Standard repayment plans for federal student loans are calculated assuming repayment over a 10-year period. But, according to the Education Data Initiative, fewer than 40% of borrowers clear their balance within that timeframe.
Average time to pay off student loans
According to a 2026 analysis by The College Investor, undergraduate borrowers take an average of 17 to 18 years to fully repay their federal student loans, while the timeline for graduate school loans is 23 years.
Borrowers who switch to income-driven plans or extended terms can expect to take 20 to 25 years or even longer to finish paying their student loans.
See if you qualify for student loan refinancing
How to pay off your student loans faster
Whether you have federal or private student loans (or both), there are strategies that can help you clear that debt more quickly.
1. Make payments during your grace period
Borrowers with federal student loans typically receive in-school deferment plus a six-month grace period after they graduate or stop attending at least half-time. Interest on Unsubsidized Loans accrues during this period, but not for Direct Subsidized Loans.
Making payments while you're still in school or during your grace period will speed up your pay-off time and save money on interest over the course of your loan.
2. Refinance your student loans
If your credit score and income have improved, or rates have dropped since you took out your loan, refinancing your student loans can save you a lot of money.
Since federal loans come with more protections and a lower rate, refinancing is usually only recommended for private student loans. But if you have excellent credit, you may get a better offer than the fixed federal student loan rate.
If you are considering refinancing federal loans, just make sure you won't need access to an income-based repayment plan, deferment, or other assistance.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, health professionals
$5,000 minimum (or up to state); maximum up to cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate and graduate students, parents
Amount varies by individual lender
Range from 5 to 20 years
Terms apply
3. Make extra payments
Anything you can contribute beyond your minimum payment will help reduce the principal and total interest paid.
You can use tax refunds, work bonuses and other windfalls to make one-time overpayments or pick up a side hustle or tighten your budget to increase your contribution every month.
Be sure to specify that extra payments are for "principal only," and not future interest.
4. Make biweekly payments
If you split your regular monthly loan payment, you'll end up making 26 half-payments —or 13 full payments a year, rather than the normal 12. Putting those extra funds towards your principal can save you thousands of dollars.
If you have $50,000 in student loans at 8% interest with 10 years left on the term, biweekly payments will save you nearly $2,500 in interest and enable you to pay off your loan 13 months earlier.
5. Enroll in autopay
Setting up automatic payments for your student loans doesn't just ensure you won't miss one; it can save you money. Many lenders offer a 0.25% autopay discount, and some go even higher. Ascent* offers an autopay discount of up to 1% and gives 1% cash back on your loan principal at graduation.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
6. Look into employer assistance
A growing number of corporations are offering student loan repayment assistance (SLRA) programs as part of their employee benefits package.
Employers can contribute up to $5,250 tax-free annually toward an employee's student loan debt. The One Big Beautiful Bill Act made the program permanent and adjustable for inflation.
About 14% of companies offer some type of assistance, according to the Society for Human Resource Management, including Aetna, Fidelity, Google and New York Life.
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*Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply.
For Ascent's terms and conditions, please visit AscentFunding.com/Ts&Cs.
Annual Percentage Rates (APRs) displayed above are effective as of 3/1/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments.
Loans are subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions.
The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are available only to our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward is subject to terms and conditions.
For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers who agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
