Many recent graduates are finding it difficult to make ends meet while simultaneously paying off school loans, purchasing a home, and beginning a family, despite the fact that many experts contend that quality education is priceless.

Student debts can be a significant strain on a person’s financial situation, but this does not have to be the case. Avoid further stress by implementing these strategies to swiftly eliminate your student loan debt. You may get out from under the weight of your student loans much more quickly than you would expect if you put even a few of these tips into practice.

1. Make Extra Payments

Paying more than the monthly minimum on your student loan is the most direct route to getting it paid off faster. To determine the effect of additional payments on your student loans, utilize a student loan calculator. Try out several scenarios to determine how much sooner you could be debt-free.

Extra payments aren’t always as straightforward as they might seem. Extra payments are processed in a variety of ways depending on the loan servicer. Your additional funds may be used for interest by some lenders or to your next payment by others. 

While you could put the extra cash toward your interest payments, you might be better off applying it to your loan’s principal.

You should decide how you want the additional payments applied and then verify if your lender allows you to do it online. If you are unsure how to make sure your extra payments are being applied properly, it is best to contact your lender directly and inquire.

2. Consider Refinancing

If you want to pay off your student loans more quickly without having to make any additional payments, refinancing your student loans is an option.

Through refinancing, borrowers consolidate their several student loans into one private loan, typically at a more manageable interest rate. If you want to pay off your debts more quickly, you should get a new loan with a shorter duration.

There is a possibility that your monthly payment will increase if you choose a term that is shorter. But doing so will enable you to pay off the debt sooner and spare you some of the expense of the interest.

If your credit score is in the upper 600s, you have a steady income, and your debt-to-income ratio is less than 50%, you may qualify for a refinancing.

3. Sign up for Automatic Payments

If you have any money left over at the end of the month after paying all of your bills and other expenses, it may be tempting to put it toward your student loans. But if you’re like most people and don’t have much extra cash at the end of the month, this could entail slowing down your payment rate.

If you are unsure of how much additional money you are able to put toward your student loans each month, take a thorough look at your budget to decide how much additional money you have available to put toward your debt.

The next step is to schedule your monthly payments to be made automatically. In this manner, you will prevent yourself from spending that money unintentionally. When determining the quantity of your payment, exercise caution so that you don’t blow a hole in your budget.

4. Make Biweekly Payments

The majority of borrowers who have student loans are required to make payments on a monthly basis. However, if you pay down a portion of your student loan every two weeks, the total amount that you will pay off would be higher.

So, here’s how it goes down: Let’s pretend you decide to make biweekly payments on your student loans by halving the monthly amount. In a year, you will have made twenty-six payments if you made a partial payment every two weeks. That’s the equivalent of thirteen monthly payments per year. If you make payments once a month, you’ll only have to make twelve payments total per year.

It is possible to pay off the loan sooner and save money on interest if you make thirteen payments per year instead of the typical twelve payments required by the terms of the loan.

5. Avoid Unnecessary Expenses and Stick to Your Budget

You will be better able to prioritize payments on your student loans if you are aware of the amount of money that is coming into your account each month.

One of the most effective ways to speed up the repayment of your student loans is to create a budget. Paying down student loans can be facilitated by setting and sticking to monthly financial goals.

Think about your ability to stick to a budget and how you spend your money. As soon as you know how much of your money you can realistically allocate to paying down debt, you can make the necessary adjustments to your spending habits and schedule to accelerate your progress.

6. Make Extra Money

If money is your primary concern, you should look for work that you can do on the side during the evenings or on the weekends. This will allow you to build up your savings more rapidly. Then you should put every extra penny you have toward paying down the debt from your student loans. 

There is a wide variety of extra employment opportunities available, such as working as an Uber driver or a food delivery person, walking pets or housesitting, and so on. However, keep in mind that the extra income won’t stay forever so always remember tip #5 in this article.

7. Use Found Money

The term “found money” is used to refer to monetary assets that are legitimately yours but for whatever reason have not been claimed. 

There is a possibility that you are qualified to receive unclaimed funds from prior employers, insurance policies, bank accounts, or government agencies. Through official government websites, you are able to conduct a search for found money.

It does not matter how briefly you resided in any region; you should still seek found money there.  It’s also possible to claim found money in someone else’s name if you’ve inherited money from them.

After you have obtained these funds, put them toward the reduction of the total amount that you owe on your student loans so that you can finish paying them off sooner.

Pros and Cons of Paying Off Your Student Loans Early

Paying your student debts ahead of schedule can have positive and negative effects on your financial situation. Let’s check out a few examples.


  • Cut back on interest payments
  • Increase your budget’s available funds
  • Because you can pay off your debts more quickly, you’ll experience less stress
  • Helps you achieve a higher credit score


  • It’s possible that your eligibility for loan forgiveness will be revoked
  • You’ll have to keep on making larger monthly payments
  • You might be able to pay off your student loans, but it’s possible that you won’t be able to put away as much money for your retirement
  • Student loan interest is not tax deductible

Bottom Line

If you follow the tips that are explained in this article, you will be able to swiftly pay off your student debts. There are a variety of methods available to reduce debt, including making additional payments, refinancing, and using unexpected funds.

As you explore your alternatives, you should think about which course of action would be most beneficial to both your finances and your objectives. You can avoid the financial burden of student loan debt by paying off your debts sooner with careful planning.


But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful.

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