How 3 Grads Are Getting Rid of Their Student Loans — and How You Can, Too

When winning the $1.6 billion Powerball jackpot was still a (very, very slim) possibility, people took to Twitter to tell the world how they’d spend their fortune. There were numerous tweets like this one:

Funny, yes. But the tweet articulates a sentiment shared by the 41 million Americans with student loan debt; they’re overwhelmed by their loans and want to get rid of them.

You don’t have to win the lottery to reduce or eliminate your student debt. Here’s how three borrowers are paying down their debt and how you can get rid of your student loans, too.

If you have good credit and a steady income: Student loan refinancing

You can potentially get a lower interest rate and save money on your federal or private student loans by refinancing your student loans. You’ll likely be eligible if you have good credit and make at least $24,000 a year.

However, federal student loans become private loans when you refinance. That means you’ll lose the option to take advantage of federal forgiveness programs and income-driven repayment plans. If you don’t qualify for those benefits or if you have private student loans, you’re probably a good candidate for refinancing. Click on the button below to calculate how much you could save by refinancing through NerdWallet’s partner, Credible.