It can be difficult to start working towards other financial goals, like buying a home or saving for retirement, while you're still saddled with student debt.
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.To pay off your student loan faster, you'll want to create a written repayment plan that lists all of your debts and places them in order of importance using methods like the debt avalanche or debt snowball. Then pay extra towards your highest-priority loans whenever you can.
And the student loan situation is even more dire for graduate and professional students. The average student debt total for master's degree grads was $44,900 in 2019. And PhD grads finished school with an average of $107,500 in student loans. Your private loans won't typically be able to match these benefits. So it's usually best to knock them out as fast as you can.
The second option is to focus on the highest interest rate loans first and work your way down to your loan with the lowest rate. This is often called the "debt avalanche" method.
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