How to Pay Off $100,000+ in Student Loans

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Paying off $100,000 in student loan debt (or more) could be a major struggle. Under the standard 10-year repayment plan, your minimum monthly payment might be quite daunting. Assuming a 7% interest rate, you’re looking at payments of over $1,000 per month.

But don’t worry — there are several potential ways to make your student loans more manageable.

Here’s how to pay off 100k in student loans:

1. Refinance your student loans
2. Add a creditworthy cosigner
3. Pay off the loan with the highest interest rate first
4. See if you’re eligible for an income-driven repayment plan
5. If you’re eligible, map out steps to student loan forgiveness

1. Refinance your student loans

Best for:

• Borrowers with high interest rates
• Borrowers with high monthly payments
• Borrowers who want to combine multiple loans

Student loan refinancing is a great method for saving money on your student loans. If you have $100,000 in student loans — or more — you probably have a mix of federal loans and private loans. With refinancing, you can combine all of your loans into one new loan with a single payment.

You might qualify for a lower interest rate on your new student loan, which could save you money over the life of your loan. Or if you choose to extend your repayment term, you could reduce your payment — lessening the strain on your monthly budget.

Use our student loan refinancing calculator below to see how much you can save by refinancing your student loans:

Learn More:

• Standard Repayment Plan
• Should I Use a Personal Loan to Pay off My Student Loan Debt?

2. Add a creditworthy cosigner

Best for:

• Borrowers with fair or average credit
• Borrowers who can qualify for a lower interest rate with a cosigner

The more you demonstrate to lenders that you’re not a risky borrower, the more comfortable they’ll likely feel about lending to you. Sometimes adding a cosigner can lower your interest rate if you choose to refinance your student loans, though they also take on responsibility for repayment if you don’t pay as agreed.

A cosigner doesn’t need to be a parent or relative either. To benefit your financial situation, a cosigner just needs to be creditworthy and willing to take you on as a cosigner.

If you decide to refinance — whether with or without a cosigner — be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Min. credit score
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.54%+	N/A	Does not disclose
Fixed APR: 4.54%+ Variable APR: N/A Min. credit score: Does not disclose Loan amount: $7,500 up to $500,000 Loan terms (years): 10, 15, 20 Max. undergraduate loan balance: $250,000 - $500,000 Time to fund: 4 months Repayment options: Immediate repayment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a resident of Kentucky Customer service: Phone Soft credit check: No Cosigner release: After 36 months Loan servicer: Kentucky Higher Education Student Loan Corporation Max. graduate loan balance: $250,000 - $500,000 Credible Review: Advantage Education Loan review Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.85%+	1.88%+	690
Fixed APR: 2.85%+ Variable APR: N/A Min. credit score: Does not disclose Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.39%+<sup1	2.24%+1	Does not disclose
Fixed APR: 2.39%+<sup1 Variable APR: 2.24%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.99%+2	2.94%+2	Does not disclose
Fixed APR: 2.99%+2 Variable APR: 2.94%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.16%+	2.11%+	680
Fixed rate: 2.39%+<sup1 Variable rate: 2.24%+1 Min. credit score: 680 Loan amount: $5,000 to $500,000 Cosigner release: Yes Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Available in all states, except MS and NV Customer service: Email, phone, chat Soft credit check: Yes Loan servicer: FirstMark Max. undergraduate loan balance: $500,000 Max. graduate loan balance: $500,000 Offers Parent PLUS refinancing: Yes Min. income: $65,000 (for 15- and 20-year products)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.58%+3	2.39%+	680
Fixed APR: 2.58%+3 Variable APR: 2.39%+ Min. credit score: 680 Loan amount: No maximum Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: No maximum Max. Graduate Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.47%+4	2.46%+	670
Fixed APR: 3.47%+4 Variable APR: 2.46%+ Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.74%+5	N/A	670
Fixed APR: 2.80%+ Variable APR: N/A Min. credit score: 670 Loan amount: Up to $300,000 Loan terms (years): 5, 7, 10, 15, 20 Time to fund: Usually one business day Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Max. undergraduate loan balance: $300,000 Max. graduate balance: $300,000 Offers Parent PLUS loans: Yes Min. income: None
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.05%+	3.05%+	670
Fixed APR: 3.05%+ Variable APR: 3.05%+ Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.89%+	2.13%+	670
Fixed APR: 2.89%+ Variable APR: 2.13%+ Min. credit score: 670 Loan amount: $7,500 to $300,000 Loan terms (years): 5, 8, 12, 15 Repayment options: Does not disclose Fees: None Discounts: None Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: PenFed Max. Undergraduate Loan Balance: $300,000 Max. Graduate Loan Balance: $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.29%+	N/A	680
Fixed APR: 3.29%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.74%+6	2.25%6	Does not disclose
Fixed APR: 2.74%+6 Variable APR: 2.25%6 Min. credit score: Does not disclose Loan amount: $5,000 up to the full balance Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Academic deferment, military deferment Fees: None Discounts: Autopay, loyalty Eligibility: Available in all 50 states Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: No Max undergraduate loan balance: No maximum Max graduate loan balance: No maximum Offers Parent PLUS refinancing: Yes
Ready to see how much you can save? Get Rates
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5ISL Education Lending Disclosures | 6SoFi Disclosures

Find Out:

• How to Pay off Student Loans in 5 Years
• Commonbond vs. SoFi

3. Pay off the loan with the highest interest rate first

Best for:

• Borrowers who can afford to make additional payments
• Borrowers who want to get out of debt quickly

You’ll save the most money in interest over the life of your loans if you focus on paying the loan with the highest interest rate first. You should continue to make minimum payments on all your loans, but make bigger payments toward the highest-interest loan.

Then, when that loan is paid off, you can put that money toward the next-highest-interest-rate loan — and so on until all your loans are paid off. This is commonly known as the debt avalanche, a twist on the popular debt snowball method to pay off debt.

If you’re wondering how long it’ll take to pay off your student loans, enter your current loan information into the calculator below to find out. Use the slider to see how increasing your payments can change the payoff date.

Check Out: Graduated Repayment Plan

4. See if you’re eligible for an income-driven repayment plan

Best for:

• Borrowers with high federal student loan payments
• Borrowers with relatively low incomes compared to their minimum federal loan payments

Income-driven repayment (IDR) plans are another option that many federal borrowers can take advantage of.

In general, an IDR plan could be a good choice if you’re struggling to make your student loan payments.

There are four IDR plans to choose from:

• Income-Based Repayment (IBR)
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)
• Income-Contingent Repayment (ICR)

Learn More: PAYE vs. REPAYE

5. If you’re eligible, map out steps to student loan forgiveness

Best for:

• Borrowers who work for an eligible government or nonprofit organization
• Borrowers with high payments for federal student loans relative to income

There are several student loan forgiveness programs available for federal student loans. Many of these programs are geared toward borrowers who work in certain professions — such as teachers, doctors, and lawyers.

If you work full time for the government or in any public service job, for example, you might be eligible for Public Service Loan Forgiveness (PSLF). To apply for PSLF, you’ll have to make 120 qualifying payments over 10 years, after you could have your remaining loan balance forgiven.

If you decide to refinance your student loans, remember to shop around and compare as many lenders as you can. This way, you can find a loan that fits your needs.

This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.

Keep Reading: Extended Graduated Repayment Plan

About the author

Eric Rosenberg

Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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