I recently got my student loan information in the mail…and needless to say, I was extremely upset. I literally made a copy just so I can rip it up! Yes, with the student loans, I was able to gain an education that will allow me to go farther in my career than most people, but when the repayment information comes, it just SUCKS!
It is a long process to make sure that I am not having to make $500 payments per month, which let’s be real, no recent college graduate can make that high of a payment. All I could say when I saw that is…Are they F***** INSANE!
Having federal and private loans add more frustration, as I have to fill out paperwork and figure out a payment plan with two separate loan servicers who have two different ways of doing things.
For my federal loans, I first had to consolidate the 13 individual loans so that I am not making separate payments for each. Let’s just say, in order to qualify for federal loan consolidation you must have more than a $50,000 balance combined. Yea…I have more than that.
I am now just waiting for them to process this so that I can finalize a payment plan and set up automatic payments. Wish me luck on this. For those of you in a similar situation, I would highly recommend automatic payments because most loan servicers offer a deduction on the interest rate.
I have finally figured things out with my private loan servicer though, thank goodness. The only thing is that they never want me to start setting things up early, like my automatic payments. I was advised to wait until right before I make my first payment. It’s quite annoying because I wanted everything set-up and ready to go before the end of my grace period. Look out for this when you are trying to figure out your repayment options.
Don’t take my ranting about student loans to mean I regret going to college. In fact, I enjoyed my college experience and having my Bachelor’s and Master’s degrees have opened up more doors for me than without them. I know a lot more about the business world because of what I learned in college and it prepared me for a career.
So, you will know when I am done paying off my loans, because I will probably submit a post that simply says…STUDENT LOANS FINALLY PAID OFF!! Look out for this post 30-40 years from now. Haha.
If you have any questions about the student loan process, please feel free to write a comment. I will offer as much advice as I can.