Nov 1, 2024 · 5 min read
5 Unconventional Ways to Pay Off Student Loans Faster
Beyond just making extra payments, there are several creative strategies you can use to accelerate your student loan payoff journey. From employer contributions to strategic refinancing, here's how to get debt-free sooner.
Feeling stuck in a long-term student loan repayment plan? There are powerful, often-overlooked strategies that can shave years off your debt. This guide explores five effective ways to speed up your path to financial freedom.
Top 5 Strategies
- Bi-Weekly Payments: Making half-payments every two weeks results in one extra full payment per year.
- Employer Assistance Programs: Many companies now offer student loan repayment as a benefit.
- Refinancing (with caution): If you have private loans and a good credit score, you may qualify for a lower interest rate.
- Use Windfalls Wisely: Apply tax refunds, bonuses, or inheritances directly to your highest-interest loan.
- Increase Income with a Side Hustle: Dedicate earnings from a side gig entirely to your loan payments.
Want to see how these strategies could impact your specific loan balance? Our AI calculator can model different scenarios for you.
Use the AI Student Loan Payoff Calculator to create your strategy.