How to Pay Off $70,000 in Student Loans

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While the average student loan debt for college students is $39,351, some students might end up leaving school with $70,000 or more in student loans.

Paying off this amount in student loans can feel overwhelming. For example, if you had $70,000 in federal student loans and made payments under the standard 10-year repayment plan with a 6.22% interest rate, you’d end up with a monthly payment of $785 and a total repayment cost of $94,188.

Thankfully, several strategies could help you more easily manage $70,000 in student loans.

Here’s how to pay off $70,000 in student loans:

Refinance your student loans
Consider using a cosigner when refinancing
Explore income-driven repayment plans
Pursue loan forgiveness for federal student loans
Adopt the debt avalanche or debt snowball method
Paying off student loan FAQs

1. Refinance your student loans

Student loan refinancing is the process of paying off your old loans with a new loan from a private lender. Depending on your credit, you might get a lower interest rate through refinancing, which could save you money on interest and even potentially help you pay off your loans faster. The better your credit score, the lower the interest rates you’re likely to qualify for.

Or you could opt to extend your repayment term to reduce your monthly payments and lessen the strain on your budget — though be aware that this means you’ll pay more in interest over time.

Keep in mind: You can refinance both federal and private loans. However, refinancing your federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.

If you decide to refinance your student loans, be sure to consider as many lenders as possible so you can find the right loan for your situation. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in just two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)	Loan amounts
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.75%+	5.32%+	5, 7, 10, 15, 20	$10,000 up to $250,000 (depending on degree)
Fixed APR: 4.75%+ Variable APR: 5.32%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.49%+¹	7.03%+¹	5, 7, 10, 15, 20	$10,000 to $500,000 (depending on degree and loan type)
Fixed APR: 6.49%+¹ Variable APR: 7.03%+¹ Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99%+²	6.99%+²	5, 7, 10, 12, 15, 20	$5,000 to $300,000 (depending on degree type)
Fixed APR: 6.99%+² Variable APR: 6.99%+² Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+⁵	8.04%+⁵	5, 10, 15, 20	$1,000 to $250,000
Fixed APR: 6.0%+⁵ Variable APR: 8.04%+⁵ Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.48%+³	5.28%+³	5, 7, 10, 12, 15, 20	$10,000 to $250,000
Fixed APR: 5.48%+³ Variable APR: 5.28%+³ Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.85%+⁴	8.51%+⁴	5, 10, 15, 20	$5,000 to $250,000
Fixed APR: 5.85%+⁴ Variable APR: 8.51%+⁴ Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.49%+	5.52%+	5, 7, 10, 15	Up to $300,000
Fixed APR: 5.49%+ Variable APR: 5.52%+ Min. credit score: 700 Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 15 Max. undergraduate Loan Balance: $125,000 Time to Fund: 10 to 30 days Repayment options: Immediate repayment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 months Loan servicer: LendKey Technologies Inc. Max. graduate Loan Balance: $175,000 Credible Review: LendKey Student Loans review Offers Parent PLUS Refinancing: No
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.2%+	N/A	7, 10, 15	$10,000 up to the total amount of qualified education debt
Fixed APR: 6.2%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.34%+	N/A	5, 10, 15	$7,500 up to $250,000 (depending on highest degree earned)
Fixed APR: 6.34%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Compare personalized rates from multiple lenders without affecting your credit score. 100% free!Compare Now Trustpilot
All APRs reflect autopay and loyalty discounts where available \| ¹Citizens Disclosures \| 2College Ave Disclosures \| 5EDvestinU Disclosures \| ³ ELFI Disclosures \| 4INvestEd Disclosures \| 7ISL Education Lending Disclosures \| 8Nelnet Bank Disclosures

2. Consider using a cosigner when refinancing

You’ll typically need good to excellent credit to get approved for refinancing — a good credit score is usually considered to be 700 or higher. Several lenders offer refinancing for bad credit, but these loans tend to come with higher rates compared to good credit loans.

If you have poor or fair credit and are struggling to get approved, consider applying with a cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

3. Explore income-driven repayment plans

If you have federal student loans, signing up for an income-driven repayment (IDR) plan could be a good idea. On an IDR plan, your payments are based on your income — typically 10% to 20% of your discretionary income.

Additionally, you could have any remaining balance forgiven after 20 to 25 years, depending on the plan.

Tip: Signing up for an IDR plan might significantly reduce your monthly payments. However, keep in mind that by extending your repayment term, you could end up paying much more in interest over time.

