If someone gets a raise at work, would it be wiser

I’d start with the interest rate you are paying on the debt. Let’s call it R%.

If you don’t pay off that loan, you continue to pay R% interest. If you do pay off that loan, then you save that same amount. So, paying off a loan is like investing in something that pays you R%.

Compare R% with what you might expect to get from investing. For example, typical long-term average return in the stock market is around 8% per year.

Pick whichever option offers the higher return.

So, if your debt is a credit card balance at 16%, you would do better paying off the debt.

But if the debt is a mortgage at 4%, it would probably be better to invest your extra money.

Note: if the loan interest and your investment interest are nearly the same, then I’d lean toward paying off the loan. Investments are risky, not guaranteed. But paying off a loan is a “sure thing.”