5 Best Strategies to Reduce Your Student Loan Debt

Staff Writer

3 min, 10 sec read


Imagine losing the opportunity for tertiary education due to the lack of access to student loan finances.

We all want to take advantage of any opportunity presented to us to finance our studies. Very often ambitious students find themselves opting for student loans or maybe feel that it is the only way to study further.

We commend any person who has taken a step further in bettering their lives and future even when all odds seem to be against them.

Today we want to show various strategies you can use to reduce your student loan debt as much as possible.

Let's get started.

Ways to Reduce Your Student Loan Debt

1. Additional Payments

The quickest way of repaying any debt is by reducing the interest charged on the loan.

So to do that, if you can afford it, pay extra into your student loan debt and gradually reduce the interest charged.

This would also mean the term of your student loan will be reduced as well.

2. Study at a Less Expensive Institution

You don’t necessarily have to enroll at a tertiary institution that costs an arm and a leg if you can find an accredited institution that can provide you with the same quality of education and validity of qualification as its more expensive counterpart.

It is essential though that you do all the necessary research when picking a university or college to ensure that it is legitimate and not what we have come to know so fondly as a “fly by night” institution.

3. Work Part-time While Studying

Yes, working while still studying can add pressure as the concern would be ensuring your performance stays up to speed.

However, with added focus, time management, and determination, an income while you study could go a long way in reducing or managing your student debt.

4. Save on Study Related Expenses

Cutting down on other expenses that contribute to your studies can also help reduce the amount you need to pay back for your studies.

Buy or rent used textbooks from students who don’t need them anymore, make use of libraries to borrow textbooks for the time you need them. And with the added bonus of the age we live in, use digital versions of textbooks.

The on-campus res-life is appealing and potentially part of the tertiary experience, but that can be very costly. Consider living off-campus and possibly spending less on accommodation.

I remember when I was at university, they used to give us access to free internet usage for an hour at the institution library and study center.

Instead of buying expensive data to do your researches, use these free resources at your disposal and push more cash into your student loan repayment.

5. Graduate

We recommend trying to graduate on time, any added time over and above the duration of your course is an additional expense that increases your student loan amount and in turn adds more interest on your repayment.

So ensuring that you achieve your qualification in the recommended time will limit the costs you accumulate. Work hard and stay focused on the mission at hand, which is to graduate.


Oftentimes those who have pursued their dreams by opting for student loans find themselves in over their heads in debt. Which then forces them to put aside their very motivations to study in the attempt to pay off their student debt.

Graduates, unfortunately, have to later delay their ambitions to purchase and invest in the very things they have always wanted to achieve. There’s always hope of finally becoming student debt-free. Working so hard for years should ultimately help reap the benefits of your success.

It takes perseverance and determination to achieve any goal, big or small, and sometimes sacrifice too, but if you know what it is you want to achieve keep your eye on the prize.