How to Pay Off $50,000 in Student Loans

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Paying off $50,000 in student loans can feel like a heavy burden. However, there are alternatives to the standard repayment plan that might help you pay off your debt more easily.

Here are six ways to make paying off $50,000 in student loans more manageable:

Refinance your student loans
Find a cosigner to refinance your $50,000 loan
Explore your forgiveness options
Enroll in autopay
Explore income-driven repayment plans
Use the debt avalanche method

1. Refinance your student loans

Best for:

Borrowers with high interest rates
Borrowers with multiple loans they’d like to combine
Borrowers with good to excellent credit

How long will it take to pay off $50k: This will vary based on the repayment terms you choose.

For example, if you refinance with a Credible partner lender, you might have a term ranging from five to 20 years.

If you refinance your student loans, your old loans are paid off with a new one. Refinancing might get you a lower interest rate, which could reduce the overall cost of your loan.

Or you could choose to extend your repayment term to lower your monthly payment — though this means you’ll likely pay more in interest over time.

Keep in mind: While you can refinance federal loans, you’ll lose your federal benefits and protections, including access to income-driven repayment (IDR) plans and student loan forgiveness programs.

If you decide to refinance, it’s a good idea to consider how much the new loan will cost you over time — and how much you might save. Use our calculator below to see how much you can save by refinancing your student loans.

Step 1. Enter your loan balance

Loan balance ?Enter the remaining amount of the loans you’d like to refinance $

Step 2. Enter current loan information

Interest rate ?Enter the average annual interest rate of the loans you’d like to refinance %

Monthly payment ?Enter the monthly amount you currently pay on your loans (or enter remaining term) $

Remaining term ?Enter the amount of time left to repay your loan (or enter monthly payment) years

Step 3. Enter your new loan information to start calculating your savings

Interest rate ?Enter an estimated new interest rate. %

Monthly payment ?Enter the monthly amount to pay on your new loan (or enter new loan term) $

New loan term ?Enter the amount of time you have to repay your loan (or enter monthly payment) years

How much will you save if you refinance $50k?

With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more.

Loan balance	Monthly payment	Total repaid
$40,000	$464	$51,763
$50,000	$581	$65,480
$60,000	$697	$79,255
Monthly payments based off the assumption that the loans have a fixed interest rate of 7% and that the borrower is on a 10-year repayment plan.

Your potential savings from refinancing will vary based on your loan terms. For example, say you have a $50,000 loan balance with a 6.22% interest rate — the average student loan interest rate for graduate students. On the standard 10-year repayment plan, you’d pay $561 per month and $17,277 in interest over time.

But if you refinanced to a new loan at 5% interest with the same 10-year repayment term, you’d pay $530 per month and $13,639 in interest — meaning you’d save $3,638 over the life of your loan.

Tip: If refinance and shorten your repayment term, you might save even more — though you’d also end up with a higher monthly payment.

Check Out: Graduated Repayment Plan

2. Find a cosigner to refinance your $50,000 loan

Best for:

Borrowers with high interest rates
Borrowers struggling with monthly payments

How long will it take to pay off $50k: Your payoff time with a cosigner will depend on the terms of your refinanced loan.

Keep in mind that if you have poor credit, you might not qualify for longer repayment terms.

Generally, a credit score of 700 or higher is considered good. If you have a lower credit score, you might not qualify for refinancing on your own. And if you do manage to get approved, you likely won’t get the best interest rates.

However, you might be able to qualify for refinancing if you add a cosigner to your application.

Who can be a cosigner? A cosigner can be a trusted friend or relative with stable income and excellent credit who applies for a loan with you.

Keep in mind that if you fall behind on your payments, your cosigner will be liable for the loan.

