When you say they match 4%, is it 50% of up to 4%?

Regardless, I would ALWAYS put in up to what the company matches. Iit's an INSTANT 50% return on invetsment*, and nothing else can match that rate of return!!!!!

(*you have to factor in vesting, of course, if you plan on leaving or getting fired...)

After that, I'm a fan of paying off anything that has a high interest rate next, usually credit cards. Then, I agree with Revelate that there's no hurry to pay down the loans. 5% return isn't awful, but consider that will be componded over the next 35 years... The student loans will be paid off within a few.