The average student loan balance is $37,000. Here's how to tackle it strategically.
Know Your Loans
- Federal vs. Private (different rules)
- Interest rates on each
- Minimum payments
- Total balance
Federal Loan Options
Income-Driven Repayment (IDR)
Payments based on income. Good for low earners. Forgiveness after 20-25 years.
Public Service Loan Forgiveness (PSLF)
Work for government/nonprofit + 120 payments = forgiveness.
Refinancing
Lower interest rate but lose federal protections. Good for high earners with stable jobs.
Payoff Strategies
- Pay more than minimum (even $50 extra helps)
- Target highest interest rate first
- Use windfalls for lump sum payments
- Employer repayment programs (ask HR)
Track Your Progress
Log payments and watch the balance drop. Use Pocket Clear to free up money for extra payments.
Start Tracking Together
Download Pocket Clear free. Simple expense tracking for couples and expats.