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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!

SoFi has simplified the process so you have less hassle. Learn more here and see if you can lower your payments today!

Thoughts on Student Loans

How many of you are trying to get ahead on your student loans? What are your plans for this year?

About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

9 comments add your comment

  1. I hesitate to even say this, but I am planning to look into a credit card intro off for 0% APR for one year and paying a portion of our second mortgage to snowball and save on interest while we do it. I say I hesitate b/c normally I w/never recommend that anyone look toward a credit card offer to pay off other debt. However. We did this successfully with our car loan, which we just paid off, so I know we can be disciplined not to actually use the credit card for anything else. We are consumer-debt free and the 2nd mortgage is next on the list; we’ve gotten a taste of success, so this is exciting.

    Oh, and I will also only take advantage of an offer that waives any tranx fees. We’ve gotten that in the past, but times are a changing, so we’ll see.

    Good luck tackling those loans! I paid off my student loans at the ripe young age of 30. Some nine years ago now… 😉

  2. Jolyn I’m surprised you were able to find a credit card that offered 0% for one year, so many cards are cutting back. It seems as if you’re avoiding a lot of the fees that can associated with balance transfers. Wish you well on paying off your 2nd mortgage.