Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans Student Loan Repayment How to Pay Off Student Loans Fast: 12 Strategies to Become Debt-Free Sooner Updated Apr 18, 2025 6-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Marc Guberti Written by Marc Guberti Expertise: investing, loans, credit cards, personal finance, banking, business financing Learn more about Marc Guberti Reviewed by Jim McCarthy, CFP® Reviewed by Jim McCarthy, CFP® Expertise: Education planning, retirement planning, investment management, insurance planning Jim McCarthy, CFP®, ChFC®, is the owner of Directional Wealth Management, an independent financial planning and investment advisory firm in New Jersey. Jim advises families, professionals, executives, and business owners on how they can build better financial futures. Learn more about Jim McCarthy, CFP® Paying off student loans fast isn’t just a dream; it’s a smart financial move that saves you money and reduces stress. Whether you’re just starting repayment or feeling stuck in a long-term plan, you can take actionable steps today to pay off your student loans faster. From making extra payments to using employer benefits, this guide shares the best strategies to help you become debt-free sooner. Here’s how to pay off student loans quickly and reach your financial goals faster. Table of Contents 12 best ways to pay off student loans fast 1. Pay more than the minimum 2. Refinance your student loans 3. Make biweekly payments 4. Pay off high-interest loans first 5. Take advantage of interest-rate reductions 6. Create a budget 7. Work for an employer with repayment assistance 8. Avoid extended repayment terms 9. Use tax deductions 10. Make lump-sum payments 11. Use loan forgiveness programs 12. Join the military How long does it take to pay off student loans? Fastest way to pay off student loans How to stay motivated Mistakes to avoid FAQ 12 best ways to pay off student loans fast If you’re serious about paying off student loans faster, these strategies can help you save money and shave years off your repayment schedule. 1. Pay more than the minimum Making extra payments directly toward your principal balance can significantly reduce the total interest you owe. Tip Set up autopay for a higher amount than your minimum payment to stay consistent. Read More Can You Pay Off Student Loans Early? What to Know Before You Decide 2. Refinance your student loans If you qualify for a lower interest rate through refinancing, you could reduce both your monthly payment and the total interest paid. Caution: Refinancing federal loans means losing access to income-driven repayment plans and forgiveness options. Credible is our top choice for comparing student loan refinance options. It’s a free online marketplace that lets you shop actual prequalified rates from multiple top lenders without affecting your credit score Create a budget, and then prioritize loans with the highest interest rates and pay more than the minimum. Consolidating federal loans into private loans is not the best option for many borrowers. Jim McCarthy , CFP®, ChFC® Read More Best Student Loan Refinance Companies 3. Make biweekly payments Splitting your monthly payment in half and paying every two weeks results in one extra payment per year — a simple trick that can reduce your repayment timeline without a big impact on your budget. Read More How to Pay Off $100K in Student Loans in 6 Steps 4. Pay off high-interest loans first Prioritize extra payments toward loans with the highest interest rates. This method, called the debt avalanche, can save you the most money over time. Read More Which Student Loans to Pay Off First 5. Take advantage of interest-rate reductions Many lenders offer a 0.25% interest rate discount if you enroll in automatic payments. Some may offer additional reductions for on-time payment streaks. 6. Create a budget Building a budget that prioritizes debt repayment can help you identify areas to cut back and allocate extra cash toward student loans. Read More Best Apps to Pay Off Student Loans 7. Work for an employer with repayment assistance Some employers offer student loan repayment benefits, either through signing bonuses, matching contributions, or direct payments. It’s worth asking about. 8. Avoid extended repayment terms Choosing longer repayment plans can lower monthly payments but cost you thousands more in interest. Stick to shorter terms if you want to pay off loans faster. 9. Use tax deductions If you qualify, you can deduct up to $2,500 of student loan interest on your taxes, reducing your taxable income and freeing up extra cash. 10. Make lump-sum payments Got a tax refund, bonus, or inheritance? Applying a lump sum toward your loans can knock out a big chunk of principal all at once. 11. Use loan forgiveness programs If you qualify for Public Service Loan Forgiveness or another forgiveness program, you could eliminate part of your debt after making qualifying payments. 12. Join the military Military service offers multiple student loan relief programs, including direct repayment benefits and Public Service Loan Forgiveness eligibility. How long does it take to pay off student loans? The average borrower takes more than 20 years to pay off student loans, according to the Education Data Initiative. However, timelines vary based on your repayment plan: Standard 10-year plan: Pay off in 10 years with regular payments Income-driven plans: 20 to 25 years, with forgiveness at the end Extended or graduated plans: Up to 30 years If you make extra payments or use the strategies above, you can drastically cut down that timeline. Read More How to Get Out of Student Loan Debt ASAP What is the fastest way to pay off student loans? The fastest way to pay off student loans is to: Make large lump-sum payments when possible Refinance to a lower interest rate (only if you won’t need federal protections) Pay more than the minimum every month Set up biweekly payments to make an extra payment each year Small changes add up over time—and big payments, when possible, can make a massive dent. Break your budget into “must-haves,” or needs, versus “nice-to-haves,” or wants. Look to reduce, suspend, or eliminate items in the “nice-to-have” category to create extra cash to pay off loans. Jim McCarthy , CFP®, ChFC® How to stay motivated while paying off student loans fast Paying off student loans is a long game. Stay motivated by: Setting milestones: Celebrate when you hit smaller goals ($1,000, $5,000, then $10,000 paid off) Tracking your progress: Use an app or spreadsheet to see how far you’ve come Focusing on your future: Visualize what life will look like without student loan payments Rewarding yourself: Plan small, budget-friendly rewards when you hit repayment goals Mistakes to avoid when paying off student loans quickly If you’re aggressively repaying loans, avoid these pitfalls: Skipping your emergency fund: Always keep some cash on hand for unexpected expenses. Missing payments: Making extra payments is great—missing required payments is not. Tapping retirement accounts: Early withdrawals can hurt your long-term financial health. Ignoring refinancing opportunities: A lower rate could help you save even more. Additional resources Should You Pay Off Student Loans With Your 401(k)? How Long Does It Take to Pay Off Medical School Debt? Should You Use a HELOC to Pay Off Student Loans? The Complete Guide Why You Shouldn’t Advance Your Due Date on Student Loans Student Loan Repayment: Best Plans and Other Resources FAQ How can I reduce the time it takes to pay off my student loans? You can get a shorter loan term and make additional payments to reduce the time it takes to pay off your student loans. You’ll still be making monthly payments for several years, but staying consistent will make you debt-free sooner. How long does it usually take to pay off student loans if I make extra payments? You can save several years of time by making extra payments. The amount of time it will take depends on your current loan, how much extra cash you pay each month, and other factors. Recap: How to pay off student loans faster Repayment strategyBest if youPay more than the minimumHave extra cash to spareRefinance your student loansHave a high rate or lengthy loan termsMake biweekly paymentsGet a consistent paycheck every two weeksPay off high-interest loans firstHave multiple student loansTake advantage of interest rate reductionsCan qualify for lower ratesCreate a budgetRarely track your expenses and progress toward long-term goalsWork for an employer with repayment assistanceWork with an employer that offers such a programAvoid extended repayment termsCan afford standard monthly payments on your current loanUse tax deductionsDon’t itemize your tax deductionsMake lump-sum paymentsHave extra money or receive an inheritanceUse loan forgiveness programsAre eligible for forgivenessJoin the militaryAre in the military or want to join