The average student loan borrower owes almost $40,000. If you’ve just graduated with a degree, you probably know that it’s likely to pay off in the long run. However, you’re now dealing with a more immediate issue—paying off student loans.  

If you graduated in May of this year, your grace period will likely end in November, and you will need to begin paying back what you owe. You might therefore wonder: What is the fastest way to pay off student loans? 

There’s no singular method for quickly wiping out student debt. However, we’ve outlined six distinct strategies to help you pay off student loans fast and accelerate your journey to being debt-free. 

1. Pay More Than the Minimum 

The best way to pay off student loans efficiently is by paying more than the minimum requirement each month. It isn’t very exciting advice, but it works. 

The more you can put toward your loan, the less interest you’ll pay over time. If you don’t have much money to spare, this is still a worthwhile strategy. Even putting an extra $10 per month toward your loan can add up over time. 

Putting your loans on autopay can reduce your risk of accidentally missing a payment. There’s another benefit, too. If you have federal student loans, setting up automatic debit knocks 0.25% off your interest rate. 

2. Choose Your Repayment Plan Strategically 

How long does it take to pay off student loans? That depends on your repayment plan. If you want to have a specific date when you know your loan will be paid off, one of the three fixed repayment plans may be best: 

• Standard: Equal payments spread out over 10 years 
• Graduated: Payments start low and gradually increase, but the loan is still paid back in 10 years 
• Extended: Fixed or graduated payments ensure that your loan is paid off in 25 years 

You must owe at least $30,000 to qualify for the extended plan. 

So, what is the best student loan repayment option? Federal Student Aid’s Loan Simulator tool can help you decide. 

If you have federal loans, you may be able to pause your payments if your income unexpectedly drops. However, if at all possible, see if you can lower your monthly payments instead of pausing them completely.  

In most cases, interest still accrues while payments are paused. By continuing to make payments (even small ones) toward your loan, you can minimize the impact of that added interest. 

3. Look Into Loan Forgiveness Options 

Is it smart to pay off student loans quickly? Generally, yes. But if you can qualify for loan forgiveness, that’s even better. There are several forgiveness options for federal student loans, but the most widely used is Public Service Loan Forgiveness (PSLF). 

With PSLF, you must be a full-time employee with either a government agency or a nonprofit organization. Once you’ve made 10 years of payments, the remainder of the loan will be forgiven. 

4. Make Your Loan a Priority 

If you’re wondering, “How can I pay off my student loans faster?,” one of the best ways to expedite the process is to put any and all “found money” toward your loan until it’s paid off. 

If you land a bonus at work, receive a financial gift, or get a tax refund, your first impulse might be to buy yourself something nice. However, if you make a commitment to put any monetary windfalls toward paying off student loans, you might be surprised how quickly you see the balance drop.  

5. Use the Debt Avalanche Method if You Have Multiple Loans 

If you have more than one student loan and you can’t consolidate them, knowing how to pay off student loans efficiently can save you thousands in the long run. Putting the “debt avalanche” method of repayment to work is one great option. Here’s how to do it: 

• Make a list of your student loan balances and interest rates 
• Make all minimum payments each month 
• Each month, put extra money toward the loan with the highest interest rate 
• Once that loan is paid, apply all extra money to the loan with the next-highest rate 

6. Don’t Forget the Student Loan Interest Tax Deduction 

Did you know you may be able to deduct the interest you pay on student loans when you file your taxes? You can deduct up to $2,500 per year, or the actual amount of interest you paid — whichever is less. This deduction is available even if you claim the standard deduction, though income and filing status rules apply.  

To speed up repayment, consider putting any tax refund you receive toward your outstanding loans. 

Strategy Matters When Paying Off Student Loans 

If you’re like most student loan borrowers, you’re eagerly awaiting the day that your loans are completely repaid. That might lead you to wonder, “How do I pay off my student loan as fast as possible?” 

Paying off student loans can be a long and frustrating process, but when you take advantage of one (or more) of the strategies outlined here, you’ll be that much closer to putting your debt behind you forever. 

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