It can take about 20 years to pay off a student loan. Find out how long it will take you to pay off your student loans—and how to get rid of them faster.
This article discusses how to strategically pay off student loans more quickly than the traditional timeline. It introduces a student loan calculator to determine when loans can be paid off and underscores the importance of making extra payments. The piece criticizes standard repayment plans and highlights that minimum payments often do not cover interest, leading to larger loan balances over time. The debt snowball method is recommended, where debts are paid from smallest to largest to gain momentum. Personal experiences of paying off significant debt are shared to inspire readers to take control and prioritize debt repayment. It advises against relying on income-driven repayment plans, deferment, or loan forgiveness programs, emphasizing that these options prolong debt and increase interest. The article encourages readers to decrease expenses, boost income, and avoid deferrals unless absolutely necessary. Ultimately, it pushes for a proactive and aggressive approach to achieve debt-free status and urges readers to embrace short-term sacrifices for long-term financial freedom.