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How to pay off your student debt faster. ‘Even an extra $5 a month can make a big difference,’ expert says

Paying just a little more than you owe each month on your student debt can reduce the amount you’ll pay overall and shorten your repayment timeline, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.

“Even an extra $5 a month can make a big difference,” Mayotte said. (You’ll want to make sure to tell your servicer to direct the additional money to your principal, so it doesn’t just apply it to future interest and payments.)