navigating the court system, the decision was made to freeze all interest. I took advantage of this opportunity also. It is essential to note that I am not an individual who neglected to repay my loans. I settled my debts with some interest.

Now you guys acting like I am some billionaire freeloader! I am poor compared to most of you guys here. I have answered all the questions genuinely. I guess this is the glory of the internet. You get crazy trolls…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

All interest was frozen during COVID.

2025 was not "covid"

Covid ended 4 years ago.

Why on earth was a rich person getting covid relief through 2025?

Sorry, but that is insane.

Can’t speak to this person’s experience. The pause on my interest ended in 2023 I think so I paid all of my law school debt off at that time.

It wasn't covid relief. They could have been enrolled in one of the income driven repayment plans that were held up in court. Not the borrowers' fault whatsoever...the no-interest forbearance (different from the COVID forbearance) during this timeframe was the least we could do to make sure these borrowers weren't harmed considering they weren't even allowed to enroll in repayment plans the laws entitled them to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

All interest was frozen during COVID.

2025 was not "covid"

Covid ended 4 years ago.

Why on earth was a rich person getting covid relief through 2025?

Sorry, but that is insane.

Can’t speak to this person’s experience. The pause on my interest ended in 2023 I think so I paid all of my law school debt off at that time.

It wasn't covid relief. They could have been enrolled in one of the income driven repayment plans that were held up in court. Not the borrowers' fault whatsoever...the no-interest forbearance (different from the COVID forbearance) during this timeframe was the least we could do to make sure these borrowers weren't harmed considering they weren't even allowed to enroll in repayment plans the laws entitled them to.

OP here. Thank you. Finally, somebody who has been aware of all the recent Trump/Biden student loan drama...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

All interest was frozen during COVID.

2025 was not "covid"

Covid ended 4 years ago.

Why on earth was a rich person getting covid relief through 2025?

Sorry, but that is insane.

Can’t speak to this person’s experience. The pause on my interest ended in 2023 I think so I paid all of my law school debt off at that time.

It wasn't covid relief. They could have been enrolled in one of the income driven repayment plans that were held up in court. Not the borrowers' fault whatsoever...the no-interest forbearance (different from the COVID forbearance) during this timeframe was the least we could do to make sure these borrowers weren't harmed considering they weren't even allowed to enroll in repayment plans the laws entitled them to.

OP here. Thank you. Finally, somebody who has been aware of all the recent Trump/Biden student loan drama...

No problem! And, congrats on getting that student loan paid off!

For your original question: you should look into a 529 plan and maybe explore a coverdell savings account. i think the recent tax law was changed to allow 529 plans (normally for postsecondary expenses) to be used for secondary expenses, including private K-12 school tuition and fees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

All interest was frozen during COVID.

2025 was not "covid"

Covid ended 4 years ago.

Why on earth was a rich person getting covid relief through 2025?

Sorry, but that is insane.

Can’t speak to this person’s experience. The pause on my interest ended in 2023 I think so I paid all of my law school debt off at that time.

It wasn't covid relief. They could have been enrolled in one of the income driven repayment plans that were held up in court. Not the borrowers' fault whatsoever...the no-interest forbearance (different from the COVID forbearance) during this timeframe was the least we could do to make sure these borrowers weren't harmed considering they weren't even allowed to enroll in repayment plans the laws entitled them to.

OP here. Thank you. Finally, somebody who has been aware of all the recent Trump/Biden student loan drama...

No problem! And, congrats on getting that student loan paid off!

For your original question: you should look into a 529 plan and maybe explore a coverdell savings account. i think the recent tax law was changed to allow 529 plans (normally for postsecondary expenses) to be used for secondary expenses, including private K-12 school tuition and fees.

Thank you. I will look into it.I have Maryland 529 set-up. I am going to increase the contributions

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account.

If I were in that situation my primary focus would be getting the mortgage paid off. I’d max out a Roth and then everything else extra goes to the mortgage. 529 is good but secondary IMO, your retirement is more important than their ability to pay for college. There’s always community college. You can’t retire or feel financially “free” until that mortgage is gone.

Good god. OP's mortgage payment is very manageable. As long as his interest rate isn't insane, there's no reason to accelerate payment, when those funds could be directed to more profitable investments.

Also, the notion that OP (or anyone) can't retire until a mortgage is paid off is absurd.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account.

If I were in that situation my primary focus would be getting the mortgage paid off. I’d max out a Roth and then everything else extra goes to the mortgage. 529 is good but secondary IMO, your retirement is more important than their ability to pay for college. There’s always community college. You can’t retire or feel financially “free” until that mortgage is gone.

Good god. OP's mortgage payment is very manageable. As long as his interest rate isn't insane, there's no reason to accelerate payment, when those funds could be directed to more profitable investments.

Also, the notion that OP (or anyone) can't retire until a mortgage is paid off is absurd.

OP here, My interest is 2.75 %. I was thinking also no need to pay it off aggressively

[Anonymous]

Congrats to you!

[Anonymous]

I remember thinking, I finally own my own education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am OP. I am a homeowner in Maryland, with a monthly mortgage payment of $2,900. The current value of my townhouse is $550,000, and I have an outstanding mortgage balance of $300,000, having originally purchased the property for $420,000. My liquid assets amount to $50,000. Additionally, I incur an annual expense of $35,000 for my son's private school education

Do you have any savings? Retirement? What is your household take home pay? How much do you spend each month? How much were your student loans?

I currently have a 401K valued at $350,000. Over the past seven years, I have been diligently paying $3,000 per month towards my student loans. The interest loan freeze has been a significant advantage. Initially, my student loans totaled $300,000. Presently, I possess $50,000 in cash savings only. My monthly take-home pay fluctuates between $16,000 and $20,000, contingent upon the office's monthly performance

I’d take that 3k and put 2k towards the house and 1k split between savings or retirement or college fund.

I was thinking along that line. I do have Maryland 529 plan for my two kids. I will Definately increase the contribution. I also forgot to mention I have about only 40,000 on a HSA account.

If I were in that situation my primary focus would be getting the mortgage paid off. I’d max out a Roth and then everything else extra goes to the mortgage. 529 is good but secondary IMO, your retirement is more important than their ability to pay for college. There’s always community college. You can’t retire or feel financially “free” until that mortgage is gone.

Good god. OP's mortgage payment is very manageable. As long as his interest rate isn't insane, there's no reason to accelerate payment, when those funds could be directed to more profitable investments.

Also, the notion that OP (or anyone) can't retire until a mortgage is paid off is absurd.

OP here, My interest is 2.75 %. I was thinking also no need to pay it off aggressively

Its free money you should only pay the minimum and keep it around as long as possible like a trusted pet cat.

[Anonymous]

Congratulations!

[Anonymous]

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

Maybe it's where they were working?

I personally don't care, as long as they paid off the loans it shows dedication.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Congrats on paying off your osns.

But why was someone earning a household income of $400,000 alowed to not pay interest in their student loans?

Interest payments were put on hold during Covid. OP was smart to pay off the loan before interest payments started up again.

Someone that rich should never have been given that benefit.

Ridiculous.

Why do you care? The govt was NOT paying the interest for them. It was just put on hold. They likely paid a ton of interest already on the loans.