Foolproof ways to pay off student debt

Debt can be a hard road to haul — but the journey can be especially difficult if you're just getting your life started. 

Although student loans can be a great option for those who want to go to college but can't afford it, they can also be pesky to pay off once you graduate. 

With a little research, and some persistence, you can take the hassle out of paying off your loans. 

How? 

Check out these foolproof ways to pay off student debt and save money. 

Refinance

We've all heard of refinancing a home mortgage or car loan, but did you know you can also refinance your student loan? 

While the most common type of student loan is the 10-year loan, you can cut down the time it takes to repay the loan by refinancing to a 5-year loan program. 

The biggest benefit here is the shorter loan period. Although you might have a bigger monthly payment, you'll actually pay less in interest. 

But what if you can't make a bigger monthly payment? 

Another option is refinancing to lower your interest rate while keeping the period of the loan the same. 

But a word to the wise: 

Resist the temptation to lower your monthly payments by extending the period of the loan. Although these deals typically feature a lower interest rate, you'll actually pay more in interest in the long run.  

Make extra payments

Another way you can pay off your student loans faster and still save money is by making extra payments. 

Well, like other foolproof ways to pay off student debt, the aim here is to save money by lowering the amount of interest you pay. 

In theory, extra payments can reduce the overall balance you owe, and therefore, reduce the overall interest you'll pay. 

However, keep in mind that this method may not be as effective on low-interest loans. 

In fact, if you increasing the amount you pay every month, it's probably better to tackle the loan with the highest interest rate first.  

Take this example: 

On a $35,00 student loan, with an interest rate of 6.5 percent, you typically pay around $398 a month. 

If you commit to increase your monthly payment by $100 a month, (making your payment $498), it will take you only 7 and half years to pay off the loan. More importantly, you'll save $3,489 in interest fees. 

For those who haven't started college...

 For those who haven't started college yet, there's a  chance you might be able to graduate from college completely debt free. 

How is that possible?

Well, it starts well it starts long before you get your acceptance letter. 

The best of the foolproof ways to pay off student debt is to limit the amount loans you take out in the first place. 

Start by identifying how much you'll need for college before you apply. College Data is a great reference to use. 

Consider how much you'll need for tuition, fees, on-campus living, books and supplies and other expenses. 

The final total can help you determine how many scholarships you should apply for and whether you need federal aid. You may even find that you can pay off some program fees through a part-time job.

Knowing this amount can also help you determine if your dream school is financially practical.  

Do the footwork in advance, and you may not need a student loan. And frankly, not taking out a loan is probably one of the best foolproof ways to pay off student debt.