Any Shortcuts to Student Loan Payoff?

I’ve only been paying back my student loans for three years, but it seems like forever. I cringe thinking about how much longer I’m going to have to be paying on the loans. That’s if I keep paying according to the schedule my lenders have made up for me.

You see, banks make money when you pay interest. The longer it takes to pay off a loan, the more interest you pay. They want you to pay more interest, so they entice you with lower payments. In exchange, they extend your loan out to 15, 20, or even 25 years.

Can you imagine sending money to the same people for the next 25 years?! I can’t. I can’t imagine myself at 45 or 50 still writing a check to Sallie Mae. It just seems out of place.

So I’ve been working on a spreadsheet to help me pay off my debt quicker. I’d love to pay it off in 10 years. To do that, I’d have to send an extra $300 a month to my lenders. I can imagine all the things I could do with that much money every month, especially in today’s economy. But I have to decide – as we all have to decide – pay now? Or pay later and longer?