What is the best college loan consolidation advice? It’s pretty simple. Do it as soon as possible. Consolidate college loans as soon as you think you’re going to need extra time or more breathing room to pay off your student debt. Do not put this off.
Most student loan payments typically begin 6 months after you graduate from college. Here’s the thing– there’s no guarantee that you’ll even find the perfect job or any job for that matter, after only 6 months. There’s even the chance that the 6 months will fly by so quickly that you won’t even realize the time to pay back your student loans is here.
What inspired this post on consolidating student loans? I want to share a quick story with you guys.
A friend of mine recently reached the 6 month point from his college graduation. He was unable to ask for an extension on his student loan repayment or to consolidate his student debt. Before he knew it the 6 month mark came and left, and he found a nice surprise. Since a major student debt of his was a government loan, the government just took the money out of his account without informing him. Yes, that’s right. The government took the amount from his bank account without informing him. This could be really frustrating, especially if you’re already living on a tight budget.
If you’re still undecided as to what to do with your student loans, let’s take a quick look at the pros of consolidating your student debt:
1. More time to pay it your student loans.
You’ll have less pressure to find a the perfect job after college. There’s no guarantee that you can find a job that pays okay and offers decent growth potential. You also don’t want to force yourself to accept a job that just “pays the bills.” You’ll be miserable. You won’t be happy. Worst of all, you might start living paycheck to paycheck.
2. Simplify your finances.
You can hold all of your student debt in one place. Instead of having to keep track of different payments, you’ll only have to make one monthly payment. This will free up some time in your schedule and allow you to have a much simpler financial system.
3. A little financial breathing space.
Lower payments mixed in with more time to pay off your student loans, makes student debt consolidation an attractive option. Some college graduates will want to try starting their own business. Others may want to travel the world or word abroad. Either way, everyone deserves some space with their finances.
If you have recently graduated from college with student debt you’re going to have to make an important decision as to whether you should consolidate your student loans or not. In my opinion the best student loan consolidation advice is to get it done as soon as possible. If you are a recent college graduate with lingering student loans, then now is the time to figure out what you will do with your loans. Will you start paying them off separately or will you consolidate them?