Before applying for a student loan, you’d have to set a plan on how you’ll repay your debt. Your goal should be to pay off student loans as quickly as possible so that you can start saving money for the future.

While paying off student loans will take time, there are shortcuts that you could take to shorten the payoff period.

Below are ways to reduce the time it takes to pay off student loans.

7 Strategies to Pay Off Student Loans

These are just some of the ways you could pay off student loans in less time.

1. Make Additional Payments

Yes, this will not work for everyone. But for those who can, you should consider paying more than the minimum amount. Any amount you can put toward erasing your student debt will inch you closer to financial freedom.

2. Apply for Student Loan Forgiveness

See if you qualify for student loan forgiveness. Under certain situations, your debt can get canceled. For instance, those employed by a non-profit organization are qualified to receive loan forgiveness under the Public Service Loan Forgiveness Program.

3. Talk to Your Employer About Student Loan Assistance

Some businesses offer student loan assistance. Some even pay for their employees’ college tuition. If you’re not sure, you should talk with your HR department about the ways they can help you pay off student loans, if there are any.

4. Take Advantage of Tax Deductions

If you meet specific requirements, you can reduce your taxable income for interest paid on student loans. The money you save can then make additional payments on your loan.

According to the Internal Revenue Service (IRS), you get a deduction of $2,500 or the interest you paid during the year.

5. Consider Student Loan Refinancing

Student loan refinancing is an excellent option if you have a fantastic credit rating. Typically, a student loan will have high-interest rates because you’ve yet to become financially stable when you take one out.

But after working for a while, you’ll be able to get a better credit rating and potentially lower interest rates. By refinancing, you can restructure your debt to pay off the high-interest loan immediately and start paying for a brand new loan with lower interest rates.

6. Pay Loans on Autopilot

Automatically paying loans is not just about preventing late payment fees, which helps pay off student loans faster. It’s also about saving money through interest rate discounts—that is if your loan service provider offers one.

At the very least, paying loans automatically through your checking account will give you some peace of mind.

7. Set Up a Repayment Fund

On top of paying your monthly dues, you should set up a repayment fund, preferably while you’re still in college.

There are plenty of ways you can go about accomplishing this. You could get a part-time job and earmark some of your earnings for paying off your student loan. Selling some of your unused possessions will also work.

Ideally, you’d want to open up a savings account specifically for this purpose. And if you do, you’d like to open a savings account with high-interest rates.

The Best Way to Pay Off Student Loans Fast

Want to know the how to pay off student loans fast?

Here’s the secret:

You’d have to find the right type of student loan for you. If you apply for the right student loan, paying it off shouldn’t be as big of a burden.

You will have to do some research. You’ll need to look at all available student loan options side-by-side to find plans that have the most flexible options. Find a student loan that makes the most sense for you.

How to Pay Off Student Loans Fast

For you to pay off student loans quickly, you’ll have to learn how to set money aside and re-allocate them toward paying off your debt. That’s the best way to pay off student loans.

Look into loan forgiveness, tax deductions, and refinancing options if you’re qualified. Until then, you’ll need to start saving money while in college so you can start paying it off right out of college.

More importantly, you’ll have to do your research to find the right student loan for you. Not all of them are the same, so it’s best to compare all your choices to see which ones are a better fit for you.