Paying off student loans can be a daunting task. However with a planful approach, making your loans disappear can be a lot more manageable. Here are some tips to help make paying off your student loans less stressful and hopefully quicker!

• Refinance your loans. You may be able to lower your monthly payment by refinancing your current student loans over a longer period of time. And a lower monthly payment could give you more breathing room in your monthly budget. Refinancing may also provide the opportunity to secure a lower interest rate, which could add up to more savings for you. Refinancing federal student loans with a private lender, though, means losing certain federal protections, such as income-driven repayment plans and loan forgiveness options. Before refinancing, consider your financial situation and evaluate if this is the best option for your circumstances.Tip: Shop around to compare rates and terms from different lenders. Even a small reduction in your interest rate can save you potentially thousands over the life of your loan.
• Make extra payments when possible. One of the best ways to pay off your student loans faster is by making extra payments. By paying more than the minimum required each month, you’ll reduce your principal balance quicker, leading to an overall lower interest expense over the life of the loan. Even small additional payments can make a big difference over time. For example, if you receive a bonus at work, a tax refund, or other cash gift, consider putting part or all of it towards your loan.Tip: Consider splitting your monthly payment in half and paying that amount every two weeks. Since there are 52 weeks in a year, this approach will result in 26 half-payments, or 13 full payments instead of 12, effectively making one extra payment each year.
• Look into loan forgiveness programs. Depending on your profession and where you work, you may qualify for loan forgiveness programs. The Public Service Loan Forgiveness program, for example, forgives the remaining balance on federal loans for eligible public service workers after 120 qualifying payments. Other programs, like Teacher Loan Forgiveness and Perkins Loan Cancellation, offer similar benefits for teachers and certain professionals.Tip: Research eligibility requirements for these forgiveness programs and stay up-to-date with any changes, as some programs require specific steps to remain eligible.
• Take advantage of employer assistance programs. Many employers now offer student loan repayment assistance as part of their benefits package. This benefit can help you make faster progress on your loans without tapping into your personal budget. Check if your employer offers this benefit, and if they do, take advantage of it to reduce your principal balance faster.Tip: If your employer doesn’t offer this benefit, ask if it’s something they would consider implementing in the future.