How To Pay Off $30,000 in Student Loans Faster

If you have $30,000 in student loans, you’re right in line with the national average. Most bachelor’s degree graduates finish school with around $29,300 in student loan debt, according to the College Board.

Paying off that amount might feel overwhelming, but there are ways to make it more manageable. With the right strategy, you can tackle your loans faster and save money on interest along the way. Here’s how to choose the best approach for your situation.

Current student loan refinance rates

What’s the fastest way to pay off $30,000 in student loans?

The fastest way to pay off your student loans is to make more than the minimum payment each month. Making extra payments toward your principal balance helps you pay off the loan faster and save on interest.

One simple strategy is to switch to biweekly payments. Instead of making one full payment each month, split it in half and pay that amount every two weeks. This adds up to one extra full payment each year without putting more strain on your budget.

You can also speed up repayment by putting any extra income, like a bonus, tax refund, or cash gift, toward your student loans. Even a few lump-sum payments a year can cut months or years off your repayment timeline.

Is refinancing a good strategy for paying off $30,000 in loans?

Refinancing can be a smart way to pay off $30,000 in student loans faster, especially if you qualify for a lower interest rate. When you refinance, you replace one or more existing loans with a new private loan, ideally with better terms. A lower rate means less interest builds up over time, and more of your payment goes toward the principal loan balance.

You can also choose a shorter loan term when refinancing. That means higher monthly payments, but you’ll pay off the loan faster and pay less interest overall.

However, refinancing isn’t the right move for everyone. According to Chad Gammon, certified financial planner (CFP) and owner of Custom Fit Financial, refinancing may make sense if your credit score has improved and you have private loans. But “you would not want to refinance if you’re on an income-driven repayment plan or a forgiveness program, like PSLF,” he cautions. 

Before you refinance, compare offers from multiple lenders and weigh the pros and cons, especially if you’re considering refinancing federal loans, which means giving up federal benefits.

Student loan refinance calculator

Use the calculator below to compare scenarios and see if refinancing could help you save money or pay off your loans faster.

How do repayment plans affect how fast you pay off loans?

Choosing the right repayment plan plays a major role in how quickly you can pay off $30,000 in student debt, especially if you have federal loans. Federal loan borrowers can switch plans at any time, and each option comes with a different payoff timeline, monthly payment, and long-term cost.

The Standard Repayment Plan is the fastest for most borrowers. It comes with fixed monthly payments over 10 years. While the payments are higher than other plans, you’ll pay off your loans sooner and pay less interest overall.

“The standard plan is good if you can afford the payments, want to minimize interest costs, and want to pay it off quickly,” advises Gammon. 

Learn More: Compare Student Loan Repayment Plan Options

The Graduated Repayment Plan also runs for 10 years but starts with lower payments that increase every two years. It’s meant for borrowers who expect their income to rise over time.

If you owe more than $30,000, the Extended Repayment Plan lets you stretch payments over 25 years. This lowers your monthly bill but leads to much higher interest costs over time.

Income-driven repayment (IDR) plans set your monthly payment based on your income and family size. They typically last 20 to 25 years, with any remaining balance forgiven at the end. While IDR plans are helpful for lower incomes, these plans slow down repayment and often increase the total amount you repay.

Important update on federal repayment plans

Federal repayment options are changing under the One, Big, Beautiful Bill Act. Here’s what current borrowers need to know:

• If you borrowed before July 1, 2026, you can still enroll in current plans like Standard, Graduated, Extended, or the existing Income-Based Repayment (IBR) plan. 
• You can stay on or switch between any of the current income-driven plans (like ICR, PAYE, or SAVE) until July 1, 2028.
• After July 1, 2028, borrowers on ICR, PAYE, or SAVE must switch to another plan — such as IBR, the new Repayment Assistance Plan (RAP), or the Standard Repayment Plan. If you don’t select a new plan, you’ll be automatically moved into RAP.

Can loan forgiveness help with $30,000 in debt?

Federal loan forgiveness programs can help eliminate a portion of your $30,000 student loan balance, assuming you meet the eligibility requirements:

• Public Service Loan Forgiveness (PSLF) is designed for borrowers who work full-time for a qualifying government or nonprofit employer. To qualify, you must make 120 qualifying monthly payments under an income-driven repayment plan while working in a public service job. After 10 years of payments, your remaining loan balance may be forgiven.
• Teacher Loan Forgiveness is available to full-time teachers who work in low-income schools for 5 consecutive years. Eligible teachers may qualify for up to $17,500 in forgiveness, depending on their subject area and qualifications. You must have Direct Loans and meet other service requirements to qualify.
• Income-driven repayment (IDR) forgiveness applies to borrowers enrolled in income-driven repayment plans like SAVE, ICR, PAYE, or IBR. After making payments for 20 or 25 years, depending on the plan, any remaining loan balance may be forgiven. 

Tools can help you stay on track

If you’re looking for additional resources to manage $30,000 in student debt, the following tools can help:

• Budgeting apps: Budgeting apps like YNAB (You Need a Budget) or EveryDollar can help you manage your monthly expenses and find extra money to put toward your loans. These apps track spending, categorize transactions, and help you prioritize debt payments.
• Autopay: Setting up automatic payments with your loan servicer can simplify repayment and may even reduce your interest rate. Most federal and private lenders offer a 0.25 percentage point discount for enrolling in autopay.
• Student loan repayment assistance: Some employers contribute directly to employees’ student loan balances each month. This benefit can speed up your repayment timeline. Check with your HR department to see if your company offers it.