7 Ways to Pay Off Your Student Loans Years Sooner

Student loans are debilitating for many of us, holding back our wealth-building potential until we fully pay off all of that debt. 

There is no question that student debt is increasing at an alarming rate. If you are struggling to pay off those school loans, here are 7 ways to help you end your debt sooner. 

Funnel bonuses and raises to your debt

It can be tough to use bonuses, raises or even tax refunds to pay down debt, but extra money can be a great way to pay down debts far quicker than just making our regular payments. 

Refinance your student loans

Refinancing your student loans can save you anywhere from hundreds of dollars to thousands of dollars every year. Borrowers commonly choose to shorten repayment terms, which will increase the minimum monthly payment but drastically reduce the interest rate. 

Pay more than just the minimum

Paying more than the minimum will help reduce the total amount of interest that you will pay (without refinancing) over the course of the loan and will also eliminate your student loans much sooner than just paying the minimum. 

Apply for loan forgiveness

In certain circumstances, you may be eligible for student loan forgiveness. Student loan forgiveness can eliminate a portion (or all) of your student loans. But, you need to qualify based on your profession.