4 Steps to Becoming Finance Fit

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Due to the COVID-19 pandemic, payments and interest accrual have been paused on federal student loans by the CARES Act through Jan. 31, 2022.

If you have federal student loans, this means you only have a short time until your payments resume — which is why it’s important to get your finances in shape so you’ll be prepared.

Are you ready to start making federal student loan payments again? Take the quiz below to find out — plus get the chance to win a $50 e-gift card*!

*NO PURCHASE NECESSARY TO ENTER OR WIN. The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT. Open to legal residents of the 50 United States & D.C., who are at least 18 years of age at time of entry. One entry per user. Void where restricted or prohibited by law. See Official Rules for eligibility/ restrictions/ Entry Periods/ prize descriptions and complete details. Void where prohibited. Privacy Policy is located at https://www.credible.com/privacy.

Here are four ways to get financially fit before you start making federal student loan payments again:

  1. Create a budget
  2. Refinance high-interest debt
  3. Pay down high-interest debt
  4. Build an emergency fund

1. Create a budget

Creating a budget is a great way to track your monthly income and expenses. Additionally, you can see how federal student loan payments will fit into your current budget and make adjustments if necessary.

For example, if your payments will strain your budget, you can look into trimming expenses, such as canceling unused subscriptions.

To set up a budget, you’ll need to:

  1. Calculate your monthly income. This might include traditional employment as well as other non-traditional sources, such as a side hustle.
  2. Calculate your monthly expenses. List out your essential expenses (such as rent and utilities) as well as your non-essential spending (such as entertainment or dining out).
  3. Subtract your expenses from your income. This amount is the extra room you have in your budget — as well as how much you can afford to pay on your student loans.
Tip: Creating a budget can also help you plan for your short-term and long-term financial goals.

For instance, if you want to pay off your student loans in five years, you can check your budget to see how much you can afford to pay on your loans each month and then set a payoff date.

2. Refinance high-interest debt

If you have high-interest debt, you might be able to get a lower interest rate through refinancing. This could save you hundreds or even thousands of dollars on interest — freeing up money in your budget to put toward your student loans.

Or you could opt to extend your repayment term to reduce your monthly payments. Just keep in mind that this means you’ll pay more in interest over time.

Here are a few ways to refinance depending on the kind of debt you have:

Student loan refinancing

Student loan refinancing interest rates are hovering near record lows. If you have private student loans as well as good to excellent credit, you might be able to take advantage of these low rates by refinancing your student loans.

This could save you money on interest and even potentially help you pay off your loans faster.

Keep in mind: While you can refinance both federal and private loans, refinancing federal student loans will cost you access to federal benefits and protections — such as income-driven repayment plans and student loan forgiveness programs.

You’ll also no longer be eligible for the suspension of federal payments and interest accrual under the CARES Act.

If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutes
  • Won’t impact credit score – Checking rates on Credible won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
Credible is 100% free!

Debt consolidation loan

A debt consolidation loan is a type of personal loan used to pay off various kinds of debt, such as credit cards or other loans. Consolidating your debt will leave you with just one loan and payment to manage, which could make it easier to budget for your student loan payments.

Keep in mind that personal loan interest rates have remained at record lows — so depending on your credit, you might qualify for a lower interest rate than what you’re currently paying.

Balance transfer card

Another way to consolidate credit card debt is with a balance transfer card. With this option, you can move your balance from one credit card to another.

Some balance transfer cards come with a 0% APR introductory offer. This means you could avoid paying interest if you can repay your balance before this period ends.

However, keep in mind that if you can’t pay off the card in time, you could be stuck with some hefty interest charges.

3. Pay down high-interest debt

If you have multiple debts and can’t refinance them for a lower interest rate, you might need to simply concentrate on paying them off as soon as possible.

Repaying some of your debt over the next few months and lessening this strain on your budget could also make it easier to manage federal student loan payments when they resume.

Here are a couple of strategies that might help you do this:

Debt avalanche method

With the debt avalanche method, you’ll focus on paying off your debt with the highest interest rate first. Here’s how it works:

debt avalanche method

Tip: While the debt avalanche method can be a good way to save money on interest over time, it can also take a while to see your savings.

If you’re more motivated by small wins, you might consider following the debt snowball method instead.

Debt snowball method

If you use the debt snowball method, you’ll start by paying off your smallest debt first. Here’s how it works:

Tip: The debt snowball method typically offers more immediate success, which could be helpful if you’re driven by small wins.

