4 ways to pay down student loan debt faster
Some of these changes may seem minuscule, but they add up over time


Student loan debt can feel like it will take an eternity to pay off. The standard repayment plan offered for federal student loans is 10 years — and many other plans extend long beyond that. If you are hoping to get your debt burden off your back sooner, there are steps you can take to expedite the payoff process.
Becoming student loan debt-free has many benefits. "Getting out of debt earlier will reduce your overall interest charges, saving you money and helping you pursue other financial goals, like a house or a new car," said LendingTree. However, speeding up student loan payoff might not always pay off — especially if you "cannot afford extra payments without forgoing other key financial goals" or you "have other higher interest debt," said U.S. News & World Report. In those cases, you may want to think twice before implementing these tricks.
1. Put any extra payments toward the principal
While making extra payments toward your student loans might seem like an obvious way to decrease your debt, what might not be so obvious is how you apply those extra payments. If you simply submit the extra money on your account, your servicer "may use your extra payment to advance your due date — applying the extra amount to next month's payment," which actually "won't help you pay off student loans faster," said NerdWallet. That is because "your extra payment will first go to any late fees and accrued interest before hitting your principal."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Instead, instruct your servicer to "apply overpayments to your principal balance and to keep next month's due date as planned," said NerdWallet. This will ensure your extra money goes directly toward your loan's balance, which will also help minimize interest accrual.
2. Make payments on a biweekly basis
If wrapping your head — or your budget — around extra payments sounds daunting, another effective option is making payments on your student loans every two weeks, as opposed to once a month. Even though you are still just "paying half of your usual payment every two weeks instead of the full payment once a month," this translates to "making one full additional monthly payment every year," said Credible. The proof is in the numbers: "You'll make 26 half-payments over the 52 weeks in a year, which equals 13 whole payments," as opposed to the 12 you would make otherwise.
A small shift, but it "can shave a year or more off of a 10-year student loan repayment term and save hundreds of dollars (or more) in interest," Credible said. Just make sure you "tell your lender that you want any excess payment to go toward your principal loan balance."
3. Enroll in autopay
Not only will enrolling in automatic payments ensure you do not overlook any due dates, it may "have the added benefit of reducing the interest rate on your student loan," as "some lenders offer a 0.25% discount on interest to borrowers" who set up autopay, said Bankrate.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
While this level of discount may seem minuscule, it is actually a "considerable amount of savings over time when you're spending years paying off your student loans," said CNBC Select. Plus, "any decrease in your interest rate will help you pay off your loans faster because it lowers the overall cost of your loan."
4. Consider refinancing
You can also carve a pathway toward faster repayment through student loan refinancing, which means you "apply for a new loan with a private lender to pay off your existing loans," said Investopedia. "If you have good credit — or a co-signer with good credit — you may qualify for a new loan with a lower rate than you have on your current loans." Doing this can "lower your overall repayment cost and your monthly payment, and may allow you to pay off your student debt faster."
However, this is an option generally best reserved for private student loans. "Refinancing federal loans means you'll no longer have access to federal protections like income-driven repayment plans or forgiveness options," said Credible.
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
The app tackling porn addiction
Under the Radar Blending behavioural science with cutting-edge technology, Quittr is part of a growing abstinence movement among men focused on self-improvement
-
Magazine solutions - August 29, 2025
Puzzles and Quizzes Issue - August 29, 2025
-
Magazine printables - August 29, 2025
Puzzles and Quizzes Issue - August 29, 2025
-
How will the new Repayment Assistance Plan for student loans work?
the explainer The Repayment Assistance Plan (RAP) will replace existing income-driven repayment plans
-
What taxes do you pay on a home sale?
The Explainer Some people — though not many — will need to pay capital gains taxes upon selling their home
-
What is an upside-down car loan and how do you get out of it?
the explainer This happens when the outstanding balance on a car loan exceeds the vehicle's worth
-
Is grad school worth it?
the explainer Determine whether the potential for better employment and higher earnings outweighs the upfront cost of school
-
4 ways to cover unexpected home repairs
The Explainer Home is where the heart is — but it might cost you
-
How does a 401(k) hardship withdrawal work and is it smart to take one?
the explainer More Americans than ever are resorting to this option in a pinch
-
How can you borrow less for grad school?
the explainer Borrowers will soon face stricter limits on federal student loans. But there are other ways help cover the cost of grad school.
-
How is the Trump bill changing 529 plans?
The Explainer The new bill provides a boost for people pursuing trades and vocational careers or seeking professional licenses and certifications