Credible takeaways
- Federal student loans offer a 10-year repayment plan with fixed monthly payments, making it a predictable and straightforward way to pay off the debt.
- Paying even small amounts beyond the minimum can significantly reduce interest and shorten the time it takes to repay the loan.
- You may be able to refinance with a lower interest rate or shorter repayment term.
Student loans can sometimes feel like a roadblock standing between you and meeting other financial goals you might have, especially if you have a high student loan balance.
However, there are ways to potentially pay off your student loans more quickly — in 10 years or less, for example. This could help you save money on interest and free up cash in your budget.
1. Get on the standard repayment plan
Federal student loans are placed on the standard repayment plan by default. Under this plan, you’ll have 10 years of fixed monthly payments that won’t change over the life of the loan.
Is the standard repayment plan a good choice? With the standard repayment plan, you’ll have predictable monthly payments for just 10 years, which could save you money on interest and help you pay off your loans faster.
However, payments on the standard plan can sometimes be high. The average student loan payment for undergraduate loans on the standard repayment plan is $305, and this goes up to an average of $723 for graduate loans. The payments for more expensive professional programs — such as law or medical school — could be much higher.
If you’re struggling with the payments, another repayment plan might be better for you.
Here’s how student loan payments under the standard 10-year plan might look for different loan amounts with average student loan interest rates:
*Note: The average interest rate for undergraduate students from 2006-2021 was 4.66% and 6.22% for graduate students.
Learn More: Best Student Loan Refinance Companies
Do private student loans have a standard repayment plan?
There isn’t a “standard repayment plan” across private lenders. Repayment terms for private student loans generally range from five to 20 years, depending on the lender.
Tip: Many private student loan lenders don’t charge prepayment penalties. So, if you have a term longer than 10 years, you can likely make extra payments to pay off your loan early without any extra charges.
Here’s how paying off private student loans in 10 years might look depending on the loan balance. Note that these calculations assumed an APR of 9.97%, the average 10-year fixed rate for private student loans without a cosigner.
Tip:
You might be able to get a lower interest rate on your private student loans through refinancing, depending on your credit.
This could help you save money on interest charges over time as well as potentially pay off your loans faster since more of your payment will go toward your principal instead of interest.
You can use our calculator below to see how much you can save by refinancing your student loans.
Check Out: How to Refinance Student Loans
2. Work toward federal student loan forgiveness if you qualify
If you have federal student loans, you might qualify for student loan forgiveness programs. These programs typically require that you work in certain professions or make payments on a specific plan. For example, doctors who attended medical school or lawyers who attended law school might be eligible for certain federal student loan forgiveness programs.
For example: Doctors who have medical school debt could be eligible for certain federal student loan forgiveness programs.
Some other common career tracks that might qualify for federal loan forgiveness include:
- Dentists
- Lawyers
- Nurses
- Pharmacists
- Physicians assistants
- Teachers
Here are a few of the most well-known federal student loan forgiveness programs available:
- Public Service Loan Forgiveness: If you work for a government or nonprofit agency, you might be eligible for Public Service Loan Forgiveness (PSLF). You’ll need to make 10 years on qualifying payments to apply.
- Income-driven repayment: If you sign up for one of the four income-driven repayment plans, your payments will be based on your monthly income. Depending on the plan, any remaining balance could be forgiven after 20 to 25 years of payments.
- Teacher Loan Forgiveness Program: Under this program, full-time teachers who teach for five consecutive years at a low-income school might qualify for partial loan forgiveness. If you meet all of the requirements, you could have $5,000 or $17,500 forgiven, depending on the subject you teach.
Tip:
If you don’t qualify for a forgiveness program, you could also consider refinancing your federal student loans to potentially get a lower interest rate.
However, keep in mind that refinancing your federal student loans will cost you your federal benefits and protections, including access to income-driven repayment as well as deferment and forbearance options.
If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Find out if refinancing is right for you
- Compare actual rates, not ballpark estimates — Unlock rates from multiple lenders in about 2 minutes
- Won't impact credit score — Checking rates on Credible won't impact your credit score
- Data privacy — We don't sell your information, so you won't get calls or emails from multiple lenders
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Learn More: Private Student Loan Consolidation
After deciding on your repayment plan, consider making extra payments to speed up the repayment process — such as making bi-weekly payments instead of just one monthly payment.
This could cut months or even years off your repayment term, depending on how much you can afford to pay each month.