Here’s how the four main IDR plans compare to a few other federal repayment plan options:

Repayment plan	Who’s eligible?	Monthly payment	Repayment terms	Eligible for loan forgiveness?
Standard repayment plan	Any borrower with Direct or FFEL Loans	Amount when payments are spread equally over 10 years (usually $50 minimum)	10 years	No
Graduated repayment plan	Any borrower with Direct or FFEL Loans	Depends on loan amount (payments start low and increase every 2 years)	10 years	No
Extended repayment plan	Any borrower with more than $30,000 in Direct or FFEL Loans	Fixed: Spread evenly over up to 25 years Graduated: Depends on loan amount (start low and increase every 2 years)	Up to 25 years	No
Income-Based Repayment (IBR)	Borrowers with partial financial hardship (no Parent PLUS Loans)	For borrowers who took out loans after July 1, 2014: 10% of discretionary income (never more than 10-year plan) For borrowers who took out loans before July 1, 2014: 15% of discretionary income (never more than 10-year plan)	For borrowers who took out loans after July 1, 2014: 20 years For borrowers who took out loans before July 1, 2014: 25 years	Yes
Pay As You Earn (PAYE)	Must have partial financial hardship Must have borrowed on or after Oct. 1, 2007	10% of discretionary income (never more than 10-year plan)	20 years	Yes
Revised Pay As You Earn (REPAYE)	Any borrower (no Parent PLUS Loans)	10% of discretionary income (no cap)	20 years (25 years if repaying grad school debt)	Yes
Income Contingent Repayment (ICR)	Any borrower (Parent PLUS Loans must be consolidated)	20% of discretionary income (or income-adjusted payment on 12-year plan)	25 years	Yes

Check Out: PAYE vs. REPAYE: Which Repayment Plan Is Right for You?

4. Pursue loan forgiveness for federal student loans

Several student loan forgiveness programs are available to federal student loan borrowers. Most of these require that you work in a certain field and make qualifying payments for a specific amount of time.

For example: If you’re employed by a not-for-profit or government agency and make qualifying payments for 10 years, you might qualify for Public Service Loan Forgiveness (PSLF).

Or if you’re a teacher who works at a low-income school, you could be eligible for the Teacher Loan Forgiveness Program.

Some other occupations that might qualify for a forgiveness program include:

Dentists
Doctors
Lawyers
Nurses
Pharmacists
Teachers

Keep in mind: Unfortunately, private student loan forgiveness doesn’t exist. However, other options could help you more easily pay off private loans, such as refinancing.

5. Adopt the debt avalanche or debt snowball method

If you have multiple student loans and aren’t eligible for refinancing or forgiveness, you might just need to concentrate on paying off your loans as quickly as possible. Here are two strategies that could help:

Debt avalanche method

With the debt avalanche method, you’ll focus on paying off your loan with the highest interest rate first while continuing to make the minimum payments on your other loans.

You’ll then move on to the loan with the next-highest interest rate — continuing until all your loans are paid off.

Tip: The debt avalanche method can save you money on interest charges — but it can take a while to see any results. If you’re more motivated by small wins, the debt snowball method might be a better fit for you.

Debt snowball method

With the debt snowball method, you’ll focus on paying off your smallest loan first while making the minimum payments on your other loans.

After you repay this loan, you’ll move on to the next-smallest loan — continuing until all your loans have been paid off.

Tip: The debt snowball method can be particularly motivating since it typically offers quick results. But if you would rather save money on interest and don’t mind waiting to see your savings, the debt avalanche method could be a better choice.

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Check Out: Private Student Loan Consolidation

Paying off student loan FAQs

Here are the answers to a few commonly asked questions about paying off student loans:

How long does it take to pay off $70K student loans?

This will depend on the type of student loans you have and what repayment plan you choose.

Federal student loans: You could have 10 to 25 years to repay federal loans, depending on the repayment plan you choose. You could also opt to consolidate your loans into a Direct Consolidation Loan and extend your repayment term up to 30 years.
Private student loans: Terms on private loans typically range from five to 20 years, depending on the lender.

Can I file for bankruptcy to eliminate my student loan debt?

Yes, you can file bankruptcy for student loan debt. However, it can be difficult to actually have your loans discharged. If you file for Chapter 7 or Chapter 13 bankruptcy, you’ll have to prove to the court that paying them would cause an undue hardship for you and your dependents, which generally means that you wouldn’t be able to afford basic needs if you continue to repay the debt.

If the court decides in your favor, your loans could be:

Fully discharged
Partially discharged with you responsible for the remainder of the balance
Adjusted with different terms to make repayment easier (such as a lower interest rate)

Tip: Filing for bankruptcy will severely damage your credit and should be treated as a last resort. If you’re thinking about filing for bankruptcy, it’s a good idea to consult with an attorney to make sure it’s the best choice for your financial situation.

Are student loans forgiven after 20 years?

This depends on the type of student loans you have.

If you have federal student loans, you could be eligible for forgiveness after 20 to 25 years on an IDR plan. Other forgiveness programs offer forgiveness sooner — for example, you could have your loans forgiven after 10 years if you qualify for PSLF.
If you have private student loans, you aren’t eligible for forgiveness. In this case, you might consider refinancing your loans for a lower interest rate to potentially reduce your repayment time.

Do children inherit student debt?

Generally no. Here’s what you can typically expect:

Federal student loans are discharged upon the death of the borrower. If you have a Parent PLUS Loan, it will be discharged if you or the student who benefited from it passes away.
Private student loans are often discharged similarly to federal loans. However, keep in mind that this is at the discretion of the lender. If the lender doesn’t offer a death discharge option, then your private loans will be considered part of your estate and will be paid off by your assets.

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About the author

Taylor Medine

Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.

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How to Pay Off $70,000 in Student Loans - Credible (2024)