It is to your benefit to repay all debts as soon as possible and that includes student loan debt. If you have the financial means, you can pay off your student loans faster by making additional payments. You do not need to follow the repayment schedule just as long as you are making the minimum payment on-time each month.\n\nFederal student loans and most private loans do not have prepayment penalties. Prepayment penalties are assess by some lenders who penalize borrowers for paying off a loan sooner than the loan term. In general, you have the right to make payments to your student loan accounts at anytime without penalty.\n\nCheck your with our loan servicer and verify how additional payments are applied to your loan. Sometimes lenders may credit your additional payment to a future payment rather than towards the loan balance. This may cause you to have a "No Payment Due" any given month but you should continue to make payments. If you do not, you won't be paying your loan off quicker. If you are able to make additional payments, speak with your lender and give them instructions to apply your additional loan payments to the principal balance.