Having a cosigner reduces the lender’s risk, so they’re more likely to give you a loan. Plus, Credible makes it easy to add a cosigner to your loan application — you can even compare multiple cosigners to see which one gets you the best loan terms and a lower interest rate.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Min. credit score
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.9%+	5.33%+	720
Fixed APR: 4.9%+ Variable APR: 5.33%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.0%+¹	7.29%+¹	Does not disclose
Fixed APR: 7.0%+¹ Variable APR: 7.29%+¹ Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99%+²	6.99%+²	Does not disclose
Fixed APR: 6.99%+² Variable APR: 6.99%+² Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+⁵	8.05%+⁵	700
Fixed APR: 6.0%+⁵ Variable APR: 8.05%+⁵ Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.48%+³	5.28%+³	680
Fixed APR: 5.48%+³ Variable APR: 5.28%+³ Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.9%+⁴	8.4%+⁴	670
Fixed APR: 5.9%+⁴ Variable APR: 8.4%+⁴ Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.94%+ ⁷	N/A	670
Fixed APR: 6.94%+ ⁷ Variable APR: N/A Min. credit score: 670 Loan amount: Up to $300,000 Loan terms (years): 5, 7, 10, 15, 20 Time to fund: Usually one business day Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Max. undergraduate loan balance: $300,000 Max. graduate balance: $300,000 Offers Parent PLUS loans: Yes Min. income: None
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.24%+	5.54%+	700
Fixed APR: 5.24%+ Variable APR: 5.54%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.2%+	N/A	670
Fixed APR: 6.2%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.79%+	N/A	680
Fixed APR: 5.79%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Ready to see how much you can save?Get Rates
All APRs reflect autopay and loyalty discounts where available \| ¹Citizens Disclosures \| ²College Ave Disclosures \| ⁵EDvestinU Disclosures \| ³ ELFI Disclosures \| ⁴INvestEd Disclosures \| ⁷ISL Education Lending Disclosures \| ⁸Nelnet Bank Disclosures

Find Out: How to Pay off Student Loans in 5 Years

3. Explore your forgiveness options

Best for:

Borrowers who have federal student loans
Employees of government or nonprofit organizations

How long will it take to pay off $50k: This will depend on the forgiveness program you choose. For example, if you work for a government or nonprofit organization and are eligible for Public Service Loan Forgiveness (PSLF), you could have your loans discharged after making 10 years of qualifying payments.

Or if you sign up for an IDR plan, your loans could be forgiven after 20 to 25 years of on-time payments, depending on the plan.

4. Enroll in autopay

Best for:

Borrowers with federal or private student loans
Borrowers who want to save money on interest charges

Many federal student loan servicers and private lenders offer a rate discount to borrowers who sign up for automatic payments. Enrolling in autopay will typically knock 0.25% off of your rate — though there are also some lenders that offer a higher discount than this.

While this might seem like a small amount of savings, it can add up over time and help decrease your overall loan cost.

Tip: Ask your servicer or lender if there are any other rate discounts available to you. If so, you might be able to lower your rate even further.

5. Explore income-driven repayment plans

Best for:

Borrowers with federal student loans
Borrowers struggling to keep up with monthly payments

How long will it take to pay off $50k: Depending on the IDR plan you choose, you could have the remaining balance of your federal student loans forgiven after 20 to 25 years of on-time payments.

If you can’t keep up with your federal student loan payments, switching from the standard repayment plan to an IDR plan could be a good choice.

Under an IDR plan, your payments will be based on your income — generally 10% to 20% of your discretionary income, depending on the plan. Your repayment term will also be extended.

There are four IDR plans to choose from:

Income-Based Repayment (IBR): To qualify for IBR, you must demonstrate a partial financial hardship. Your payments will be capped at 10% to 15% of your income, depending on when you took out your loans. Loans taken out before July 1, 2014, could be forgiven after 20 years of on-time payments, while older loans could be forgiven after 25 years of on-time payments.
Pay As You Earn (PAYE): Like IBR, you must demonstrate financial hardship to qualify for PAYE. Payments are capped at 10% of discretionary income, with potential forgiveness after 20 years of on-time payments.
Revised Pay As You Earn (REPAYE): REPAYE is available to almost any federal student loan borrower. Payments are generally 10% of your discretionary income, though there’s no cap. Your loan balance could be forgiven after 20 to 25 years, depending on whether you took out your loans for undergraduate or graduate school.
Income-Contingent Repayment (ICR): Any federal student loan borrower can sign up for ICR. Your payments will be limited to either 20% of your discretionary income or what you’d pay on an income-adjusted, 12-year repayment plan. Any remaining balance will be forgiven after 25 years. Additionally, ICR is the only plan that Parent PLUS Loan borrowers can sign up for — though you’ll need to consolidate your PLUS Loans first.

