I graduated with 80k in debt on a salary of 39k per year in 1997. All
the debt is paid off as of three months ago.

Loans ranged from private loans for education (9-11% interest rates)
to stafford loans at 5-8%. Paid off the high interest rate loans
first, then the stafford. an extra $25/month when I graduated knocked
my payments down considerably after only 12-18 months. Kept increasing
payments as best I could and first loan was paid off within 4 years of
graduation (loan was around 10k at 11%). I had 3 loans like this and
paid them down one at a time.

There was a tax writeoff for first 5 years I was paying interest after
graduation. I would rather spend the $1000/month on myself than pay
the bank $1000/month and get $100 back on taxes (maybe I got more back
than $100, but in year 6, my tax return was not that much different
than in year 5). Year 5 I had the interest deduction, year 6 I did
not.

The following was cross-posted. Since we had the time and the issue
was on-topic for this group, below is the post with corrected headers.

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Subject: Best strategy for dealing with student debt
From: reccoso[at]gmail.com

What are the best ways people have either heard of or actually used to
deal with student debt in excess of $100,000.

Assuming the student will be making at least $80,000 at graduation,
what's the best way to deal with it? I'm just interested in any
ideas, stories, opinions, etc.

Is it best to pay it all off asap, or are there certain advantages
(tax benefits) of having the debt (i know that sounds silly).

Also, helpful would be any Canada-specific strategies and those for
people who will have this kind of debt and be starting up their own
private business/clinic about 5 years after graduation.

Thanks a lot.

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-HW "Skip" Weldon
Columbia, SC