11 Strategies for Paying Off Your Student Loans Faster

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The most effective way to pay off student loans fast is to pay more than the minimum payment in any way you can. The more you pay down the principal balance, the less you’ll pay in interest overall.

Here are 11 creative payoff strategies to help you pay down your student loans faster:

1. Pay more than the minimum payment
2. Avoid certain repayment plans
3. Use your job to your advantage
4. Consider refinancing your student loans
5. Take advantage of tax deductions and credits
6. Enroll in autopay
7. Use found money
8. Cut from your budget
9. Make extra payments whenever you can
10. Make bi-weekly payments
11. Take advantage of your grace period

1. Pay more than the minimum payment

Effectiveness: High

The simplest and best way to pay off your student loans is to just pay more. But sometimes that’s easier said than done.

You don’t necessarily have to pay double or triple; maybe you can just afford to pay $20 or $50 more every month. Whatever is possible — do it! Any amount that you can pay over the minimum will help you erase your student loan debt sooner. Just make sure your loan servicer is applying your extra payments to your loan principal. And over time, as your situation allows, increase the extra amount you’re paying.

Use a student loan payoff calculator to see how increasing your monthly payments can impact the total cost of your loan (and how much interest you’ll save!).

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.

Find Out: Which Student Loans to Pay Off First

2. Avoid certain repayment plans

Effectiveness: Depends

Government repayment programs such as income-based repayment can be a saving grace for those struggling to repay their loans, as they can help you avoid default on federal loans. But if you’re trying to pay off your loans faster and have the budget to do so, repayment programs can actually work against you.

Most repayment programs lower your monthly payments by lengthening your loan term. So not only will it take you longer to get out from under your debt, you may end up paying more interest overall, particularly if you don’t qualify for loan forgiveness. So, if you’re truly trying to pay off your student loans faster, avoid repayment programs that extend your payment terms.

Find Out: Can You Pay Your Student Loans With a Credit Card?

3. Use your job to your advantage

Effectiveness: Medium to high

Your day job might help you pay off your loans in a few ways, too. A number of jobs offer student loan forgiveness in exchange for working in a service capacity. Some public servants, doctors, lawyers, nurses, volunteer organization workers, federal agency employees, and automotive workers may be eligible for student loan assistance or forgiveness, so check whether your career goals align with the criteria for each forgiveness program.

Some employers have started to offer student loan assistance as part of their benefits package, so it could be worth taking this into account as you look for your next job or asking your current employer if they offer (or would consider offering) this perk. Even if it’s not explicitly stated, it could be worth negotiating something into your compensation package if you expect student loans to be a significant burden on your finances.

Learn More: Should You Pay Off Student Loans or Invest?

4. Consider refinancing your student loans

Effectiveness: High

Student loan refinancing is an increasingly popular option for borrowers with good or excellent credit and relatively high interest rates.

When you refinance, you essentially consolidate your student loans into one by taking out a new loan with a private lender and use it to pay off your original loan. This allows many borrowers to secure lower interest rates because they’re more financially stable than when they took out the loan in the first place.

Keep in mind that if you refinance your federal loans, you’ll no longer have access to federal programs like income-driven repayment or student loan forgiveness.

Here are some lenders that will allow you to refinance your loans over the course of just five years (which will help you pay them off faster and save money in interest):

Lender	Rates from (APR)	Min. term (years)
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	Variable: 5.33%+ Fixed: 4.9%+	5	Get Rates
Fixed APR: 4.9%+ Variable APR: 5.33%+ 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	Variable: 7.29%+1 Fixed: 7.0%+1	5	Get Rates
Fixed APR: 7.0%+1 Variable APR: 7.29%+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	Variable: 6.99%+2 Fixed: 6.99%+2	5	Get Rates
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	Variable: 8.05%+5 Fixed: 6.0%+5	5	Get Rates
Fixed APR: 6.0%+5 Variable APR: 8.05%+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 24 months Loan servicer: Firstmark Services 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	Variable: 5.28%+3 Fixed: 5.48%+3	5	Get Rates
Fixed APR: 5.48%+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	Variable: 8.4%+4 Fixed: 5.9%+4	5	Get Rates
Fixed APR: 5.9%+4 Variable APR: 8.4%+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	Variable: N/A Fixed: 6.94%+ 7	5	Get Rates
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	Variable: 5.52%+ Fixed: 5.24%+	5	Get Rates
Fixed APR: 5.24%+ Variable APR: 5.52%+ 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	Variable: N/A Fixed: 5.79%+	5	Get Rates
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
Compare rates without affecting your credit score. 100% free! Compare Now
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

Check Out: Best Student Loan Consolidation and Refinancing Companies

5. Take advantage of tax deductions and credits

Effectiveness: Medium

Two types of school-related tax deductions can help reduce the tax burden for students and recent graduates.

Student loan interest tax deduction

The student loan interest tax deduction allows you to reduce your taxable income by up to $2,500 for interest paid on student loans in the year for which you’re filing. In order to qualify for this deduction, you must:

• Have paid interest on a loan in your name
• Have been enrolled at least half-time in a degree program when you took out the loan
• Be filing as a single taxpayer or as “married filing jointly”
• Have a modified adjusted gross income (MAGI) of less than $80,000 as a single taxpayer or $160,000 if you’re filing jointly
• Not have anybody else claiming you as a dependent on their tax return

Tuition and fees tax deduction

The second type of deduction is for up to $4,000 per year for tuition and fees. Unlike the student loan interest tax deduction, you can only claim this deduction for tax years in which you paid for educational expenses. This will generally only be an option while you’re in school, or if you go back to school while repaying your student loans.

