Millions of Americans are on the hook for a monthly student loan payment. And those payments can get in the way of a lot of goals.

For some people, paying off student loans could mean not having extra money to put toward retirement savings. For others, it could mean having to put plans to buy a home on hold.

Meanwhile, the average federal student loan balance this year is $37,338. And if you have a balance in that ballpark, the idea of paying off your debt might seem daunting. But here's how you can whittle your loan balance down to $0 in relatively short order.

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Source Fool.com