<prompt> Human: My wife and I have a lot of student loans and are contemplating paying it all off at a rapid rate, but want to make sure we are making the best financial decision. We both have a lot of student loans and here is the breakdown:My total 150,394.09 ---62,670.79 7.65 includes 3 GradPlus loans41,100.88 6.55 includes 2 Direct sub and 2 Direct unsub Stafford loans21,718.78 6.55 includes 1 sub 1 unsub FFEL loans13,590.13 8.25 1 GradPlus loan11,313.51 4.25 1 Special Direct Consolidation loanMy wifes total 67,127.07---10,995.29 2.65 includes 5 sub Stafford loans26,968.37 6.8 includes 2 unsub 2 sub Stafford loans19,459.89 6.3 includes 2 unsub 2 sub Stafford loans9,673.52 variable, currently at 4.75 Signature loan private---My wife and I have pretty much been on IBR since graduation from grad school my wife graduated in 2008, and I graduated in 2012. Weve been watching our spending over the years and were fortunate enough to save up a lot of money over the years given our lower IBR payment. Weve paid for our wedding, vacation each year, purchased a nice home, made home renovations, etc., and still have 100,000 cash in our savings, with no other debt other than student loans and mortgage. Our monthly IBR payment for both our federal loans is currently 2,114.00 1,516.82 for my loans, and 592.68 for my wife, and we pay another 126.49month for my wifes 1 private student loan.We net approximately 10,500month after taxes my salary is 100k and my wifes is 115k, and we file married filing jointly. My initial plan was to stay on IBR and make the minimum IBR payments for 25 years, but given the significant money we have managed to save and continue to save each month, I started thinking I might be better off aggressively paying off my loans, targeting the highest interest rates, especially since my 100k is just sitting in a savings account. We are saving approximately 20kyear. But I have a few questions before I pull the trigger. If I decide to go the pay-off-student-loan route, whats the best strategy? Ideally, Id like to save another 50k to total 150k in savings, and then throw 100k at our loans leaving a 50k safety net, targeting the loans with the highest interest. That will pay off approximately half our student loan debt, leaving approximately 117k in debt left. But what happens to our IBR payment once I pay 100k? I know the IBR payment will never be higher than the total 10-year payment for me and my wifes loans which I THINK is 2,537.32 total, but am not sure. If my new IBR payment for our reduced 112k student loan debt will be LESS than my current one for our 217k debt 2,114.00, then Ill be able to save even more money each month which I can use to target the remaining 112k debt even faster. Can anyone estimate what my new payment will be after Ive paid 100k at our current 217 debt? Is this a wise idea or am I better off staying on IBR paying 2kmonth for 25 years and hope for forgiveness? Id prefer to be debt free and keep our 10.5kmonth income to ourselves rather than pay Great LakesNavient. Any help would be greatly appreciated Reddit community. Assistant: So youve been sitting on a shit ton of money probably getting at most 1 interest instead of paying off your debt and paying at least 2.63 as your lowest interest. I just ugh. Pay off starting with the highest interest rates first. Go ahead and pay 50k to you loans, dont wait to build up another 50k, thats just wasting money.Human: I was worried someone would shame me and my lack-of-finance background. The one probably stupid rationale for my logic is that I get huge incentives from Bank of America if I have deposit accounts in excess of 100k. For instance, I get 1.75 cash back on standard credit card purchases. I figured if I can wait until I save 150k, then Ill get a 1.75 reward for my 100k student loan payment, which is 1,750 for doing what I already had to do GreatLakes allows credit card payments. Is this not worth it?  <response>: I get 1.75 cash back on standard credit card purchasesOr you can just get the double cash card and get 2 back, no savings account required. GreatLakes allows credit card paymentsWith no fee?No, its not worth it especially since there are better cards where youll get 2k back instead. 