I have a small student loan that I needed to take out for college and I want to get rid of that as soon as I can.
Depending on the type of loan and rate you may actually be better off simply making the standard payment. But, whatever you do do not fall into the consolidation loan trap.
Once upon a time I had a student loan whose interest rate dipped as low as 2% in the Early 2000’s. The reason: After making 48 consecutive monthly electronic payments, Sallie Mae gave be an additional 2% cut. Don’t know if that program still exists. But I kept that loan until year 9 when it was so small I could pay it off with a single paycheck.
Also, Student loan interest is deductible, so you may be better off putting money away in an emergency fund or investments before paying it off.
