Student loan debt can be a major financial burden, but if your financial situation is in good shape, you may be able to save some money by paying down your debt more quickly. Depending on your goals and circumstances, here are some tips and tricks for paying off student loans faster.

How to pay off student loans quickly

If you're interested in paying off student loans as fast as possible, these steps can help you accomplish your goal in a sustainable way that won't threaten your other financial needs and obligations.

Increase your monthly payment

If you have enough room in your budget to make a consistently higher payment, contact your lender or loan servicer or log in to your online account and increase your monthly automatic payment amount.

To give you an idea of how much you can save, let's say that you owe $20,000 in student debt with an average interest rate of 6%, a 10-year repayment term and a monthly payment of roughly $222. Over 10 years, you'll pay about $6,647 in interest.

However, if you increase that monthly payment to $300, you'll shave more than three years off your repayment plan and save roughly $2,258 in interest.

Make biweekly payments

Instead of making one monthly payment each month, split it in half and make a payment every two weeks. Most months, you'll make two half payments, but in two months out of the year, you'll make three half payments. In other words, you'll make one full extra monthly payment this way.

Taking the same loan terms above, making biweekly payments instead of monthly payments would result in a zero balance after nine years instead of 10. You'd also save about $762 in interest over the life of the loan.

Set up automatic payments

If you haven't already, set up automatic payments for your student loans. Not only will autopay save you some time, but most lenders and loan servicers offer an interest rate discount of 0.25% to 0.50% when you make automatic payments.

It won't make a huge difference – using the previous example, your payment would drop by a couple of dollars, and you'd save roughly $300 in interest over 10 years – but it can help when you combine this step with other options.

Use the debt snowflake approach

The debt snowflake method involves paying down your debt using small savings you earn in your everyday life, such as coupons, cash-back rewards, payments for odd jobs, and found money.

For example, if you use a coupon for $3 off laundry detergent, transfer $3 from your checking account to your savings account. Do the same for other small savings throughout the month, then put the full balance toward your student loans at the end.

You can also do the same with recurring savings. For example, if you split a streaming service subscription with a friend or family member, transfer your savings into the account each month.

If you use this approach, make sure you ask the lender or loan servicer to apply your payment to your principal balance. Otherwise, the lender may consider it a prepayment of future payments.

Utilize windfalls

The debt snowflake approach can be effective, especially as savings add up over time. But it can also be time-consuming. If you want a similar approach that's simpler, consider applying some or all of certain windfalls you receive throughout the year.

For example, if you usually receive a tax refund – the average refund amount was $2,812 in 2023, according to the IRS – you could put some of that money toward your student loans. You can do the same thing if you earn a performance bonus at work.

Again, make sure you notify your lender or loan servicer that you want to apply the full amount to your principal balance instead of treating it as a prepayment.

Increase your income

Depending on your situation, you may have an opportunity to earn a raise at work. If not, you could ask for overtime hours or apply for another job that pays better.

If that's not an option and you have some extra time, consider a side hustle that allows you to earn money relatively quickly and consistently. For example, you can earn some quick cash as a rideshare or food delivery driver.

You can also consider turning a skill or hobby into a side business, but keep in mind that it can take some time to generate profits with that approach.

Consider refinancing your loans

If you have federal student loans, it's generally best to avoid refinancing them with a private lender because it'll cause you to lose access to certain benefits. But if you have a steady job and a solid income, you may not need access to student loan forgiveness programs, income-driven repayment plans, or forbearance and deferment options.

If that's the case, refinancing your loans with a private lender could help you secure a lower interest rate. You may also be able to shorten your repayment term, resulting in an accelerated plan. Just make sure you can keep up with the higher monthly payment for the remainder of the loan term.

As an example, let's say that you can refinance your $20,000 in student loan debt and get a 4% interest rate instead of 6%. And because you can afford it, you opt for a seven-year repayment term instead of the standard 10 years for federal loans.

If you make the move, your monthly payment would increase to about $273 instead of $222, but you'd save roughly $3,681 in interest over the new repayment term.

Note that if you have private student loans, there are few downsides to refinancing them with another lender, as long as you can get better terms with the refinance loan.

Check to see if you qualify for SAVE

If paying extra toward your federal student loans isn't possible right now, visit studentaid.gov/save to see if you qualify for the income-driven Saving on a Valuable Education (SAVE) plan. SAVE increases the income exemption from 150% to 225% of the poverty line, which can significantly lower your monthly payment amount (as low as $0). If you don't qualify for SAVE, check to see if you qualify for one of the other federal repayment plans.

Paying off student loans can help you save money and free up cash flow sooner so you can work on other important financial goals. Look at these and strategies to determine the best approach for you.

As you consider the different ways to accelerate your student loan repayment plan, though, it's important to avoid getting so focused on your objective that you put yourself at risk. Make it a priority to build an emergency fund so you can deal with unexpected expenses as they arise – after all, you can't get extra money you've paid on your loans back in your time of need.

Also, continue to prioritize other important financial goals, particularly retirement savings and paying down high-interest debt so you can maximize the health and trajectory of your overall financial plan.