Like most people, I had to take out several loans in order to be able to pay for college. I didn’t like the idea of going into debt, but the school I went to cost more than $20,000 per year, so there was no other way for me to get my degree. Obviously, education is very important and should be viewed as an investment. In that regard, I don’t regret my decision one bit. Unfortunately, I haven’t had much success finding a job in my field and am now having trouble repaying my loans on time. That’s why I’m currently looking into student loan consolidations.
I’ve heard from many friends that student loan consolidations can really help save money while paying off school debts. A lot of my former classmates are in the same boat as far as finding suitable jobs go, so they know exactly what I’m going through. I hate being saddled with all this debt, but with the kind of salary I’m getting, I’m barely able to keep up with the minimum payments. And then once I do make my payments, I’m left with a mere fraction of my paycheck and can’t afford much else. In fact, I’m still living with my parents right now, which is not at all how I envisioned my post-college life. If student loan consolidations can help get me back on my feet, I’ll be grateful!
Not all student loan consolidations are the same, so it pays to shop around for the best deals. Basically, my goal is to consolidate my four different loans into a single, more affordable payment at a lower interest rate. There are plenty of companies out there that offer student loan consolidations, which is why I need to take my time before making a decision. First, I’m probably going to go in for a consultation with a financial adviser to get a better idea of how things stand now and what kind of rates I can ideally expect. Then, I’ll talk to representatives from a few different consolidation companies to evaluate their repayment options in-depth.
The biggest thing to watch out for when comparing student loan consolidations is whether or not the company charges extra fees for their service. It shouldn’t cost anything extra to consolidate, but there are a few unscrupulous lenders out there willing to take advantage of fresh grads who don’t know any better. I don’t want anything like that to happen to me, so I’m going to read all the fine print before I sign any documents.
On the whole, I think student loan consolidations can make a huge difference in the amount of money I end up repaying. I’m sure I’ll be able to find a good deal that will save me a bundle in long-term interest payments, making this whole endeavor well worth my time. I should have consolidated a long time ago!