How to Pay off Student Loans in 10 Years or Less

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.

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.

Is the standard repayment plan a good choice? With the standard repayment plan, you’ll have predictable monthly payments for just 10 years, which could save you money on interest and help you pay off your loans faster.

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.

Tip: Many private student loan lenders don’t charge prepayment penalties. So, if you have a term longer than 10 years, you can likely make extra payments to pay off your loan early without any extra charges.

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

Tip: You might be able to get a lower interest rate on your private student loans through refinancing, depending on your credit.

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.

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.

For example: Doctors who have medical school debt could be eligible for certain federal student loan 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.

Tip: If you don’t qualify for a forgiveness program, you could also consider refinancing your federal student loans to potentially get a lower interest rate.

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.

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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.

For example: Say you owe $30,000 in student loans with a 10-year loan term, a 9.97% APR, and monthly payments of $396. If you paid an extra $100 per month ($496 in total), you’d save $5,657 in interest and pay your loan off almost three years sooner.

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.

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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.

Remember: While you can refinance federal student loans, you’ll lose access to your federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

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.

Tip: If you can’t get approved for refinancing on your own, you could also consider applying with a cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower rate than you’d get on your own.

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.

4.44.4

Credible rating

Fixed (APR)

4.75% -

Loan Amounts

$10,000 - $400,000

Min. Credit Score

720

Check Rates

on Credible’s website

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Overview

Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.

However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner — but there’s no way to release your cosigner later.

Interest rates

Fixed or variable

Minimum credit score

720

Minimum income

$60,000

Loan terms

5, 7, 10, 15, or 20 years

Loan amounts

$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees

Cosigner release

None

Eligibility

Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.

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4.74.7

Credible rating

Fixed (APR)

6.49% -

Loan Amounts

$10,000 - $750,000

Min. Credit Score

Does not disclose

Check Rates

on Credible’s website

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Overview

Citizens offers student loan refinancing to qualifying borrowers who refinance at least $10,000 in student loan debt.

Undergraduate borrowers can refinance up to $300,000 in student loans, while those who borrowed for graduate or professional degrees have higher limits of $500,000 or $750,000. Citizens offers fixed and variable rates and repayment terms between five and 20 years.

If you’re a medical resident, you can refinance your student loans and only pay $100 per month for up to four years while completing your residency or fellowship.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 7, 10, 15, or 20 years

Loan amounts

$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees

Cosigner release

36 months

Eligibility

Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.

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4.44.4

Credible rating

Fixed (APR)

5.48% -

Loan Amounts

$10,000 up to total refinance amount

Min. Credit Score

680

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on Credible’s website

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Overview

Borrowers who graduated with at least a bachelor’s degree may refinance their student loans with ELFI. Every applicant is assigned a student loan advisor to help guide them through the process.

Students who wish to take over their parents’ PLUS loan may do so by refinancing with ELFI — something not offered by every lender — but spouses can’t consolidate their loans into a single refinancing loan.

Unfortunately, ELFI doesn’t allow borrowers to release cosigners, nor does it offer any rate discounts. However, borrowers who experience financial hardship may be eligible for up to 12 months of forbearance.

Interest rates

Fixed and variable

Minimum credit score

680

Minimum income

$35,000

Loan terms

5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing

Loan amounts

Minimum of $10,000 with no set maximum.

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.

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3.83.8

Credible rating

Fixed (APR)

6.00% -

Loan Amounts

$7,500 - $200,000

Min. Credit Score

700

Check Rates

on Credible’s website

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Overview

EdvestinU is a loan program offered by Granite Edvance Corporation and offers affordable rates for refinance loans. Borrowers can refinance federal and private loans, and fixed and variable rate loans are available.

EdvestinU refinance loans are available to residents of about 20 states, and the lender has higher loan minimums and lower maximums than some competitors. Both of these factors limit who can (or might want to) refinance with this lender, but eligible borrowers do have various repayment term options.

Interest rates

Fixed or variable

Minimum credit score

700

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$7,500 to $200,000

Cosigner release

24 months

Eligibility

U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.

