If he has a loan at 3% and true inflation is 5%, the banks are paying him 2%. Other than fears of not being able to pay it off for job interruptions, why on earth would you pay it off?
28 years ago I got government grants and took out a student loan for $2500, cancelled my classes and started an auto repair shop in a two and a half car garage. I've been self employed ever since and I have real job security. I'm definately the last person I fire.
Start a small business. You'll hate me, hate me, hate me, thank me.
"Timid men prefer the calm of despotism to the tempestuous sea of liberty" TJ