I'm interested in paying $50 more each month on my student loans to crack a dent in them. Is this smart, or should I put the money into a savings account?
If the interest you're paying on the loan is more than you could get putting the money into a savings account (it probably is), then pay it off. If the interest you're paying on the student loan is tax-deductible, the formula is more complicated. Here's a strategy: Pay off the loan if you have savings. If not, keep up with your regular payments, and wait until you have more in the bank. You don't want to wind up using your credit cards to pay forward since those have higher interest rates.