No one who has to take out and pay back student loans wants debt to define their life or ‌finances for years and years after graduation. Of course, you can make post-grad money moves to hit that goal. But there are broader obstacles all women who pay student loans have to face, too — and they’re pretty overwhelming.

Statistics on the student debt crisis show that it disproportionately affects women.

Overall, we earn 39.1% of bachelor’s degrees but hold nearly two-thirds of all student loan debt in the US, which means our loan balances tend to be bigger. And then, thanks to factors like the gender pay gap, it takes us an average of two years longer to pay them off. For Black women and Latinas who have bigger gender pay gaps to begin with, student loan debt is a particular problem.

Yeah, it’s rough out there, but progress is being made. For example, financial services companies are (finally) being built for women, by women. And because we at Ellevest get it, we’re able to address your unique needs … like how to pay off student loans with the odds stacked the way they are.

So, here’s our advice for the best way to pay off student loans: Don’t throw every penny you have at it. Instead, follow these six steps, and you might be debt-free in years, not decades.

Know This First

Do you have federal or private loans?

• Federal and private loans have different repayment terms. Federal loans, given out by the US government, offer more flexibility. Private loans, given out by independent, usually for-profit banks, offer virtually no wiggle room. If you have a combination of federal and private student loans, we often recommend focusing on repaying private student loans first.

Do you have a fixed or variable interest rate?

• All federal loans issued after July 1, 2006 have fixed interest rates, which means the interest rate will stay the same throughout the life of the loan. That’s a plus if you prefer to know exactly how much you’ll owe each month. Private loans can have either fixed interest rates or variable interest rates, which could increase or decrease depending on economic conditions. You might start with a lower interest rate on a variable-loan option (versus a fixed-loan option), but you risk your rate and repayment amount rising later on.

Do you have a standard or income-driven repayment plan?

• A standard repayment plan for federal loans lasts 10 years. You owe the same minimum payment over those 10 years in order to pay off your loans and the interest. An income-driven repayment plan uses your discretionary income — how much your pre-tax income exceeds the federal poverty line — to calculate a monthly payment for you. This can be really helpful if you have a lot of student debt and are overwhelmed by the amount you’re supposed to pay each month. The repayment period for any income-driven repayment plan is 20 or 25 years, depending on the plan, and any outstanding balance at the end of that time is forgiven.

The Best Way to Pay Off Student Loans in 6 Steps

Step 1: Invest

A lot of people think you must wait to invest until you completely pay back student loans. But it’s not that simple. When anyone asks us if they should pay off debt or invest first, we tell them to invest enough in their employer’s 401(k) match to max it out. With the most commonly offered employer match, if you put 6% of your salary into your 401(k), your employer will match 50% of it — meaning they’ll put in 3%. And since 50% is a lot higher than the average interest rate on student loans, you’d earn much more via that match than you’d be paying in interest.

We acknowledge that having debt can be really uncomfortable, so this approach might seem scary. If that’s true for you, consider this: not all debt is created equal.

There’s good debt and bad debt, and student loans can be part of a former group — higher education can lead to ‌higher-earning jobs, plus, interest on student loans is tax-deductible up to the IRS-set limit.

If you don’t have an employer 401(k), simply start at Step 2.

Step 2. Save up to one month’s worth of take-home pay

It’s still not time to pay student loans — at least not until you’ve started an emergency fund.

This thinking is somewhat new. In the past, it was widely accepted that you should tackle any high-interest debt before stashing cash. You could always use a credit card to cover your emergency. Fast forward to popular opinion now (which research backs up): having a cash buffer is more likely to help someone recover from “financial hardship” than access to credit.

That said, getting rid of high-interest debt is still really important. So we split the difference: Start with a mini-emergency fund by saving up one month’s take-home pay as soon as you can.

Step 3. Pay back student loans with high interest (>10%)

Most people’s student debt is made up of a number of smaller loans that each have different interest rates. Start by logging onto your loan provider’s website and listing out all your individual loans in order from highest interest rate to lowest. Then, focus on paying back student loans with interest rates at 10% or greater ASAP. This method of tackling loans with the steepest interest rates, called the “avalanche method,” was designed to help you pay as little interest as possible. Paying less interest means you’ll pay off debt more quickly.

Here are a few more ways you might pay student loan debt faster:

• Pay more than the minimum, if you can.

