How to Quickly Pay Off Your Student Loans

Repaying Student Loans
How to Quickly Pay Off Your Student Loans

Making monthly student loan payments is about as much fun as going to the dentist. As tuition costs rise and student loan balances grow, it might feel like paying off that student loan is something you will never get behind you. The good news is that there is no penalty for repaying your student loans early.

The following rapid repayment strategies will help you repay your student loans quickly so that you can move on with life without student loan debt weighing you down.


Many people have multiple student loans with different repayment requirements, interest rates and terms. As you put together a repayment strategy, examine all your student debts closely and, while paying the minimum due on each student loan, prioritize repaying the debt that will cost the most first.

That means you will pay the minimum balance on all other student loans while paying as much as you can on the one that carries the highest interest rate or least favorable terms. If you have high-interest-rate loans or massive student loan debt, the savings you stand to gain from this tactic can be substantial.

Once you finish paying off one loan, move on to the next – and then the next. Paying off each successive loan should be faster as you apply the monthly payment you made on a paid-off debt to the next one. Keep doing this until all student loans reach a zero balance.


Consider consolidating your student loans if you have an excellent credit score and high-interest-rate loans. Not only will that simplify the repayment process, providing you with a single bill to pay each month, but it can also substantially reduce your interest rate.


Some employers offer student loan assistance programs in their benefits packages. And, some career paths actually qualify for student loan forgiveness. There may be regional requirements or time of service requirements, but people working in the following professions may be eligible for forgiveness programs:

  • Doctors
  • Lawyers
  • Nurses
  • Volunteer organization workers
  • Public servants
  • Federal agency workers


Putting extra funds toward student loan repayment will help you pay off your debt in a shorter time frame. Of course, making more money is not the only way to pay off your loans quickly. You may also choose to cut unnecessary expenses from your budget and invest those savings toward eliminating your student loan debt. Here are a few, easy ways to cut costs.

You will be surprised by how quickly a little adds up to a lot.


There is one key point to remember before you dive too deep into your efforts to pay off your student loans faster. Be cautious of some government programs designed to ease the pain of student loan payments. They often provide you with the means to reduce your monthly payments. However, that convenience typically comes with extended repayment terms on your loan. Since the goal is to repay your student loan debt faster, not lengthen the amount of time you must continue to pay this debt, these government programs might not be your best choice. In addition, extended repayment periods often mean you will pay more interest over time.

Updated August 2023

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Information presented in the Financial Advice website is provided for educational purposes only and is not related to Ameris Bank's actual products or services. Ameris Bank makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Ameris Bank recommends you consult a professional for any specific guidance you are seeking.