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Last month, when I reviewed our net worth I mentioned that I would stop procrastinating and get my student loans consolidated and refinanced.
I’m happy to say I got it done. It’s not a huge and dramatic goal, but I achieved it. Having small goals can push you further along your big picture dreams.
Consolidating Federal Loans
It was easier than I thought and filling out my application was a piece of cake. If you’re interested in consolidating and/or refinancing your federal student loans, there are three ways to do it:
- Online: You quickly and easily file and submit your application online with Direct Loan Servicing.
- Phone: You can also call Direct Loan Servicing and have someone walk you through the process at 1-800-557-7392.
- Paper: The slowest to complete if you’re a procrastinator like me.
I’m really happy to get this out of the way because it’s taking us one step closer to our goals. We want to reduce our debts and only have the mortgage to worry about.
Understand Your Student Loan Options
While consolidating is going to lower the required payments from $206 to around $150, it’s not a solution for everyone. For example, you can not consolidate federal loans with private student loans (though you can refinance).
If you want to get the ins and outs of repaying your student loan, please check out my interview with Jay Fleischman.
He’s an attorney who specializes in student loans and bankruptcy. Jay is very knowledgeable and passionate about helping his clients.
Refinancing Your Loans Quickly & Easily
Refinancing your student loans may be the best option for you. Depending on your circumstances you may be able to thousands of dollars by shopping around for the bets deal.
One company you may want to try out is SoFi. They offer competitive and low rates (as low as 2.36%!) plus they’re offering a $100 bonus now!
Thoughts on Student Loans
How many of you are trying to get ahead on your student loans? What are your plans for this year?