Go for the Forgiveness?

Is student loan forgiveness worth what Deena is talking about doing?

QUESTION: Deena in Michigan has paid off $100,000 of her student loan and says she qualifies for student loan forgiveness. She has $46,000 in school debt left and wants to know if she should change jobs in order to get the loan forgiveness (which would total $8,800) or keep working at the debt snowball.

Dave's ANSWER: Continue to pelt the debt and be done with it. For $8,800 to come your way, you are manipulating an entire 10-year period of your life, and it's not worth it. You guys have gone through your debt like a hot knife through butter.

I wouldn't change jobs for $8,000 over the scope of my life. You are being pulled and pushed into things that are unnatural for you. They are not the normal flow of your life just for this forgiveness. Instead, I would just plow right through it.

When that happens, you'll be so free and not handcuffed to anything. If it were $400,000, I guess we'd have to talk about it. If it were 20 years, you'd have to think about how to do that. But you're killing it and moving the needle. Good job.

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