

1) Rule out PSLF
Ensure you do not want to or cannot qualify for federal Public Service Loan Forgiveness.

2) Gather your student loan info.
Log into your accounts, or go to the https://studentaid.gov/ using your FSA ID and Password. This is a user id that you created within the Federal Student Aid system when you took out your loans. The first time you login, you will be asked to confirm your account information. Once your information has been confirmed or updated, you will be directed to your Dashboard and have access to your student loan data.

3) Get quotes
Choose at least 3 refinancing companies from whom to get quotes. Go to www.financialmd.com/refinancing for a list of companies. They typically do a soft credit pull so it doesn’t affect your credit score.

4) Review results
When you apply for a quote, you’ll get a grid of options (see example below). Review these results with a financial planner or other trusted advisor, and choose one that fits your budget and time horizon.

5) Choose and Close
Once you decide on the best option for you, your closing should take a couple of weeks, depending on the company’s backlog. Most companies have no closing costs. Your federal loans will automatically be paid off, and you’ll have a new single loan with the new company.
Sink your teeth into warm, gooey lower interest rates. Enjoy with a cold glass of lower payments for ultimate enjoyment.
