Feeling trapped under a mountain of student loan debt?

Joe Mihalic did. So a year ago, the 29-year old Harvard Business School graduate aimed to wipe out his $90,000 debt. He was earning slightly more than $100,000 as a product line manager at a technology company in Austin but was spending too much. He stopped eating out, rented two rooms in his house, sold his motorcycle and cashed out a retirement account. He paid off his loan in just seven months.

“My stress level is so much lower,” said Mihalic, who blogged about his experience at NoMoreHarvardDebt.com and wrote an e-book.

It's a feeling many will envy. Student loan borrowers owe nearly $25,000 on average. Paying back the minimum means it can take years to make a significant dent. But is it smart to pay off student loans as aggressively as Mihalic?

That depends on whether you have other types of debt.

Student loans tend to have low interest rates, usually below 9 percent. It's best to pay off higher interest rate debt first, such as car loans and credit card debt, said Alexa von Tobel, founder and CEO of financial management site LearnVest.com.

You need to also think about your future before throwing extra money at student loans.

Fund your retirement accounts because you can earn a higher rate of return in the stock market. Also, make sure you have an emergency fund to cover about six to eight months of expenses.

Mihalic was motivated to pay off his loans quickly after being passed over for a promised promotion. He wanted to tell his bosses that he would look for another job, but realized he wouldn't be able to make student loan or mortage payments if it backfired.

“I wanted to send a strong message to the company, but I couldn't afford to,” Mihalic said. “It was a shocking realization.”

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