Can You Apply “The Secret” to Your Student Loan Payments?

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.


We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Have you ever heard of the wildly popular book The Secret? The book is about the law of attraction and promotes the idea that positive thinking can change the course of your life.

If you’re a natural skeptic and pessimist like me, this warrants a big eye roll and sigh. Yeah right.

Though I’m still skeptical of the whole idea behind the secret, I’ve changed my relationship to the idea of positive thinking. Shifting my thinking ended up changing the course of my life, and the secret turned out to be a great source of student loan advice.

Life after college

After I graduated from New York University in May 2011 with my master’s degree, I had so much hope. I did well in school, worked part-time, and was proud of my work as a theater teacher at an after-school program in Harlem.

I did everything I was supposed to and thought because I worked hard, good things would happen. I figured I’d be able to pay back the $68,000 student loan debt I had in no time.

Six months later, I still hadn’t secured any full-time employment. The hope I had quickly diminished and my student loan payments were coming due.

I quickly learned that I couldn’t afford to live in New York City anymore and pay my student loans back. So I made a tough decision. I decided to move across the country to Portland, Oregon to live with my boyfriend and take advantage of cheaper rent.

Struggling to make ends meet

I thought I’d be a big fish in a small pond in Portland, but I soon learned that the economy was even worse there. I went from going on regular interviews in NYC, to hearing practically nothing at all in Portland.

I was able to secure temp work as an administrative assistant for $10 per hour. But since the job was part-time, I ended up taking home about $800 per month. It was barely enough to survive. To supplement my income, I went on food stamps.

This was not how I imagined my life after NYU. I thought I’d snag a decent job after graduation and live it up in New York. Instead, I moved to a city I didn’t necessarily want to be in, was struggling to bring in money, and was living on food stamps to survive.

To say I was disappointed and depressed would be an understatement. After dealing with this situation for over a year, I was frustrated and utterly lacking in hope. I didn’t know how in the world I was going to pay my student loans back.

Using the secret to change my mindset

By January 2013, a year and a half after I graduated college, things weren’t much better. I was in a low place financially and emotionally. But, I knew something had to change. I was sick and tired of being depressed about my life and my student loans.

After searching online and finding out about personal finance blogs, I decided to start my own. At the time, I had $57,000 left in student loan debt. And so, I proclaimed in my very first post that I would pay off my student loans in four years.

At this point, I was making $12 an hour at yet another temp job. Given my financial situation at the time, there was absolutely no way I could pay back my loans in four years. But, regardless, that’s the goal I set for myself.

Months later, when I was still struggling financially, my mom encouraged me to write a check to myself with my desired salary. Fun fact, this was also a tactic used by Jim Carrey, who wrote himself a check for $10 million.

So I wrote myself a check for $50,000. Given my low-income at the time, $50,000 sounded like an astronomical amount of money to me.

Embracing the secret and looking towards the future

I kept the check by my desk to look at every day. Between my blog and this check, I had set myself two larger-than-life goals: get out of debt in four years and earn a $50,000 yearly salary.

However, setting these big goals for myself shifted my thinking immensely. It gave me something proactive to focus on, instead of just complaining about my situation.

I realized I had let myself become paralyzed by my student loan debt. I felt ashamed and guilty for getting into so much debt — for an arts degree no less — and having no way to pay it all back.

I wanted a miracle — with a snap of a finger, my loans completely gone. But, I realized after much emotional turmoil, that nobody could help me get out of debt. It was up to me to figure it out.

Once I accepted this difficult truth, I started shifting my mindset. There was no other option but to become debt-free.

The secret as student loan advice

Once I set my goals and knew what I wanted, my mindset started to shift. I started to believe I would be debt-free in four years and that I would eventually make $50k, even though my current circumstances didn’t reflect that.

Over the next few years, I worked my butt off. I took on every side hustle opportunity I got my hands on. I eventually did find a nonprofit job that paid $31,000 per year. Not quite my goal, but a step up from $12 an hour.

As I continued my side hustles, I built up a full-time income and was able to become self-employed. Within two years, I went from struggling to find full-time work to creating my own job.

As I continued on my self-employment journey, one day I looked at some trinkets on my desk. And there was my check. Shocked, I realized I had made more than the $50,000 I wanted just a few years earlier.

What’s more, I had boosted my income significantly from what I was being paid in the nonprofit sector. And instead of paying off the last of my student loans in four years, I paid them off in three.

How the secret can help you pay off student loans

The secret, also known as thinking positively and attracting good things in your life, can play an important role in paying off your student loans.

But here’s another secret: you can’t just positively think your way out of debt, or anything else for that matter. You must do the work.

Our mindset is so powerful it can inhibit us from taking action, or even recognizing the right course of action. If you’re looking for unconventional student loan advice, try shifting your mindset.

It’s like what one of my favorite quotes from The Alchemist says,“When you want something, all the universe conspires in helping you to achieve it.”

Once I committed to paying off debt, despite my circumstances, despite all obstacles, things started to change. And once I started to look for solutions and started to think positively, rather than just dwelling on my situation, the path ahead became clearer.

While the idea behind the secret can seem like new-age nonsense, it’s actually more than that.

Thinking positively, shifting your mindset, and setting larger-than-life goals can have a positive impact on your student loan repayment. It can sustain you during the long journey ahead, and fuel your motivation when you want to give up.

Typical student loan advice is all about the money. However, your mindset plays an important role in helping you achieve your goals.

Even if nothing happens, thinking positively is still better than being paralyzed by doubt and depression. And even if you don’t reach your goal, you’ll likely be further along than if you hadn’t set a goal at all.

Interested in refinancing student loans?

Here are the top 6 lenders of 2020!
LenderVariable APREligible Degrees 
1.89% – 6.66%1Undergrad
& Graduate

Visit Splash

1.89% – 5.90%2Undergrad
& Graduate

Visit Laurel Road

2.25% – 6.09%3Undergrad
& Graduate

Visit SoFi

1.99% – 5.34%4Undergrad
& Graduate

Visit Earnest

1.97% – 8.54%5Undergrad
& Graduate

Visit Lendkey

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of October 1, 2020.

2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.


This information is current as of December 1, 2020. Information and rates are subject to change without notice.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 2.99% APR to 6.09% APR (with AutoPay). Variable rates from 2.25% APR to 6.09% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 10/26/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.

© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

5 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 11/13/2020 student loan refinancing rates range from 1.97% to 8.54% Variable APR with AutoPay and 2.95% to 8.77% Fixed APR with AutoPay.