How to Pay Off $50,000 in Student Loans

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Paying off $50,000 in student loans can feel like a heavy burden. However, there are alternatives to the standard repayment plan that might help you pay off your debt more easily.

Here are six ways to make paying off $50,000 in student loans more manageable:

1. Refinance your student loans
2. Find a cosigner to refinance your $50,000 loan
3. Explore your forgiveness options
4. Enroll in autopay
5. Explore income-driven repayment plans
6. Use the debt avalanche method

1. Refinance your student loans

Best for:

• Borrowers with high interest rates
• Borrowers with multiple loans they’d like to combine
• Borrowers with good to excellent credit

If you refinance your student loans, your old loans are paid off with a new one. Refinancing might get you a lower interest rate, which could reduce the overall cost of your loan.

Or you could choose to extend your repayment term to lower your monthly payment — though this means you’ll likely pay more in interest over time.

If you decide to refinance, it’s a good idea to consider how much the new loan will cost you over time — and how much you might save. Use our calculator below to see how much you can save by refinancing your student loans.

Learn More: Private Student Loan Consolidation

How much will you save if you refinance $50k?

With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more.

Your potential savings from refinancing will vary based on your loan terms. For example, say you have a $50,000 loan balance with a 6.22% interest rate — the average student loan interest rate for graduate students. On the standard 10-year repayment plan, you’d pay $561 per month and $17,277 in interest over time.

But if you refinanced to a new loan at 5% interest with the same 10-year repayment term, you’d pay $530 per month and $13,639 in interest — meaning you’d save $3,638 over the life of your loan.

Check Out: Graduated Repayment Plan

2. Find a cosigner to refinance your $50,000 loan

Best for:

• Borrowers with high interest rates
• Borrowers struggling with monthly payments

Generally, a credit score of 700 or higher is considered good. If you have a lower credit score, you might not qualify for refinancing on your own. And if you do manage to get approved, you likely won’t get the best interest rates.

However, you might be able to qualify for refinancing if you add a cosigner to your application.

Having a cosigner reduces the lender’s risk, so they’re more likely to give you a loan. Plus, Credible makes it easy to add a cosigner to your loan application — you can even compare multiple cosigners to see which one gets you the best loan terms and a lower interest rate.

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	4.85%+	5.3%+	720
Fixed APR: 4.85%+ Variable APR: 5.3%+ Min. credit score: 720 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: 720 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	6.8%+1	7.06%+1	Does not disclose
Fixed APR: 6.8%+1 Variable APR: 7.06%+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	6.99%+2	6.99%+2	Does not disclose
Fixed APR: 6.99%+2 Variable APR: 6.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 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	6.0%+5	8.03%+5	700
Fixed APR: 6.0%+5 Variable APR: 8.03%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R) Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 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	5.08%+3	5.28%+3	680
Fixed APR: 5.08%+3 Variable APR: 5.28%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 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: $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	5.9%+4	8.12%+4	670
Fixed APR: 5.9%+4 Variable APR: 8.12%+4 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, returned payment 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	6.94%+ 7	N/A	670
Fixed APR: 6.94%+ 7 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	4.49%+	5.02%+	700
Fixed APR: 4.49%+ Variable APR: 5.02%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
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	5.75%+	N/A	670
Fixed APR: 5.75%+ Variable APR: N/A 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	5.79%+	N/A	680
Fixed APR: 5.79%+ 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
Ready to see how much you can save? Get Rates
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures  | 8Nelnet Bank Disclosures

Find Out: How to Pay off Student Loans in 5 Years

3. Explore your forgiveness options

Best for:

• Borrowers who have federal student loans
• Employees of government or nonprofit organizations

There are several student loan forgiveness programs available to borrowers with federal student loans. Many of these programs are geared toward certain professions — such as teachers, nurses, and lawyers.

If you decide to refinance your student loans, 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 multiple lenders in two minutes.

4. Enroll in autopay

Best for:

• Borrowers with federal or private student loans
• Borrowers who want to save money on interest charges

Many federal student loan servicers and private lenders offer a rate discount to borrowers who sign up for automatic payments. Enrolling in autopay will typically knock 0.25% off of your rate — though there are also some lenders that offer a higher discount than this.

While this might seem like a small amount of savings, it can add up over time and help decrease your overall loan cost.

5. Explore income-driven repayment plans

Best for:

• Borrowers with federal student loans
• Borrowers struggling to keep up with monthly payments

If you can’t keep up with your federal student loan payments, switching from the standard repayment plan to an IDR plan could be a good choice.

Under an IDR plan, your payments will be based on your income — generally 10% to 20% of your discretionary income, depending on the plan. Your repayment term will also be extended.

There are four IDR plans to choose from:

1. Income-Based Repayment (IBR): To qualify for IBR, you must demonstrate a partial financial hardship. Your payments will be capped at 10% to 15% of your income, depending on when you took out your loans. Loans taken out before July 1, 2014, could be forgiven after 20 years of on-time payments, while older loans could be forgiven after 25 years of on-time payments.
2. Pay As You Earn (PAYE): Like IBR, you must demonstrate financial hardship to qualify for PAYE. Payments are capped at 10% of discretionary income, with potential forgiveness after 20 years of on-time payments.
3. Revised Pay As You Earn (REPAYE): REPAYE is available to almost any federal student loan borrower. Payments are generally 10% of your discretionary income, though there’s no cap. Your loan balance could be forgiven after 20 to 25 years, depending on whether you took out your loans for undergraduate or graduate school.
4. Income-Contingent Repayment (ICR): Any federal student loan borrower can sign up for ICR. Your payments will be limited to either 20% of your discretionary income or what you’d pay on an income-adjusted, 12-year repayment plan. Any remaining balance will be forgiven after 25 years. Additionally, ICR is the only plan that Parent PLUS Loan borrowers can sign up for — though you’ll need to consolidate your PLUS Loans first.

Learn More: PAYE vs. REPAYE

6. Use the debt avalanche method

Best for:

• Borrowers who want to pay off their loans faster

Since you have $50,000 in student loan debt, you likely have several different student loans — probably with different interest rates and monthly payments, too. To pay off your student loans and save money, using the debt avalanche method might be a good option.

Here’s how it works:

Because you’re paying off the highest interest debt first, the debt avalanche method could help you save money over the length of the repayment term.

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.

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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