Making the minimum payment keeps you from defaulting and pays down the interest, but it doesn’t do much more than that. Bigger payments, particularly on your high-interest loans, are what will‌ help you make a dent in the principal … and save a lot of money in the long run.

Be sure to specify to your lender that you want the extra payment to be applied to the principal on a certain loan. Otherwise, they might spread it out evenly among all your loans, or else apply it toward future payments. That’s not the worst thing, but if you wanted to follow the debt avalanche method, it wouldn’t align with your plan.

If something happens where you can’t pay student loan minimums, you have a couple of options (at least for federal loans). You can apply for deferment or forbearance, which lets you temporarily stop making payments or pay less. Or you can switch repayment plans (from a standard plan to an income-driven plan, for example), which will usually extend the time you’re paying back your loans. These are useful options when you really, really need them, but we recommend them as a last resort.

• Beware of lifestyle creep.

If you get a raise or a bonus, or have extra cash from tax refunds or birthday money, consider using that money to pay student loans instead of taking on new expenses or spending it. If you were able to make things work with the money you’ve had before, you can probably continue to do so.

For most people, housing is where you have the biggest opportunity to keep costs down. We’re not saying you have to get roommates, settle for a smaller and cheaper room, or live in a less stylish neighborhood, but making concessions like these can really help.

• Lower your rates, if you can.

A lot of lenders will reduce your interest rate by 0.25% if you enroll in an automatic payment program. That may not sound like a big discount, but every little bit helps. Not to mention, auto-pay makes it easier to make all your payments on time and avoid late fees.

If you’re making payments by their due date — and have been for a while — you might also call and ask for a lower rate. Why not?

If those quick-wins aren’t possible or enough, there are other options to consider. People who hold private student loans could refinance‌ them. This replaces your existing loans with a single new loan that has a lower interest rate based on your credit score and other financial info. (We don’t usually recommend refinancing your federal student loans with a private lender because you’ll lose repayment flexibility, which can come in handy if something unexpected happens yo your income).

People who hold private or federal student loans could consolidate. This simply averages all your existing loans’ current interest rates together. Your lender may give you a lower rate if you consolidate. In that case, it can be worth checking out. If not, consolidating often also means you’ll be paying off your debt for longer — and end up paying more in interest when it’s all said and done.

• Get relief, if you qualify.

If you work in public service, you might qualify for federal and state student loan forgiveness programs, which offer partial and full forgiveness on student loans over several years. The program applies to qualifying loans for government and non-profit employees, teachers, lawyers, and doctors who meet certain criteria. If this is you, there’s almost no reason not to go for this. There are a few other specific criteria that qualify for student loan forgiveness, too.

Step 4. Finish your emergency fund

What about your student loans with interest rates under 10%? They’re not the priority just yet. Reducing financial stress means considering your entire financial picture — not just the one that involves debt from your education. So now, finish your emergency fund.

We recommend saving three to six months’ worth of take-home pay (or up to nine months' worth if you’re self-employed). If you need help determining which end of the range you need to land on, consider your stability and security. By stability, we mean the more uncertain your financial life, you’ll want to aim for a cushier emergency fund. By security, we mean even if you have a steady, salaried job, you might not feel prepared with three months of salary saved — so save more. We throw out a range for a reason: do what feels best for you.

Step 5. Pay student loans with medium interest (5-10%)

Now, it’s time to pay back student loans with interest rates between 5% and 10%. These aren’t crushing your bottom line, but it’s worth chipping away at them as efficiently as you can.

Once you’re clear of these medium-interest student loans, you could consider making minimum payments on any loans with interest rates less than 5%. But don’t use all your financial wiggle room in one place …

Step 6. Invest toward your personal goals

Start to focus on your long-term goals. If you’ve paid off your student loans completely, we recommend keeping up your monthly payment routine instead of forking over money to lenders, pay yourself first. It’s one hack to keep you from overspending now that you’re debt-free. That said, to mark the occasion, we fully support a guilt-free splurge.

Anyone who makes it to this final step can understand the massive sense of relief from paying back student loans in full. There’s also a lot of us who’ll need a good amount of time and effort to get rid of them. If that sounds like you right now, focus on what’s in your control. Student loans are daunting — but they don’t have to define your entire financial future.

At Ellevest, we can help you create a plan for your money that helps you hit your goals — and feel amazing in the meantime. And if you’re looking to dive deeper into your specific situation, booking time with a financial planner is one of the best things you can do for your future.