A 10-step plan to paying off student loan debt, from someone who repaid over $40,000

In total, Americans owe $1.5 trillion in student loan debt. While some may find themselves forced to defer or default on your student loans, it’s better if you’re able to come up with a system to pay them off — and within a modest time frame.

  • In total, Americans owe $1.5 trillion in student loan debt.
  • Here, a

Student loan debt is a big financial burden for many people. In fact, Americans owe $1.5 trillion in student loan debt, according to data from the Federal Reserve

While some may find themselves forced to defer or default on your student loans

There are two primary reasons to pay down your student loan debt in a reasonable amount of time, Maizie Simpson, data and news editor at Credit Karma, told Business Insider via email.

"The first has to do with interest: The longer you draw out your repayment period, the more interest you'll end up paying," Simpson said. "The second reason is that the longer you have student loan debt, the longer you might put off big life decisions or making investments in your future, such as starting a family or contributing to a 401(k)."

When it comes to paying off your student loans, no matter how intimidating the debt amount is, making an actionable payment plan is key. Here, Student Loan Hero

1. Know what you owe

2. Triage your student loan debt

3. Assess other financial considerations

4. Get — and keep — your living costs in check

5. Decide how much to put toward student loans

6. Make extra student loan payments each month

7. Target high-interest student loans first with the debt avalanche method

8. Refinance certain student loans

9. Put any windfalls or raises toward your student debt

10. Pace yourself and stay motivated

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

BBNaija 7: He has sucked my breast, fingered me – Beauty says as she drags Groovy

BBNaija 7: He has sucked my breast, fingered me – Beauty says as she drags Groovy

BBNaija 7: Daniella, Khalid in marathon s*x as Amaka watches in shock

BBNaija 7: Daniella, Khalid in marathon s*x as Amaka watches in shock

BBNaija S7: Here are 5 things Amaka should have done while Daniella & Khalid had sex

BBNaija S7: Here are 5 things Amaka should have done while Daniella & Khalid had sex

5 ex-beauty queens and their experiences on Big Brother Naija show

5 ex-beauty queens and their experiences on Big Brother Naija show

'Buga': A song of victory for Nigeria's medalists

'Buga': A song of victory for Nigeria's medalists

BBNaija 7: Calm down, her script was perfect - Beauty’s brother fires critics over disqualification

BBNaija 7: Calm down, her script was perfect - Beauty’s brother fires critics over disqualification

BBNaija: Biggie introduces new housemates to the show

BBNaija: Biggie introduces new housemates to the show

Why Taiwo Awoniyi’s Nottingham Forest played with a blank shirt against Newcastle

Why Taiwo Awoniyi’s Nottingham Forest played with a blank shirt against Newcastle

Oshoala breaks silence after Super Falcons WAFCON disappointment

Oshoala breaks silence after Super Falcons WAFCON disappointment