There is a mathematical optimum that theoretically can give you the most money in your lifetime. If you want that optimum, listen to most ATOT posters. But, more importantly, there are optimums which include the complications of real life. Sometimes people aren't rational. Sometimes markets don't always go up. Sometimes unexpected things happen. I'm really more of a fan of finding this optimum.
Student loans are generally good loans - interest rates often are capped, you might get a tax deduction on the interest you pay, the debt can be forgiven in many circumstances (i.e. free money), student loans aren't considered to be bad loans by potential future creditors, and student loans help your credit score by giving you a positive mark for paying down debt month after month (assuming you are paying the student loan bills on time). Thus, unless you happen to have a really crappy rate, I wouldn't focus on paying more than the minimum on the student loans.
1) Most importantly, get yourself on the right track and start investing for retirement. Even if your student loans are a crappy 8% interest and you think you'll only get 6% from investments, I'd say invest. Getting in the habit now is far more valuable than saving a few bucks on student loan interest.
2) With leftover money, pay off other "bad" debts. Pay off car loans, credit card loans, etc first. Do this even if your student loan interest is a bit higher. Why? The tax credit and possible student loan forgiveness probably make the student loan debt less costly than those other debts. Also, it again gets you in the habit of buying things responsibly which will save you thousands more than you'd save by paying down the student loans.
3) If you still have money left over after investing and after paying off bad debts and if you crappy student loan rates, then pay them down.
I consolidated my student loans at ~3% fixed. I hope to never pay them off. Too bad I am forced to pay them down. I get far better
