Paying off your student loans is enticing, but not if it’s going to cost more money than you’re already paying. Student loans are usually paid off by graduates just starting their careers, so taking out a personal loan to pay off another loan can cost a lot more than it’s worth. The average student loan debt is $37,691. That’s a large amount of money to borrow with a personal loan, and probably isn’t worth getting if you have bad credit, since student loan rates are much lower than those for personal loans. Student loan interest rates are substantially lower than those of a personal loan in most cases, even if you have bad credit. Photo source: ValuePenguin.com A better idea is to pay off your student loan at the monthly payment plan you already have. With student loan rates low, you could save your money for other expenses instead of paying off an inexpensive loan. Just be sure to make the monthly payments on time, and if you need a break because the coronavirus pandemic is making it difficult to find a job, you can ask your lender for payments to be put off for a while.