But if you’d rather save more money on interest and don’t mind waiting to see your results, the debt avalanche method might be a better option for you.

4. Build an emergency fund

Having an emergency fund can help you pay for unexpected costs and avoid racking up more debt.

In general, it’s a good idea to save enough in an emergency fund to cover three to six months’ worth of expenses — including student loan payments.

Here are a couple of savings options you might consider:

  • High-yield savings account: This type of savings account generally offers above-average interest rates. This means you could get a higher rate of return compared to regular savings accounts. Several high-yield savings accounts don’t require an initial deposit, which could be helpful for starting an emergency fund.
  • Money market account: This is another savings option that typically provides a higher rate of return than regular savings accounts. Money market accounts often come with higher initial deposits and maintenance requirements compared to high-yield savings accounts, so could be a good option if you already have some money stashed away.
Tip: To get started on your emergency fund, you might save as little as $5 or $10 per week.

As you get used to saving, you can gradually increase the amount you plan to save in your budget.


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Financially Fit Survey Sweepstakes
Official Sweepstakes Rules

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Financially Fit Survey Sweepstakes
Official Sweepstakes Rules

NO PURCHASE OR PAYMENT NECESSARY TO ENTER OR WIN. MAKING A PURCHASE DOES NOT INCREASE YOUR CHANCES OF WINNING.

The following promotion is intended for participants in the fifty (50) United States and Washington D.C. only and shall be construed and evaluated according to the laws of the United States. Do not proceed in this promotion if you are not a legal U.S. resident residing in the fifty (50) United States or Washington D.C. Further eligibility restrictions are contained in the official rules below.

1. SWEEPSTAKES DESCRIPTION: The Financially Fit Survey Sweepstakes begins on Oct. 5, 2021 at 12:01 a.m. PT and ends on Oct. 19, 2021 at 11:59 p.m. PT.

The sponsor of this Sweepstakes is Credible Labs, Inc. (“Sponsor”). Sweepstakes void where prohibited or restricted by law. THIS SWEEPSTAKES IS IN NO WAY SPONSORED, ENDORSED, ADMINISTERED BY, OR ASSOCIATED WITH TWITTER OR INSTAGRAM.

2. ELIGIBILITY: The Sweepstakes is open only to legal residents of the fifty (50) United States and the District of Columbia who are physically located and residing therein and who are at least eighteen (18) years of age and the age of majority in their state of primary residence at the time of entry (“Entrant”). Entrants are limited to one entry each. Employees, shareholders, officers, directors, agents, and representatives of Sponsor, Presenter, Administrator (collectively, “Sweepstakes Entities“), and each of their respective parent companies, affiliates, divisions, subsidiaries, agents, representatives and promotion and advertising agencies are not eligible to participate in the Sweepstakes. Immediate family and household members of such individuals are also not eligible to enter or win. For purposes of the Sweepstakes “household members” shall mean those people who share the same residence at least three months a year and “immediate family members” shall mean parents, step-parents, legal guardians, children, step-children, siblings, step-siblings, or spouses. Void in Puerto Rico, all U.S. territories and possessions and overseas military installations, and where prohibited.

3. HOW TO ENTER: During the Entry Period, eligible Entrants may participate by completing the Financially Fit survey.

Online Entry:

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Entries generated by a script, macro or other automated means will be disqualified. Incomplete, unreadable, or unintelligible entries will be disqualified. ELIGIBLE ENTRANTS MUST SUBMIT THEIR ENTRY IN ACCORDANCE WITH THESE OFFICIAL RULES. NO ALTERNATE FORM OF ENTRY WILL BE ACCEPTED. Participation in the Sweepstakes constitutes Entrant’s understanding of and full and unconditional agreement to and acceptance of these Official Rules. Sweepstakes Entities reserve the right to disqualify any Entrant that they determine to be in violation of any term contained in these Official Rules. Sweepstakes Entities reserve the right to move, change or extend deadlines or dates in their sole discretion. Such changes, if applicable, will be communicated on the Website, on the Sponsor’s Instagram account, and on the Sponsor’s Twitter account.

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9. SPONSOR: Credible Labs, Inc. 115 Sansome Street, Suite 600, San Francisco, CA 94104

The Sweepstakes is in no way sponsored, endorsed or administered by Instagram or Twitter. Instagram and Twitter are completely released of all liability by each Entrant in this Sweepstakes.

About the author
Dori Zinn

Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.

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