Crushed by Student Loans? 7 Genius Ways People Are Paying Them Off Faster

Introduction

1. Refinancing for a Lower Interest Rate

Why it works: Lower rates mean less paid in interest and faster payoff.

How to do it: Use a reputable lender to consolidate federal or private loans into one loan with a better rate — but be aware you may lose federal protections.

2. Side Hustles and Gig Work

Why it works: All extra income can go directly toward your loans.

Popular ideas: Freelancing, tutoring, rideshare driving, dog walking, or selling handmade goods on Etsy.

3. Biweekly Payments Instead of Monthly

Why it works: You'll make one extra payment a year without noticing much difference.

Pro tip: Split your monthly payment in half and pay every two weeks.

4. Loan Forgiveness Programs

Why it works: Qualify and get part or all of your debt forgiven.

Public Service Loan Forgiveness (PSLF) programs and Teacher Loan Forgiveness Programs are types of loan forgiveness granted after income-driven repayment for 20 to 25 years.

5. Budget Hacking

Why it works: Cutting costs frees up cash to throw at your loans.

Strategies: Slash streaming services, use cashback apps, or try a no-spend month challenge.

6. Windfalls Go Straight to Loans

Why it works: Large chunks reduce principal fast.

Examples: Tax refunds, work bonuses, gifts, or inheritance — even small windfalls help.

7. Live Like a Student (Again)

Why it works: Keeping expenses low post-college gives you a financial edge.

Tips: Rent with roommates, cook at home, skip big lifestyle upgrades until your debt is gone.