Student Loan Debt: How to Pay Off Loans Faster

Government-mandated payment pauses and extensions are set to come to an end in early 2025. Borrowers will soon resume making monthly student loan payments, and some may be looking to find ways to pay off student loan debt faster.
Why It Matters
According to a Q3 2024 household debt and credit report from the Federal Reserve Bank of New York, student loan balances now stand at $1.61 trillion. The average student loan balance in 2023 was $37,853, and polls indicate that people are putting off buying a home, getting married and having kids because of this burden.
US President Joe Biden speaks about the US Supreme Court’s decision overruling student debt forgiveness as Education Secretary Miguel Cardona looks on in the Roosevelt Room of the White House in Washington, DC, on June… US President Joe Biden speaks about the US Supreme Court’s decision overruling student debt forgiveness as Education Secretary Miguel Cardona looks on in the Roosevelt Room of the White House in Washington, DC, on June 30, 2023. As student loan debt mounts and payment pauses end, borrowers may wonder how to pay off student loan debt faster. More Jim Watson
What To Know
Paying off student loans quickly can open up more capital to put toward other financial goals.