Make a lump-sum student loan payment. While it's tempting to spend extra cash like bonuses and tax refunds, a better use of those funds would be to go toward your student loan debt. A lump sum extra payment calculator shows how much money you can save with a one-time, lump sum student loan payment.
Refinance your student loans. One of the best ways to lower the interest on your student loan is to refinance. "There are multiple student loan lenders who offer interest rates as low as 2.50% - 3.00%, which is substantially lower than federal student loans and in-school private loan interest rates," Forbes said. If you're considering going this route, it's helpful to know that when you refinance, lenders typically look at your credit score, income and debt-to-income ratio, among other factors.