Student Loans: Should You Pay Them Off Early?

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
Guide to Paying Off Student Loans Early
Do Student Loans Have Prepayment Penalties?
When Is It a Good Time to Pay Off Student Loans Early?
Saving a Lot for Retirement Already
Your Income Is High Enough to Afford Other Goals
You Paid Off All High-Interest Debt
Your Emergency Fund Is Full
Pros of Paying Off Student Loans Early
Minimizes Interest Costs
Improves Debt-to-Income Ratio
Promotes Financial Freedom
No Prepayment Penalties
Cons of Paying Off Student Loans Early
Can Deplete Personal Savings
Prevents Student Debt Forgiveness
May Impact Student Loan Interest Deduction
Can Impact Your Ability to Make Other Investments
How Refinancing Can Help You Pay Off Your Student Loans
Pros and Cons of Refinancing
Student Loan Refinancing With Lantern:
Frequently Asked Questions
Photo credit: iStock/Pekic
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About the Author
Sulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and currently serves as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.
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