Going through the experience of having a student loan could be described as having a monkey on your back. Student loans are useful temporarily, but repaying a 3000 loan could take 2 to 3 times as long as the period which you were using it. Now some of us want to continue after college and pursue higher degrees. This almost always requires a new loan application, increasing the amount and the number of debt you have, and a lot of times you are dealing with more than one bank. This could get complicated, and can really affect your personal life. One solution would be to consolidate all your loans into one big account. Let’s say you have 3 different loans from 3 banks, you could open a consolidated and simply transfer all 3 separate accounts. The benefits are plenty; first, this saves you time and I believe being organized is essential in finance. Second, in consolidating all accounts, you could get a lowered interest rate which would dramatically decrease your overall payment. A lot of these accounts let you break down and schedule payments, and even amounts you pay to realistically pay off your debt. Lastly, you get the peace of mind that comes with knowing that all your debt is in one place, and you’re paying the entirety. This way, there’s no forgotten or misunderstood “individual” 3000 loan account that becomes a splinter and if left unnoticed and unpaid, could ruin your credit, which could take years to rebuild. There are many ways to consolidate, you could do a search on Google.com, or visit your local bank or accountant. I personally would take the time to research this personally, because as you know yourself best, you know what to look for.
