I am assuming you are young(ish). In my experience (both as a financial planner, and myself having gotten through school and paid of considerable loans), it makes more sense to cut down all possible debt (other than mortgages). Most people simply don't know how to handle debt, and it will handcuff you. Get it paid off, and then move on.
My concrete answer would depend on what the interest rate(s) is/are on your student loans combined with a clearer picture of your overall financial situation. As a generalization, if they are below 3% (and especially if they are below 2%), I would tend to suggest that you could probably generate a higher long-term return by utilizing, and investing, the money elsewhere and making the monthly payments on the student loan. If they are above 6%, I would say it is probably worth paying them off now. If they are between 3% and 6%, it would depend on where they fall in that range and what type of return you could reasonably get elsewhere. Now, these "rules" are clearly generalizations, so they certainly may not apply to everyone in every situation. My guess is that if they are relatively new loans (originated within the last 5 years or so), they are probably somewhere in the 4% to 7% range. If they are toward the lower end of that range, you might consider simply accelerating their payoff by paying more than the minimum each month. If they are toward the higher end of that range, it might make sense to pay them off in one lump sum. You also have to factor in the value of having that debt completely paid off, as there is definitely a value to having little to no debt. However, that value varies from person to person, so you may not value it as much as someone else, or you may place a higher value on it than someone else. That value can also vary depending on the type of debt and interest rate on the debt. Without knowing your overall financial picture, it is impossible to provide a truly concrete answer to your question. But some things to factor in are the interest rate on the loans, what you could get as a return if you utilized some of the money elsewhere, what value you personally place on the prospect of having the debt completely paid off, etc. Best of luck.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.