Poor Credit Student Loans | Should I Consolidate My Student Loans?

Should I Consolidate My Student Loans?

A few years after I earned my college degree, I decided it was time for me to consolidate my student loans.  If this is an option you are considering for your own student loans, then feel free to share in my experience, as it may help you make the right decision about what to do with your own student loans.
Actually, most people who have more than one student loan find it easiest to consolidate their student loans.  This means a different lending company assumes all of your loans, and you repay that lending company.
Why did I decide to consolidate my student loans?  For me, personally, there were two reasons.  First, not being the most organized of sorts, I felt better about having one monthly bill to keep track of instead of many.  This was in the days before the convenience of online bill paying, so writing fewer checks and scrounging around for fewer stamps was very appealing to me.
Second, and the main reason I decided to consolidate my student loans, I just couldn’t afford the payments.  Paying only the minimum on each one, each month, was taking up a huge percentage of my meager, just-out-of-college salary.  I really needed to do something to give me lower monthly payments.
When I chose to consolidate my student loans, I was mainly interested in the bottom line.  Understandably, I wanted the lowest payment I could find.  And while this is important, it’s also important to really check out any lender you are considering.  A few things to think about before you consolidate your student loans are the repayment options, online availability of account information and applications, reputation, customer service, and experience.  Right now these things may not seem to matter too much, making it easy to just go with the lender who offers the lowest monthly payment, but trust me, these are all things I wish I had looked a little more closely at when I chose to consolidate my student loans.

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  1. Looking to Consolidate Graduate Student Loans?
  2. Consolidate Loan to Refinance Student Debt
  3. ACS Student Loan Consolidation

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