How To Pay Off Student Loans Fast
Getting rid of student debt fast means big savings, more flexibility in your budget, and financial peace of mind. These are some of the best strategies for how to pay off student loans fast — and forget about them for good.
Top Articles on How to Pay Student Loans Fast
Looking for the top solutions for how to get rid of student loans fast? You’ve come to the right place.
Whether you’re looking to repay student loans faster so you can move on to bigger and better financial goals – or you’re simply looking to accrue less total interest and save more money – there are plenty of options to pay back student loans fast.
Maybe the right strategy for you is refinancing to a shorter term and lower rate, so you can truly maximize your interest savings. Or maybe you’re simply looking to make larger payments each month with spare cash to pay down your principal. Or even a combination of different approaches to pay off your student loans faster may work best.
No matter how you’d like to tackle paying off student loans faster, there’s an in-depth guide ready for you to make things easy.
Ready to simplify and streamline your student loan payments? Read more below to learn all about how to eliminate student debt fast, and which strategy for paying down student loans faster best matches your unique financial goals.
Refinance Your Student Loans
Student loan refinancing lets you consolidate your college debt — federal, private, or both — into one loan with a new private lender. By refinancing, you can:
One of the premier benefits of student loan refinancing is qualifying for a lower rate. With a decreased rate, you’ll have lower monthly bills and pay much less in total interest over the life of your loan. Plus, more of your monthly payments will go toward the loan’s principal balance — rather than interest charges — to help you pay off your loans sooner.
Shorten Your Repayment Term
If your primary goal is to get rid of student loans fast, you can choose a shorter term for paying them back. Often, private lenders offer even lower rates to those who opt for a decreased term. By paying your loans in less time with bigger payments, you’ll wave student debt goodbye more quickly — while saving substantially on total interest.
Supercharge Your Monthly Payments
Another smart strategy for how to pay off student loans as fast as possible is to make larger payments each month than you owe. Of course, this is completely dependent on your personal finances and available budget. But if you can, paying more each month will reduce your principal much quicker — allowing you to save big on interest in the long run.
Make Lump Sum Payments
An additional option for how to get out of student loan debt fast is to make lump sum payments toward your account whenever possible. In combination with other repayment tactics like refinancing, it can be an effective way to speed up your pay off process. Some cash windfalls to be on the lookout for include yearly bonuses, tax refunds, and gifts from holidays, birthdays, or major life moments.
More Articles on How to Get Out of Student Debt Fast
How to Pay Off Student Loans in Less Than 10 Years
Depending on the type of student loans you have, you could be in debt for a long time. And with so much debt, you may not be able to do the things you want like traveling, buying a home, or starting your own business. If that’s the case, you need to figure out how to pay down student loans faster than expected to help make your goals a reality. Here are some of the most popular ways to do so.
Creative Ways to Pay Off Student Loans Fast
Learning how to pay off your student loans fast is key to your financial freedom. But when money is tight, finding the funds to make extra payments may sound like a fantasy. If you’re looking for new ways to tackle your student debt, consider creative and practical strategies than can accelerate your repayment.
How to Pay Off $100k to $200k+ in Student Loan Debt
Completing college with a six-figure student loan balance isn’t uncommon — especially after finishing a graduate school program in the medical, legal, or business fields. Figuring out how to pay $100,000 or more in loans can be a serious challenge, even with a great career and steady income. Luckily, there are useful and effective repayment strategies available to help you achieve your goal of debt-free living as soon as possible.
Find savings from the best lenders with Purefy
Compare Student Loan Refinance Rates with No Impact to Your Credit Score
What is your loan type?
Student Loan Refinancing
Parent Loan Refinancing
More Student Loan Refinancing How-Tos & Guides
Considering refinancing your student loans? Learn all about how to take advantage of its benefits — including saving money and getting more flexible terms.