If you become nauseous when you start thinking about your student loan debt, you’re not alone.

About 44 million Americans have student loan debt[1]

Although student loans are sometimes necessary for many of us to become college students, student loan debt can sometimes feel like a mortgage, especially once the payments become due. The fact is that student loans can be very expensive and can take years to pay off. Many student loan providers make more money if it takes you longer to pay off your loan. With that in mind, there are three different (but not well-known) tactics you can use to reduce your monthly payments if you’re in a money crunch.

For newlyweds, the monthly payment owed that once seemed manageable might start to look like an overwhelming and impossible hurdle, especially if both spouses are bringing student debt to the table.

Trying to pay off student loan debt?

Here are three ways most likely to reduce your monthly stress caused by student loan debt.

1. Refinance for a lower interest rate. This is one option for couples with private loans, which typically have the highest rates. If you have a government loan however, be cautious if you go down this route. You may lose some of the benefits provided by a government-backed student loan.
   

2. Consolidate your student loan debt into one place. This may equate to a lower monthly payment. However, keep in mind that this may extend your payments farther out which could result in you paying more money in the long run. Couples who have a serious cash flow problem may want to think about this option.
   

3. Ask your spouse to help you pay off your student debt. If you share finances with your spouse, explain that you wouldn’t have the job you do without your education. Now that the wedding has passed, the financial burden of one now has become the burden of both. Since your job is contributing to your financial well-being as a couple, asking your spouse to help share the payment for an investment, you made in yourself, is perfectly reasonable.

It truly is a case by case scenario to determine what the best option is for your specific situation.  That said, we collected some helpful articles about student loan debt. After reading these, hopefully, you will learn where to go for up-to-date research on student loan debt and have the confidence to make a more informed decision. 

These articles helps you decide whether you should consolidate or refinance:

https://lendedu.com/blog/refinance-student-loans/#refi-info

https://studentloanhero.com/student-loan-refinancing-cheat-sheet/?utm_source=automationemail&utm_medium=email&utm_campaign=refi-refiautomation&utm_content=ba-email1

10 questions to ask yourself before you refinance:

https://studentloanhero.com/featured/10-questions-to-ask-before-refinancing-your-student-loans/

To play devil’s advocate, 5 reasons why you SHOULDN’T refinance: https://studentloanhero.com/featured/refinance-student-loans-bad-idea/

5 ways marriage could alter your student loan debt, “for better or for worse”:

https://www.nerdwallet.com/blog/loans/student-loans/5-ways-marriage-affects-student-loans/

[1] “U.S. Student Loan Debt Statistics for 2018.” Student Loan Hero, Student Loan Hero, studentloanhero.com/student-loan-debt-statistics/.