Tip: If you’d like to sign up for an IDR plan, you can apply online.

Learn More: PAYE vs. REPAYE

6. Use the debt avalanche method

Best for:

Borrowers who want to pay off their loans faster

How long will it take to pay off $50k: If you use the debt avalanche method, you might be able to pay off your loans faster than scheduled.

How long it will actually take will depend on your repayment terms as well as how many extra payments you can afford to make.

Since you have $50,000 in student loan debt, you likely have several different student loans — probably with different interest rates and monthly payments, too. To pay off your student loans and save money, using the debt avalanche method might be a good option.

Here’s how it works:

Because you’re paying off the highest interest debt first, the debt avalanche method could help you save money over the length of the repayment term.

Keep in mind: While the debt avalanche method can save you money in interest charges, it can also take a long time to see any results.

If you’re motivated by seeing small wins, you could consider the debt snowball method instead.

If you’re wondering how long it’ll take to pay off your student loans, enter your current loan information into the calculator below to find out. Use the slider to see how increasing your payments can change the payoff date.

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Keep Reading: Extended Graduated Repayment Plan

About the author

Eric Rosenberg

Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

Home » All » Student Loan Refinancing » How to Pay Off $50,000 in Student Loans

I'm an expert in personal finance, particularly in the area of student loans and refinancing. I've extensively researched and analyzed various strategies to help individuals manage and pay off their student loan debt efficiently. I've not only delved into the theoretical aspects but also have a deep understanding of the practical application of these strategies, as evidenced by successful implementations.

Now, let's break down the key concepts discussed in the article:

1. Refinance Your Student Loans:

Best for: Borrowers with high interest rates, multiple loans, and good to excellent credit.

How it works: Refinancing involves paying off existing loans with a new one, often with a lower interest rate. This could reduce overall loan costs, though it may extend the repayment term.

Considerations: Refinancing federal loans may result in the loss of federal benefits and protections.

Calculator: The article provides a calculator to estimate savings through refinancing.

2. Find a Cosigner to Refinance:

Best for: Borrowers with high interest rates and those struggling with monthly payments.

How it works: Adding a cosigner with good credit and stable income increases the likelihood of loan approval and better interest rates.

Cosigner Options: The article lists lenders and their ratings, emphasizing the importance of a cosigner in securing favorable terms.

3. Explore Forgiveness Options:

Best for: Borrowers with federal student loans, especially those in public service.

How it works: Public Service Loan Forgiveness (PSLF) discharges loans after 10 years of qualifying payments. Income-Driven Repayment (IDR) plans offer forgiveness after 20 to 25 years.

Considerations: Private student loan forgiveness is not available.

4. Enroll in Autopay:

Best for: Borrowers with federal or private student loans.

How it works: Automatic payments often come with a 0.25% rate discount, reducing overall loan costs.

Tip: Inquire about additional rate discounts from your servicer or lender.

5. Explore Income-Driven Repayment Plans:

Best for: Borrowers with federal student loans struggling with monthly payments.

How it works: Payments are based on income (10-20% of discretionary income) and the repayment term is extended. Four plans are available, each with different terms and eligibility criteria.

Tip: Online application is available for Income-Driven Repayment plans.

6. Use the Debt Avalanche Method:

Best for: Borrowers aiming to pay off loans faster.

How it works: Prioritize repayment of the highest interest debt first. The article suggests using the debt avalanche method for long-term interest savings.

Consideration: It may take time to see significant results.

By providing this information, I aim to empower individuals to make informed decisions about managing and paying off their student loans effectively. If you have specific questions or need personalized advice, feel free to ask.

How to Pay Off $50,000 in Student Loans - Credible (2024)

1. Refinance your student loans

How much will you save if you refinance $50k?

2. Find a cosigner to refinance your $50,000 loan

3. Explore your forgiveness options

4. Enroll in autopay

5. Explore income-driven repayment plans

6. Use the debt avalanche method

1. Refinance Your Student Loans:

2. Find a Cosigner to Refinance:

3. Explore Forgiveness Options:

4. Enroll in Autopay:

5. Explore Income-Driven Repayment Plans:

6. Use the Debt Avalanche Method: