Title: Should I Pay Off My Student Loans Early? | Bankrate
Headings: Should I pay off my student loans early?
Should I pay off my student loans early?
Key takeaways
Should I pay off my student loans early?
Pros
Cons
Factors to consider
Other debt
Retirement savings
Homeownership
Lifestyle expenses
Emergency expenses
How to pay off student loans quickly
Pay more than the minimum
Make an extra loan payment each month
Put down a lump-sum payment
Refinance for a lower rate
Next steps
Learn more:

Content: Whether or not you should pay off your student loans early depends a lot on your specific circumstances. On the one hand, the longer you spend paying off your loans, the more you’ll be paying in interest. On the other hand, making extra payments could detract from other savings goals. Here are some of the benefits and drawbacks of paying back your loan early. Pros
Pay less over the life of the loan: Because your student loan, like most other debt, accrues interest when you carry a balance, it’s cheaper if you pay off the loan earlier. It gives the debt less time to accumulate interest, and that means you’ll pay less money in the long run. Get a head start on other financial goals: With one less monthly payment to worry about, you’ll be able to use the funds you would apply to your student loans for other purposes, like saving for a house or retirement, paying off a mortgage or taking a vacation. Improve debt-to-income ratio: