How To Pay Off $50K in Student Loans

Although carrying $50,000  in student loan debt might be necessary for some borrowers, it can feel like a financial and mental obstacle in repayment. Being strategic with your payoff plan — for example, making extra payments or adding a new income stream — can help ease the burden of five-figure debt faster.

Learn about the potential monthly payment for $50K in student loans, the payoff timeline you can expect, and tactics to help you get to a zero balance in less time.

Current student loan refinance rates

What does a $50,000 student loan payment look like?

Your $50K student loan monthly payment can look vastly different than another borrower’s. That’s because your monthly payment is based on your repayment term and interest rate. 

A shorter term generally translates into a higher monthly payment. The advantage of a short term is that you’ll pay less interest over the life of your student loan. Longer loan terms give borrowers breathing room with lower monthly payments, but you’ll pay more interest over time. 

Your loan’s interest rate also influences how much you’ll pay each month. A higher rate results in a higher monthly payment than a lower interest rate. 

The table below illustrates how monthly payments on a $50,000 loan change by repayment term and interest rate.

How long does it take to pay off $50K in student loans?

There isn’t only one timeline for paying off $50,000 in student loans. While the default student loan repayment term for federal student loans is 10 years, some federal student loan repayment plans offer 20- or 25-year terms for eligible borrowers. 

Private student loan repayment terms vary by lender. However, common repayment terms range from five years to 15 years or longer for some professional degrees.   

Best strategies to pay off a $50K student loan faster

Dealing with the mental load of carrying $50,000 in student loan debt can be challenging. If your goal is to be debt-free ASAP, here are some ways to pay off large amounts of student loan debt quickly:

• Make half-payments every 2 weeks: Splitting your monthly payment into two half-payments results in making 26 half-payments, or 13 full payments, by the end of the year. Making an extra payment each year can help you pay off your $50K balance early.
• Redirect cash windfalls: If you already have a comfortable emergency fund, consider using annual work bonuses or tax refunds as additional lump-sum payments to lower your unpaid balance faster.  
• Increase your income: Generating additional income, whether through a part-time job or by selling high-value items you've forgotten in your closet, can expedite student loan payoff. Consider allocating extra earnings toward your student loan payments.
• Refinance your loans: Student loan refinancing can unlock a lower interest rate if you qualify. You’ll need strong credit and a steady income to be eligible for the lowest rates. If you can’t qualify on your own, consider refinancing with a cosigner who has excellent credit. Just keep in mind that they’ll be responsible for the loan if you fail to make payments.

Aggressively paying off $50,000 in student loans has tremendous financial advantages, but ensure it makes sense for your current situation.

If you’re struggling with an accelerated $50K payoff plan, it’s important to adjust your payment approach instead of neglecting your student debt altogether.

“If you find yourself needing to improve your financial stability by building up your emergency fund or contributing to your workplace retirement plan, then it’s best to cut back on the amount of your repayments versus the repayments themselves,” says Tom Holtam, senior vice president and regional delivery manager at UMB Bank. 

“Any money put toward student loan repayment helps, so be sure you’re still paying off at least the minimum,” he adds.

Should you refinance $50K in student loans?

Refinancing is when you take out a new private loan from a lender that pays off your existing education loans. You then make payments on the new refinance loan. Depending on your repayment goals, this strategy can either help you save money on interest charges in the long run or offer lower monthly payments.

Qualified borrowers who refinance $50K in student loans might be able to secure a lower interest rate on the refinance loan. If your current monthly payment isn’t manageable, you can also choose a longer term for a lower monthly payment.

Although a refinance loan has its advantages, it’s not suited for everyone. Federal student loan borrowers who want access to federal benefits, such as income-driven repayment plans and loan forgiveness, should carefully consider if refinancing is worth it. Once you refinance federal student loans, you give up the unique perks and protections they offer. 

Budgeting tips to handle $50K in student loan debt

Paying off your $50,000 in student loans while budgeting for living expenses can feel like a tightrope act. Here are some budgeting tips to help monthly expenses feel more manageable:

• Take advantage of rate reductions: “Federal student loans offer a quarter-point (0.25 percentage point) interest rate reduction for borrowers who sign up to repay their loans with autopay,” says Mark Kantrowitz, financial aid expert and author of “How To Appeal for More College Financial Aid.” He adds, “Many private student loans offer a similar discount. Some offer a greater discount, such as 0.50 percentage points, and some offer graduation and good grades discounts.”
• Set up automatic payments: This simple tip is effective because it positions your $50K student loan as a fixed, non-negotiable monthly expense. The payments are taken out of your bank account automatically, so there’s less risk of overspending that compromises your repayment goal.
• Create a budget: Use a budgeting tool to track your cash flow, including income, non-negotiable expenses (housing, groceries, minimum debt payments, childcare, etc.), and discretionary spending (subscriptions, shopping, and dining out). This can help you determine how much of your income you need to set aside.
• Get intentional about spending: A rigid budget might work for some borrowers, but maintaining severe spending restrictions can also lead to failure. Consider making small, intentional lifestyle changes that are sustainable in the long term. For example, if you dine out frequently throughout the week, capping it to only Friday and Saturday can make a meaningful difference in your monthly budget without you feeling deprived.

Short-term planning can also be your downfall during repayment. 

“One of the biggest mistakes is failing to plan for future expenses and life changes,” says Joseph Price-Gault, head of student loan refinancing at Juno, a fintech start-up that negotiates group student loan deals. 

“Many borrowers qualify for short terms (like five- or seven-year loans) early in their careers because they have few expenses beyond student loans,” he explains. “However, choosing those terms commits them to high required payments that can later limit their ability to qualify for a mortgage, car loan, or other major financial milestones.”

Alternatives if $50K in student loans feels unmanageable

Making payments under your loan’s repayment term can feel restrictive. If paying off your $50K in federal student loans seems unsustainable, consider these repayment alternatives:

• Income-driven repayment (IDR) plans: IDR plans provide borrowers with long-term repayment relief through lower monthly payments that are determined by your discretionary income and family size.
• Student loan forgiveness: Federal loan forgiveness programs like Public Service Loan Forgiveness forgive your remaining balance after making a required number of monthly payments. “Borrowers who expect to qualify for PSLF should not accelerate repayment of their loans,” says Kantrowitz. He explains that “the remaining debt will be forgiven after 120 qualifying payments, so extra payments will just reduce the amount that will ultimately be forgiven.”
• Extended Repayment Plan: If the 10-year Standard Repayment Plan isn’t working for your budget, you can choose an alternate plan, such as the Extended Repayment Plan, which stretches your term to 25 years. 

Unfortunately, the alternatives mentioned above aren’t available for private student loans. If repaying your private education debt is creating financial hardship, reach out to your lender or servicer ASAP. It can inform you of temporary repayment relief programs that you might qualify for, like deferment or a hardship forbearance.