Unpaid student loans have reached a high level in America and it is still getting higher and you may be one of them. It would be nice to pay off debt faster to live unstressed, carefree life and spend your money on things you actually wished for and care about.

It is possible to make strategies you can use to pay off student loan faster.

Pay more every month

The best ways to pay off student loans faster is to make your loan payments maximum each month. There are no penalties if students prepay off loan early. You can make an additional payment at any point during the month or you can pay a big amount at the due date. In this way you will have to pay less interest you will owe. Your balance will be paid off earlier than you think.

Use auto-pay

You may sign-up for auto-pay, which will have prominent impact on your student loan debt. This scheme allows your student loan servicer to deduct money from your bank account automatically each month at due time. This plan ensures your payment is paid on time and you did not miss your dues. Benefit is that some lenders offer you discount for enrolling. Even a little discount will help in pay off student fast. Ask your lender if he is offering auto-pay discount.

Standard payment plan

Standard repayment plan for student loan is 10 years repayment planned by government. If you are not able to make extra big payments then you must stick with standard plan for fastest repayment. Or you can extend it to 20 to 25 years timeline for repayment.

Other options which you can avail are student loan consolidation, loan deferment or forbearance may help you in paying off loan faster.

Found money

Use found money for extra payments of loan. This money is not budgeted as your monthly income, like raise in salary, tax refunds, annual bonuses, cash gifts or side job income can be used to pay off student loan faster.

If you inherit money from a relative or win money from a settlement may surely be used for repayment of loan. Some companies are offering perks to help you in paying off loan simply working in their office. Although they are few but if you are switching your job look for such company.

Pay off biweekly payments

Make a plan to pay off biweekly in a month and stick to it. By paying off student loan two times in one month will end up in an extra payment each year. You will be saving money on interest cost. Use biweekly student loan payment calculator and see how much money and time you will be saving.


If you have stable income and good credit score, think of refinancing your student loan. You can take a new loan to use it to pay off the old loan. You may negotiate to get lower interest rate or new term loan which is shorter to increase your monthly payment, to help you in getting loan pay faster.