The average student loan balance in 2026 exceeds $35,000. Here are strategies to pay them off efficiently.
Repayment Plan Options
- Standard (10 years): Highest monthly payment, least total interest
- Extended (25 years): Lower payments, but much more total interest
- Income-driven (20-25 years): Payments based on income, potential forgiveness after 20-25 years
- Aggressive (5-7 years): Pay extra to eliminate debt fast
The Real Cost of Different Terms
On $35,000 at 5.5%: Standard 10-year costs $10,354 in interest. Extended 25-year costs $29,063 — nearly triple.
Strategies to Pay Off Faster
- Pay more than the minimum every month
- Use the avalanche method on multiple loans
- Refinance if your credit has improved
- Apply windfalls (tax refunds, bonuses) to principal
- Consider employer student loan repayment benefits
Calculate your payoff timeline with our student loan calculator.