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If you racked up $30,000 in student loan debt, you’re right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn’t too bad. However, your student loans can still be a significant burden.
Here’s how to pay off $30,000 in student loans:
- Make extra payments
- Refinance your debt
- Sign up for an income-driven repayment plan
- Pursue loan forgiveness
1. Make extra payments
If at all possible, try making extra payments toward your student loan debt. To get started, use this chart to estimate what your minimum payment would be.
| Loan balance | Monthly payment | Total repaid |
|---|---|---|
| $15,000 | $156 | $18,681 |
| $20,000 | $208 | $24,908 |
| $25,000 | $259 | $31,135 |
| $30,000 | $311 | $37,362 |
| $35,000 | $363 | $43,589 |
| Numbers are based on a 10-year repayment term and a 4.53% interest rate — the current interest rate for Direct Subsidized and Unsubsidized Loans. | ||
Making additional payments can help decrease the interest that accrues, so you’ll save money over time. If you’re short on cash, you don’t have to come up with huge sums to make a difference. Small amounts applied to your loan balance consistently can pay off over time.
Use the student loan repayment calculator to find out how making extra payments affects the total you’ll pay.
Estimate how long it’ll take to pay off your student loan debt using the calculator below. You can also use the slider to see how increasing your payments can change the payoff date.
Enter loan information
If you increase your payments by $ monthly on your $ loan at %, you will pay $ a month and pay off your loan by Jan 2021.
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Checking rates won’t affect your credit score.
Learn More: How to Pay off Student Loans in 5 Years
2. Refinance your debt
If you want to pay off your student loans as aggressively as possible, consider refinancing your debt. With this option, you take out a loan from a student loan refinance lender and use it pay off your existing debt.
If you have good credit, you could qualify for a lower interest rate. With a lower rate, more of your monthly payment goes toward the principal instead of the interest that accrues, so you may save money and pay off your debt sooner.
But let’s say you refinanced your loans and qualified for a 10-year loan at 5% interest. Your monthly payment would drop to $318, but you’d repay just $38,184 during your loan term. Taking the time to submit an application for student loan refinancing would allow you to save over $3,600.
Credible allows you to compare rates from all of the student loan refinancing lenders below by filling out a single form. Comparing rates is completely free and doesn’t affect your credit score.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Min. loan amount |
|---|---|---|---|
 | 4.54%+ | N/A | $7,500 |
 | 2.95%+ | 1.89%+ | $10,000 |
 | 2.97%+¹ | 1.99%+¹ | $10,000 (depending on degree type) |
 | 3.34%+2 | 3.24%+2 | $5,000 (depending on degree type) |
 | 2.79%+3 | 2.39%+3 | $15,000 |
 | 3.47%+4 | 2.47%+4 | $5,000 |
 | 3.05%+ | 3.05%+ | $10,000 |
 | 2.99%+ | 2.16%+ | $7,500 |
 | 3.19%+ | N/A | $7,500 (depending on degree type) |
 | 2.99%+5 | 2.85%+5 | $5,000 |
| Ready to see how much you can save? |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures |
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3. Sign up for an income-driven repayment plan
If your student loan balance exceeds your income, or if you simply can’t afford your monthly payments, consider applying for an income-driven repayment (IDR) plan. The Department of Education offers four different plans:
- Income-Based Repayment
- Income-Contingent Repayment
- Pay As You Earn
- Repay As You Earn
With these plans, the loan servicer extends your repayment term from 10 years to 20 or 25 years. The servicer will also set your monthly payment at a percentage of your discretionary income. Some people qualify for payments as low as $5. An IDR plan is a great way to reduce your monthly payments so you have more breathing room in your budget.
You can apply for an IDR plan online.
4. Pursue loan forgiveness
If you have $30,000 in student loans, you may have chosen a career as a teacher or in public service. If that’s the case, you may be eligible for loan forgiveness through one of two programs:
Public Service Loan Forgiveness
With Public Service Loan Forgiveness (PSLF), you can qualify for loan forgiveness if you work for a non-profit organization or government agency while making payments on your loans. If you work for a qualifying employer for 10 years and make 120 monthly payments, the government will forgive your remaining loan balance, tax-free.
Teacher Loan Forgiveness
If you teach full-time for at least five consecutive years, you can get up to $17,500 of your loans forgiven through Teacher Loan Forgiveness.
To be eligible you must:
- Have federal Direct Subsidized or Unsubsidized Loans
- Have been employed as a full-time teacher for five full and consecutive years
- Teach at an elementary school, secondary school, or educational service agency that works with low-income students
- Have taken out the loans before you finished the required years of teaching
To apply for Teacher Loan Forgiveness, fill out the Teacher Loan Forgiveness application and send it to your loan servicer.
Paying off your student loans
Now that you know how to pay off $30,000 in student loans, you can come up with an action plan that works for you.
If you decide to refinance your education debt to accelerate your repayment, check out the best student loan refinance companies.
See Your Refinancing Options
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