To be eligible for this deduction you must have paid qualified education expenses of higher education (including tuition and fees, but not room, board, transportation, etc.) for yourself or an eligible student (your spouse or your dependent for whom you claim an exemption on your tax return).

If you’re still in school or have gone back to graduate school, you might also be eligible for tax credits, which directly reduce the amount of tax you owe.

Learn More: How Long It Takes to Pay Off Student Loans

6. Enroll in autopay

Effectiveness: Low

Many loan servicers offer an interest rate discount of 0.25% when you enroll in automatic payments. This is a small amount, but can add up to some major savings over the life of your loan.

Plus, autopay is generally a good idea, as it decreases the chance that you’ll get into trouble by forgetting a payment. Talk to your servicer about any interest rate discounts they offer that you can benefit from.

Check Out: How to Lower Your Student Loan Interest Rate

7. Use found money

Effectiveness: Depends

In some cases, people have a right to money or assets that they haven’t claimed or have forgotten about — if the money is rediscovered or claimed, it’s known as “found money.” If you’re able to secure any cash this way, you can then put it toward your student loans.

Having unclaimed property is more common than you might think. About one in 10 people have unclaimed cash or property that’s being held by treasuries or state governments, which is worth billions of dollars, according to the National Association of Unclaimed Property Administrators (NAUPA).

For example, you might be able to claim:

• Checking or savings accounts
• Stocks
• Utility security deposits
• Insurance payments or refunds
• Uncashed dividends, payroll checks, or bonuses

You can search for any unclaimed property that you have a right to through your state’s unclaimed property office or through a multi-state database.

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

8. Cut from your budget

Effectiveness: Medium to high

The last thing you can do to really get your foot in the door when it comes to paying off your debt is to reduce your monthly spending wherever possible.

Whether it’s $50 less per month because you canceled cable or $200 of spare cash per month you didn’t spend going out to eat, look for extra wiggle room in your budget — and put that toward your student loans.

9. Make extra payments whenever you can

Effectiveness: Medium

In addition to paying more on your monthly bill, think about making extra payments. This can be particularly easy if you find yourself with extra cash.

• Grandma sent you a check for your birthday? Put it toward your loans.
• Got a one-time bonus at work for a job well done? Put it toward your loans.
• Tax refund? Put it toward your loans.

Spending that money on your loans now will pay off down the road when you’ve paid less in interest — and therefore have more money to spend how you wish.

You can use this student loan refinancing calculator to estimate how much you could save.

Learn More: How to Pay off Student Loans in 10 Years or Less

10. Make bi-weekly payments

Effectiveness: Medium

Another smart way to make extra payments and eliminate your debt is to pay your bill bi-monthly. Instead of making one payment every month, simply cut your bill in half and pay that amount every two weeks.

Even though this sounds like it won’t do much, this strategy adds one extra payment to your loans each year. That can make a significant difference — especially if you’re paying off a large balance.

11. Take advantage of your grace period

Effectiveness: Medium

Many student loans come with a grace period, which means you don’t have to make payments for a certain period of time after you leave school or drop below required enrollment. For example, most federal student loans come with a six-month grace period.

Keep in mind, though, that depending on the type of student loans you have, interest might continue to accrue on your loans while you’re in school, during your grace period, and during periods of deferment or forbearance. If you don’t make payments to cover the interest during these times, that interest could be added to your principal balance — this is known as capitalization.

Instead, consider making payments while this interest accrues, such as during your grace period. This way, you can avoid having unpaid interest capitalize — which will keep your student loan balance lower and more manageable.

Find Out: How to Pay Off $150,000+ in Student Loans

Student loan payment FAQs

Here are answers to some commonly asked questions about student loan payments:

How long does it typically take to pay off student loans?

The amount of time it takes to pay off student loans varies based on factors like the total amount you owe, your interest rate, and your repayment term. Federal student loans come with repayment terms ranging from 10 to 25 years. If you have private student loans, it’s common to have repayment terms ranging from five to 20 years.

What’s the quickest way to pay off student loans?

The quickest way to pay off student loans is to pay more than the minimum payment each month. Any extra amount you can apply toward your loan balance will help reduce the amount you owe, and the total interest you’ll pay. When you make an extra payment, be sure to ask your servicer to apply it to the loan principal.

When is my first student loan payment due?

For most federal student loans, your first student loan payment is due when your grace period ends — typically six months after you graduate, withdraw, or drop below half-time enrollment. To keep your interest costs lower, you can opt to make interest-only payments while you’re still in school.

If you have private loans, check with your lender. Some private lenders offer grace periods, while others will expect you to start making payments as soon as they disburse the funds.

Find your loan score

If you’re wondering how competitive your loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.

Keep Reading: How Often Can I Refinance My Student Loans?

More Resources:

• Student Loan Repayment Calculator: Estimate Your Payoff Date
• How to Tell If Refinancing Your Student Loans is a Good Idea
• How to Pay Off $200,000 in Student Loans

Napala Pratini contributed to the reporting for this article.

About the author

Jamie Young

Jamie Young is an authority on personal finance. Her work has been featured by Time, Business Insider, Huffington Post, Forbes, CBS News, and more.

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