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It’s okay to say it.

You hate your student loans and wish you never got them in the first place.

It’s not that you’re ungrateful. You know you did what you had to do to get this far. But every month you struggle to write that check to the loan provider only to see more than three-quarters of it go to the interest. It’s been years and you still owe the same amount as the day you got it. And you’re just tired of the whole situation.

Plain and simple. And all you want is to just see some light at the end of the tunnel.

If you are ready to dump a ton of stress, start sleeping at night again, and finally start living again, then cutting your student loan debt in half in just 1 day will help get you there.

But before we get to that, a little background on how I got into this hot steaming mess.

How We Got Here

After college, I had $18,000 in student loan debt – $6000 a year for 3 years. As an international, I was only able to get private loans at a variable rate and when I first started borrowing as a sophomore, it was about 8%.

Not great…not terrible.

I was steadily paying the minimum payments but deferred my payments for 2 years while I did my masters. In those 2 years, my loans ballooned from the $18,000 to over $25,000  and my interest rates rose to 15.75%.

If I continued with my new minimum payment of about $350 over the course of the loan, I would have paid out over $60,000. That’s over 3 times the amount I borrowed!

Compound interest was killing me, and Sallie Mae now Navient, was making so much money off me that they wouldn’t even consider consolidating my loans into a lower fixed rate.

So back to cutting your bill in half.

Where I Found Help

In comes Social Finance (SoFi).

At first, I thought they were a scam.

I had never heard of them before, but they talked to me like with respect, like a human being rather than a dirty filthy debtor. And back in the day when NO ONE was consolidating student loans, they took a chance on me.

I consolidated into a 5.875% interest rate and that lowered my payoff amount from $60,000 to just a little over $30,000 AND with me paying the same amount each month.

That kept my budget intact which was great. And it didn’t take perfect credit either because SOFI doesn’t punish you for a mess up. Like the time I forgot to pay a $20 bill and Macy’s reported me to the creditors, ruining my pristine score (but that’s another story for another day).

Instead, SoFi takes a more holistic view of applicants – they look at your history of responsible bill payment, your monthly income, and current expenses. They also take into consideration your savings and potential future earnings.

And I loved that!

You know what else I loved about @SoFi?

Sofi embodies the Millennial lifestyle – people helping each other with technology.

They were started by Stanford Graduates who know and understand the burden of debt graduates face and wanted to offer more affordable options to those who needed to take on debt for higher education. Since 2012, SoFi has saved members an average of $22,359 over the lifetime of their loan, allowed for loan origination, expanded their product line to include personal loans, mortgage loans, wealth management and life insurance.

I know your thinking that I’m going all fangirl.

But I’m just a girl who loves her loan servicer – so much so, that I have taken advantage of the wealth management features for my kids, and fully intend to refinance my mortgage with them as soon as they offer it in my state.

Bottom line, the largest chunk of what you pay back in student loan payments is interest.

Albert Einstein wasn’t joking when he said compound interest is the most powerful force in the universe.

The longer you have a high-interest rate ravishing your payments, the more you will pay out in the end. So the fastest and easiest way to cut your student loan bill is to get your interest rate lowered.

Now if you already have a federal loan with an interest rate of 5% or less then you are already in a pretty good spot (especially as interest rates continue to rise).

But if you are being crushed under a student loan with high-interest rates, take a look int getting your loan consolidated or re-finance. It’s a soft pull (no impact to your credit) to check your history and get you started

And if you think you might love Sofi as much as I do, then check them out here! And you’ll even get a $100 welcome bonus. See, you are saving money already!

Once you’ve done it, you’ll wonder why it took you so long.

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