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3.93.9

Credible rating

Fixed (APR)

5.85% -

Loan Amounts

$5,000 - $250,000

Min. Credit Score

670

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on Credible’s website

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Overview

INvestEd is an Indiana-based nonprofit lender that provides refinanced student loans nationwide. As a nonprofit, INvestEd offers competitive rates as well as an autopay discount. Cosigner release is also available after 12 on-time payments, which is less than many competitors.

However, the maximum refinance limit of $250,000 is below what other lenders may allow. Borrowers must also comply with strict credit and income requirements to qualify, or must have an eligible cosigner. While credit requirements are clearly defined, there’s no way to prequalify with a soft credit check.

Interest rates

Fixed or variable

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

5, 10, 15, or 20 years

Loan amounts

$5,000 to $250,000

Cosigner release

12 months

Eligibility

U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.

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4.24.2

Credible rating

Fixed (APR)

6.94% -

Loan Amounts

Up to $300,000

Min. Credit Score

670

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Overview

Iowa Student Loan Liquidity Corporation (ISL) is a nonprofit organization that can refinance student debt for undergraduates and their parents, graduate students, and medical and dental professionals. No degree is required to refinance, and even students who are still in school may qualify — a rarity in the marketplace.

The maximum amount you can refinance depends on the type of debt, though limits are generally high. ISL is also one of the few private lenders to offer a graduated repayment plan, where payments start small but gradually increase with time.

Interest rates

Fixed

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

5, 7, 10, 15, or 20 years

Loan amounts

$5,000 minimum ($10,000 for California residents); maximum of $200,000 for in-school applicants, $300,000 for undergraduate and parent loans, and up to $400,000 for medical and dental professionals

Cosigner release

24 months

Eligibility

Must be a U.S. citizen or permanent resident (Maine residents are not eligible); cannot have defaulted on any private or federal student loan; and meet additional requirements depending on the type of refinance loan.

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Credible rating

Fixed (APR)

6.20% -

Loan Amounts

$10,000 up to the total amount

Min. Credit Score

670

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on Credible’s website

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Overview

Not-for-profit lender Massachusetts Educational Financing Authority (MEFA) offers refinancing loans to student borrowers — and unlike many other lenders, you don’t need to have earned your degree to qualify. Only fixed-rate loans are available, but the rates are competitive and may be lower than what other lenders can offer. MEFA also doesn’t charge any fees or penalties.

Refinance loans start at $10,000, and you must have made six consecutive on-time payments on the original loans over the most recent six months. If you can’t qualify based on your own credit history, you can add a cosigner.

Interest rates

Fixed

Minimum credit score

670

Minimum income

Does not disclose

Loan terms

7, 10, or 15 years

Loan amounts

$10,000 up to your total debt

Cosigner release

None

Eligibility

Must be a U.S. citizen or permanent resident who is the primary borrower on education debt used to attend an eligible college or university. Must have made six on-time loan payments over the most recent six months. Must have no history of default or delinquency on education debt for the past 12 months and no history of bankruptcy or foreclosure in the past five years.

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3.73.7

Credible rating

Fixed (APR)

6.34% -

Loan Amounts

$7,500 - $250,000

Min. Credit Score

680

Check Rates

on Credible’s website

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Overview

Founded in 1981, Rhode Island Student Loan Authority (RISLA) is a nonprofit lender that offers refinance loans to borrowers in all 50 states. Though most private lenders require borrowers to have graduated to qualify for refinancing, RISLA also serves borrowers who didn’t complete their degree.

RISLA offers income-based repayment to borrowers in financial distress. Additionally, borrowers may also access up to 24 months of forbearance in the event of financial hardship. Borrowers who return to graduate school may defer repayment on their refinancing loans for up to 36 months.

Interest rates

Fixed

Minimum credit score

680

Minimum income

$40,000

Loan terms

5, 10, or 15 years

Loan amounts

$7,500 minimum up to of $250,000, depending on degree

Cosigner release

None

Eligibility

Borrower or cosigner must meet credit requirements. Student must be a U.S. citizen or permanent resident and have used original student loans to attend an eligible degree-granting institution.

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How to Pay Off Your Student Loans:

Meet the expert:

Taylor Medine

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Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.