How To Pay Off $80,000 in Student Loans: Best Strategies

Most student loan borrowers owe less than $25,000, according to the latest Federal Reserve data. But if you attended a private university or graduate school, graduating with $80,000 in student loans isn’t unusual.

Paying off this amount can feel overwhelming, but the right approach can help you make faster progress. Here’s how to tackle $80,000 in student loan debt based on your income and repayment goals.

Current student loan refinance rates

How $80K in student loans can impact your finances 

With an $80,000 student loan balance, your monthly payment is likely substantial. For example, on a standard 10-year repayment plan with a 6% interest rate, you’d pay about $888 a month. The exact amount depends on your interest rate, the amount of accrued interest, and the repayment plan you choose.

High student loan payments can strain your budget and leave you less room for savings or other priorities. A heavy debt load relative to your income can also make it harder to qualify for additional credit, such as a mortgage or auto loan. The good news is, there are strategies that can help you manage the cost and pay down your balance more efficiently.

Refinance to pay off $80K faster

Student loan refinancing can help you pay off your debt faster and reduce the total interest you pay. To qualify for a lower rate and better terms, you’ll typically need a stronger credit score than when you first borrowed, or interest rates must have dropped since then.

If you can get a lower interest rate, refinancing $80,000 could save you thousands of dollars over the life of the loan. It can also combine multiple monthly payments into one, making your loans easier to manage.

While refinancing can lead to significant savings, it comes with trade-offs if you have federal loans. Refinancing federal loans means converting them to private loans and losing access to benefits like income-driven repayment and forgiveness programs.

“If you have a stable job, strong credit, and no real shot at qualifying for federal forgiveness, refinancing could help you save money and time,” says Andrew Latham, a certified financial planner (CFP) at SuperMoney.

“But if your income is variable, or you're eligible for federal programs like PSLF, it might be smarter to keep your loans federal, even if it means paying a bit more over time,” he advises.

See Also: Should I Refinance My Student Loans? Pros and Cons 

Use the avalanche or snowball method

If you have multiple student loans, the debt avalanche and debt snowball are two common strategies for paying them off faster.

• Debt avalanche: Make the minimum payment on all your loans, then put any extra money toward the loan with the highest interest rate. Once that loan is paid off, move to the loan with the next highest rate. This strategy works well if you want to pay as little as possible on your loans. 
• Debt snowball: Make the minimum payment on all your loans, then put any extra money toward the loan with the smallest balance, no matter its interest rate. After that loan is paid off, apply the same approach to the loan with the next smallest balance. This method gives you quick wins early in the process, which can help you stay motivated to keep going.

“I recommend prioritizing the debts by interest rate to ensure you are paying the high-interest debts first,” says Leslie H. Tayne, a financial attorney and founder of Tayne Law Group. She says this will save you more money in the long run and requires less legwork than increasing your income. 

Switch to biweekly payments

Switching from monthly to biweekly payments is a simple way to pay off $80,000 in student loans faster and reduce interest charges. Instead of making one full payment each month, you make half of your monthly payment every two weeks. Because there are 52 weeks in a year, this schedule results in 26 half-payments (or the equivalent of 13 full payments) instead of the usual 12 per year. 

Use windfalls to pay down your balance

Making extra payments toward your principal loan balance is one of the most effective ways to pay off student loans faster. If you receive unexpected funds, such as a tax refund, work bonus, or cash gift, consider putting them toward your student loan balance.

“Although it can be tempting to spend sudden income increases, allocating these funds to your loan balance instead will make a big difference in the long run,” explains Tayne.

Set up autopay for rate discounts

Many loan servicers offer a 0.25 percentage point interest rate discount if you enroll in autopay. This discount can seem minor, but it can save you thousands over time.

For example, if you have $80,000 in student loans at a 6.5% interest rate with a 20-year repayment term, your monthly payment would be about $596. Over the life of the loan, you’d pay roughly $63,150 in interest. Dropping your rate to 6.25% through autopay would lower your total interest to about $60,338, saving you nearly $3,000.

Consider an income-driven repayment plan

If you have federal loans, enrolling in an income-driven repayment (IDR) plan can make payments more manageable. These plans base your monthly payment on your income and family size. Depending on the plan, you could receive loan forgiveness after 20 to 25 years.

However, the One Bill Beautiful Bill Act, signed into law in July 2025, introduces major changes to IDR plans starting in July 2026. The bill introduces a new Repayment Assistance Plan (RAP), which replaces IDR plans and works differently from the current system. Even the lowest-income borrowers must make a minimum $10 monthly payment, regardless of family size.

Under RAP, monthly payments are still based on a percentage of your income. For example:

• Borrowers earning between $30,000 and $40,000 per year will pay 3% of their income.
• Borrowers earning more than $100,000 per year will pay 10% of their income.
• You can subtract $50 per dependent child from your calculated payment. 

If you’re currently enrolled in an IDR plan that will be discontinued, you’ll have until July 1, 2028, to choose between the income-based repayment (IBR) plan and RAP. If you don’t select a plan by the deadline, your loans will be moved to RAP automatically.

See if you’re eligible for forgiveness

If you have federal student loans, you may qualify for forgiveness through an income-driven repayment (IDR) plan or Public Service Loan Forgiveness (PSLF). PSLF is available to borrowers who work for the government or a qualifying not-for-profit organization. After making 120 qualifying payments, you can have your remaining balance forgiven.

“If you are carrying a large balance like $80,000 or more, the current direction of federal loan policy under the Trump administration is not particularly borrower-friendly,” cautions Latham.

“Programs like PSLF still exist, but they are under heavy review. The Department of Education has begun scrutinizing past forgiveness approvals and signaling that it may start rejecting new applications more aggressively, even for public servants who believed they had met the requirements.” 

Given these changes, Latham advises against relying on forgiveness as your primary repayment strategy.

“Take advantage of existing programs if you qualify, but assume that political and legal changes could limit or delay your access to relief. Build a repayment strategy that stands on its own and treat forgiveness as a nice bonus if it happens, not a guarantee.”

Alternative ways to reduce student loan debt

With a large balance, it’s worth exploring every option for reducing what you owe. Consider:

• Loan repayment assistance programs: Some organizations offer loan forgiveness or repayment help for professionals in specific fields. For example, the National Health Service Corps provides repayment assistance to qualifying medical professionals who work in underserved areas.
• Family assistance: If your parents or relatives are able to help, even small contributions can make a difference. “I had a family redirect the money they were spending on baseball leagues and tutors,” says Danilo Umali, principal at Game Theory College Planners.
• Employer repayment benefits: Some companies offer student loan repayment assistance as part of their benefits package. You could seek out employers who provide this perk or ask your current employer to consider adding it.