Pay of Student Loans like a BOSS!
Did I fully understand the risks and idea of compound interest at 17 when I graduated? NO! I knew there was a risk, but I wanted an education. My loans already barely covered my tuition. I graduated with A LOT of student loan debt. It took me 15 years to pay it off. Perhaps that is realistic, but it was still a grind and a sacrifice. I had both private loans and federal loans. My private loan had a much higher interest rate and could not be forgiven like my federal loan. I was fortunate enough to get into non-profit and education. Hence, eventually, my federal loan was forgiven. However, that was after 10+ years of repayment. There is hope for you! I can officially announce that I have zero student loan debt!!! Here is some advice if you feel like you are drowning and see no light ahead.
1. Shift Your Mindset: Treat It Like a Mission
Think of your student loan as a time-sensitive challenge. Push yourself to work towards a higher paying job to pay your loan more comfortably. Perhaps this loan is a blessing in disguise and you will find yourself in a top position because you did the work and did not settle and feel like a victim of the system. I made the choice, now, had to slowly but surely play the long game and dig myself out.
2. Pay More Than the Minimum
Always pay more than the minimum to attack the principal faster.
Even $50-$100 extra per month can shave off years and thousands in interest. This is easier said than done, but worth it. Also, don’t wait to pay but make small payments even if on deferment. Moreover, ensure you are not on deferment when you want to be paying or be counted for loan forgiveness. Sometimes, universities will automatically inform your loan company and you need to lift it by reaching out to your loan provider.
3. Slash Expenses & Redirect Cash
Live like a student a little longer—cut non-essential expenses. Try to compound interest in a new direction, invest into stocks, retirement, or a roth as a push back to the man!
I wish I had this earlier, but, use a budget journal to keep track of your stubs and tax documents for each year to track payments. I like this Clever Fox Budget Planner because of the rings and pockets. Take control, it will be harder, but worth it!
4. Get a Side Hustle or Extra Income Stream
Use gig work (freelancing, Uber, tutoring, pet-sitting) to create an extra debt payoff fund. This is an important one and one that can be both challenging and fun to embrace! I worked many jobs before I got my big break. Sometimes, this included working summers when everyone else was playing. However, I ended up meeting some of my most favorite people when I embraced the side hustle challenge. You can also get a job in the travel industry if you have an itch to see the world!
5. Refinance for a Lower Interest Rate
If your credit is good, refinance to cut down your interest rate and save thousands.
6. Follow the Debt Avalanche or Snowball Method
Avalanche Method: Pay off the highest interest loans first (saves money in the long run).
Snowball Method: Pay off the smallest balance first for quick motivation.
7. Automate & Make It Non-Negotiable
Set up automatic payments to stay consistent (some lenders give interest rate discounts!).
If possible, round up payments—e.g., if your bill is $265, pay $300.
8. Stay Motivated With Rewards & Community
Set milestones (every $5K paid off = small reward like a special meal or trip).
Join online communities like the Debt-Free Reddit group for motivation.
Keep your “why” in mind—financial freedom, a house, or stress-free future!
Watch motivating financial videos online. Learn about finances and taxes. It may not always be sexy, but, it is worth it!
9. Use Windfalls & Extra Cash Wisely
Tax refunds, bonuses, or gifts? Put at least 50-75% toward loans.
Get a raise, use that money toward your loan or savings.
10. Stay Aggressive & Keep Pushing
The faster you pay it off, the more you save on interest and free up cash for your future.
Remind yourself: The short-term hustle = long-term freedom.
Imagine how good it’ll feel to say, “I PAID OFF MY STUDENT LOANS EARLY!”