For example: Say you owe $30,000 in student loans with a 10-year loan term, a 9.97% APR, and monthly payments of $396. If you paid an extra $100 per month ($496 in total), you’d save $5,657 in interest and pay your loan off almost three years sooner.
Keep in mind that even paying just a little extra toward your loans will help. For example, if you can’t afford to pay another $100, maybe you could increase your payment by just $10 or $25. Remember that every little bit counts when you’re tackling debt.
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4. Refinance your student loans
If you refinance your student loans, you’ll take out a new loan with new terms to pay off your old loans. Depending on your credit, you might get a lower interest rate through refinancing, which could help you save on interest charges and potentially pay off your loan faster.
With refinancing, you could also opt for a different repayment term. Keep in mind that while a longer term could get you a lower monthly payment, you’ll pay more in interest charges over time.
It’s usually a good idea to choose the shortest repayment term you can afford — especially since a shorter term might also get you a better interest rate.
Remember: While you can refinance federal student loans, you’ll lose access to your federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
You’ll typically need good to excellent credit as well as verifiable income to qualify for refinancing. Some lenders also offer refinancing for bad credit, but these loans generally come with higher interest rates compared to good credit loans.
Tip: If you can’t get approved for refinancing on your own, you could also consider applying with a cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower rate than you’d get on your own.
If you decide to refinance, remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
Advertiser DisclosureOverview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit. To qualify, you'll need a credit score of at least 700 and an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. However, loans aren't available in all U.S. states.
Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school. New Hampshire residents also receive a 1.5 percentage point interest rate reduction, making it an excellent option for those in the state.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
- New Hampshire residents save 1.5 percentage points on their interest rate
cons
- Refinancing is only available in select states
- High minimum credit score requirement
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply, but you can't prequalify with a soft credit check.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- Doesn’t offer prequalification to see rates before you apply
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Loan Amounts
$10,000 up to total refinance amount
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit. To qualify, you'll need a credit score of at least 700 and an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. However, loans aren't available in all U.S. states.
Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school. New Hampshire residents also receive a 1.5 percentage point interest rate reduction, making it an excellent option for those in the state.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
- New Hampshire residents save 1.5 percentage points on their interest rate
cons
- Refinancing is only available in select states
- High minimum credit score requirement
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
Overview
INvestEd is a nonprofit based in Indiana that offers student loan refinancing to borrowers nationwide. It offers competitive rates and a discount for setting up autopay. INvestEd also allows cosigners to be released after 12 on-time payments, which is sooner than some other student loan refinancing lenders.
However, the most you can refinance through INvestEd is $250,000, less than what other lenders may allow. It also has strict credit and income requirements to qualify, or you'll need an eligible cosigner. INvestEd clearly defines its credit requirements before you apply, but you can't prequalify with a soft credit check.
pros
- Refinancing available even for non-degree holders
- Offers a one-quarter percentage point rate discount for autopay
- Deferment available while in school, military service or under financial hardship
- Will release cosigners after as few as 12 payments
cons
- Relatively low maximum refinance amount compared with some competitors
- Doesn’t offer prequalification to see rates before you apply
- No refinancing available for international students
- Parent loans cannot be refinanced in student’s name
Eligibility
U.S. citizens or permanent residents are eligible. Borrowers must meet minimum requirements including a FICO score of 670 or higher, annual income of $36,000, a debt-to-income ratio below 40% to 50%, a year of continuous employment, and no defaults or serious collection activities in recent years.
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!
Compare NowHow to Pay Off Your Student Loans:
FAQ
Can you really pay off student loans in 10 years?
Open
It is possible to repay student loans in 10 years. The Standard Repayment Pan for federal student loans is 10 years. Private student loan terms typically range from five to 20 years. Making additional payments toward the principal can help you pay off loans faster.
Will student loans be forgiven after 10 years?
Open
The Public Service Loan Forgiveness (PSLF) program forgives federal loans after 10 years, which amounts to 120 payments for qualifying borrowers Private student loans are not eligible for forgiveness.
Who qualifies for 10-year loan forgiveness?
Open
Full-time employees of government agencies or nonprofit organizations can qualify for Public Service Loan Forgiveness after making payments for 10 years. Borrowers must maintain full-time employment with an eligible employer throughout the 10-year period.
Meet the expert:
Taylor Medine
Taylor Medine is an authority on personal finance. Her work has been featured by Bankrate, USA Today, The Balance, Business Insider, Credit Karma, and MSN.
