8 ways to get serious about paying off student loan debt

While the value of education is priceless, student loan debt you've accrued can follow you long into the future. If you're looking for ways to pay off your loans faster, while managing your other financial priorities, consider these eight strategies.

It starts with knowing how much you owe and what interest rate you’re paying—especially if you have multiple loans from many sources. It may feel unnerving to study the reality of those numbers, but it’s the best way to understand what you’re facing.

Also, know the type of loans you have. One of the key differences between federal student loans and private ones is that some repayment options and forgiveness options only apply to loans from the government rather than from banks or credit unions.

It can take between 10 and 30 years to pay off your student loans, depending on the amount you owe, interest rate, your income and repayment plan terms. Anything you can do now to reduce your debt can help free up funds for future goals.

When looking for ways to pay down debt, study your monthly budget. Working remotely or changing jobs may have had an impact on both your income and your expenses. See what you can eliminate from spending and add the amount to your monthly loan payment.

Consider having a portion of your paycheck deposited directly in a bank account exclusively for your loan payments to avoid spending those funds on other expenses or entertainment. Then, set up automatic payments to avoid late fees on loan payments.

Evaluate your budget regularly. As time passes, your circumstances may provide ways to reduce or even eliminate your student loan debt.

Read more: Types of budgets: 5 most popular methods, examples & who they're best for.

Another option to consider is refinancing your federal and/or private student loans. It may allow you to lock in a lower interest rate, a new repayment term or both. To qualify, you’ll need to have good credit and proof of employment, among other requirements.

There could be trade-offs to refinancing, especially with federal student loans. For example, while you may qualify for a lower interest rate with a private loan, refinancing your federal loans will result in losing any federal repayment and forgiveness options. That’s why it’s important to fully understand your student loan debt before making refinancing decisions.

Cash gifts, tax refunds, work bonuses and pay raises can be cause for celebration. And while you may be tempted to splurge, consider putting the extra funds toward your school loans instead. These windfalls—combined with the regular payments you’re already making—can help you zap debt that much faster.

Federal loan repayment plans may reduce your monthly payment, but lower payments typically result in higher overall interest. If you choose a plan other than the standard 10-year repayment plan, the total cost of your loan will increase.

Some income-driven plans have qualification requirements borrowers must meet based on income and outstanding eligible student loan debt.

It's a smart practice to stay in touch with your student loan provider on an annual basis. There may be features you are eligible for, but are not aware of.

Federal programs for student loan forgiveness recently have been expanded to include more borrowers as restrictions have loosened. If you have previously been denied, it may be worth your effort to reapply with the new guidelines.

Options for student loan forgiveness, which can eliminate part or all of your debt, include:

• Income-driven loan forgiveness.
• Total and permanent disability.
• Borrower defense to repayment (if college or university misled or engaged in other misconduct).
• Federal public service loan forgiveness.

There are many requirements for loan forgiveness. Generally, federal student loans may be eligible, but not private student loans. Learn more at the Federal Student Aid website.

You may be able to deduct interest paid on student loans up to $2,500 from your federal income taxes. The student loan interest tax deduction is for borrowers, including parents, and could reduce your taxable income for the year.

Your modified adjusted gross income must be:

• Less than $75,000 for single filers. A phase-out will start at $75,000 and end at $90,000.
• Less than $150,000 for married filing jointly. A phase-out will begin at $150,000 and end at $180,000.

Your student loans are just part of your overall financial picture. Establishing a relationship with a financial advisor can help you examine your current situation and prioritize your expenses in order to accomplish your goals. Guidance from an advisor can help you move forward with confidence.