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Student loans can sometimes feel like a roadblock standing between you and meeting other financial goals you might have, especially if you have a high student loan balance.
However, there are ways to potentially pay off your student loans more quickly — in 10 years or less, for example. This could help you save money on interest and free up cash in your budget.
Here’s how to pay off student loans in 10 years:
- Get on the standard repayment plan
- Work toward federal student loan forgiveness if you qualify
- Start making extra payments — no matter how small
- Refinance your student loans
1. Get on the standard repayment plan
Federal student loans are placed on the standard repayment plan by default. Under this plan, you’ll have 10 years of fixed monthly payments that won’t change over the life of the loan.
However, payments on the standard plan can sometimes be high. The average student loan payment for undergraduate loans on the standard repayment plan is $305, and this goes up to an average of $723 for graduate loans. The payments for more expensive professional programs — such as law or medical school — could be much higher.
If you’re struggling with the payments, another repayment plan might be better for you.
Here’s how student loan payments under the standard 10-year plan might look for different loan amounts with average student loan interest rates:
| Loan balance | APR* | Monthly payment | Total paid |
|---|---|---|---|
| $30,000 | 4.66% | $313 | $37,588 |
| $50,000 | 4.66% | $522 | $62,646 |
| $100,000 | 6.22% | $1,121 | $134,554 |
| $200,000 | 6.22% | $2,243 | $269,108 |
| *Note: The average interest rate for undergraduate students from 2006-2021 was 4.66% and 6.22% for graduate students. | |||
Learn More: Best Student Loan Refinance Companies
Do private student loans have a standard repayment plan?
There isn’t a “standard repayment plan” across private lenders. Repayment terms for private student loans generally range from five to 20 years, depending on the lender.
Here’s how paying off private student loans in 10 years might look depending on the loan balance. Note that these calculations assumed an APR of 9.97%, the average 10-year fixed rate for private student loans without a cosigner.
| Loan balance | Monthly payment | Total paid |
|---|---|---|
| $30,000 | $396 | $47,514 |
| $50,000 | $660 | $79,190 |
| $100,000 | $1,320 | $158,381 |
| $200,000 | $2,640 | $316,763 |
This could help you save money on interest charges over time as well as potentially pay off your loans faster since more of your payment will go toward your principal instead of interest.
You can use our calculator below to see how much you can save by refinancing your student loans.
Step 1. Enter your loan balance
Step 2. Enter current loan information
Step 3. Enter your new loan information to start calculating your savings
If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Checking rates won’t affect your credit score.
Check Out: How to Refinance Student Loans
2. Work toward federal student loan forgiveness if you qualify
If you have federal student loans, you might qualify for student loan forgiveness programs. These programs typically require that you work in certain professions or make payments on a specific plan. For example, doctors who attended medical school or lawyers who attended law school might be eligible for certain federal student oan forgiveness programs.
Some other common career tracks that might qualify for federal loan forgiveness include:
- Dentists
- Lawyers
- Nurses
- Pharmacists
- Physicians assistants
- Teachers
Here are a few of the most well-known federal student loan forgiveness programs available:
- Public Service Loan Forgiveness: If you work for a government or nonprofit agency, you might be eligible for Public Service Loan Forgiveness (PSLF). You’ll need to make 10 years on qualifying payments to apply.
- Income-driven repayment: If you sign up for one of the four income-driven repayment plans, your payments will be based on your monthly income. Depending on the plan, any remaining balance could be forgiven after 20 to 25 years of payments.
- Teacher Loan Forgiveness Program: Under this program, full-time teachers who teach for five consecutive years at a low-income school might qualify for partial loan forgiveness. If you meet all of the requirements, you could have $5,000 or $17,500 forgiven, depending on the subject you teach.
However, keep in mind that refinancing your federal student loans will cost you your federal benefits and protections, including access to income-driven repayment as well as deferment and forbearance options.
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.
See Your Refinancing Options
Credible is 100% free!
Learn More: Private Student Loan Consolidation
3. Start making extra payments — no matter how small
After deciding on your repayment plan, consider making extra payments to speed up the repayment process — such as making bi-weekly payments instead of just one monthly payment.
This could cut months or even years off your repayment term, depending on how much you can afford to pay each month.
Keep in mind that even paying just a little extra toward your loans will help. For example, if you can’t afford to pay another $100, maybe you could increase your payment by just $10 or $25. Remember that every little bit counts when you’re tackling debt.
Check Out:
4. Refinance your student loans
If you refinance your student loans, you’ll take out a new loan with new terms to pay off your old loans. Depending on your credit, you might get a lower interest rate through refinancing, which could help you save on interest charges and potentially pay off your loan faster.
With refinancing, you could also opt for a different repayment term. Keep in mind that while a longer term could get you a lower monthly payment, you’ll pay more in interest charges over time.
It’s usually a good idea to choose the shortest repayment term you can afford — especially since a shorter term might also get you a better interest rate.
You’ll typically need good to excellent credit as well as verifiable income to qualify for refinancing. Some lenders also offer refinancing for bad credit, but these loans generally come with higher interest rates compared to good credit loans.
If you decide to refinance, remember to consider as many lenders as you can to find the right loan for your needs. 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) | Loan terms (years) | Loan amounts |
|---|---|---|---|---|
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.
| 4.4%+ | 5.0%+ | 5, 7, 10, 15, 20 | $10,000 up to $250,000 (depending on degree) |
|
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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.
| 5.39%+1 | 6.49%+1 | 5, 7, 10, 15, 20 | $10,000 to $500,000 (depending on degree and loan type) |
|
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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.
| 5.99%+2 | 5.99%+2 | 5, 7, 10, 12, 15, 20 | $5,000 to $300,000 (depending on degree type) |
|
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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.
| 7.16%+5 | 7.71%+5 | 5, 10, 15, 20 | $1,000 to $250,000 |
|
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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.
| 5.08%+3 | 4.78%+3 | 5, 7, 10, 12, 15, 20 | $10,000 to $250,000 |
|
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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.
| 5.61%+4 | 7.6%+4 | 5, 10, 15, 20 | $5,000 to $250,000 |
|
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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.
| 6.94%+ 7 | N/A | 5, 7, 10, 12, 15, 20 | Up to $300,000 |
|
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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.
| 4.49%+ | 5.02%+ | 5, 7, 10, 15 | Up to $300,000 |
|
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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.
| 5.5%+ | N/A | 7, 10, 15 | $10,000 up to the total amount of qualified education debt |
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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.
| 5.79%+ | N/A | 5, 10, 15 | $7,500 up to $250,000 (depending on highest degree earned) |
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| Compare personalized rates from multiple lenders without affecting your credit score. 100% free! |
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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 |
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How to Pay Off Your Student Loans:
- Pay Off $30k in Student Loans
- Pay Off $50k in Student Loans
- Pay Off $100k+ in Student Loans
- Pay Off $200k+ in Student Loans
