Student Loan Debt: My Personal Story

I have a very personal story to share with all you people out there with student loan debt. I am sharing this story in the hope that as many people as possible can learn from my mistakes. This is a true story that happened to me back in 1999.

I had been out of school for quite a while. I was working at a big law firm in New York City making a decent living, paying my bills and some of my debt. I had (foolishly) incurred a lot of credit card debt in my youth and I was really paying for it. I also had about $11,000 in student loan debt from a Federal Subsidized Stafford Loan I had taken out when I was in school. I wasn't paying my student loan debt. In fact, I completely ignored my student loan debt, throwing all the threatening letters I received into the trash! My thinking was, "what could they do to me? If I ignore the debt the government will step in a pay it off. Besides, those monthly payments are way too high!" There was a moderate amount of guilt associated with my actions, but it's hard to feel sorry for the richest government that has ever existed on the earth.

How can Student Loan Consolidation Solve Your Problem

Everybody knows that college education can be very expensive. The worldwide recession even made things worse. Because of this, few students who want to pursue higher education and be real professionals let their dreams fall, but this shouldn’t be the case. This is where student loan consolidation can help you.

There are people, not just students who would not want to get a loan because of the stigma that the word “loan” carries. Loans, according to others are nothing but burdens, and getting into one is like digging your own grave. There may be much debate about loans, but this post doesn’t aim to defend any side, instead it aims to help you get on with your after college life, thru student loan consolidation.

You survived the hard part; you’ve finished your college. But is it really over? Truth is, the really hard part is just starting and although you want to put all your efforts and energy in finding a job that best suits you, or you want to give your everything to the job you already have, there is a problem that will always be at the back of your mind – your student loan.

Now that you’ve finished college, it’s time to pay that debt. It would help if you planned out early on how you will pay the debt once you graduate, but sadly not all of us can think 5 steps ahead.

If somebody told you that you can file for bankruptcy then think again. Federal student loans cannot be discharged even if you file for bankruptcy. It will not cease to exist and you still have to pay it whether you’re bankrupted or not.

In this case, a student loan consolidation program is your only hope. This program will take the loans you got when you were in college, and consolidate it with other bills like outstanding credit card bills and put them into a lump sum. This can all be handled by a student loan consolidation company. This company will then draw a specific payment plan based on your income and total budget.

It gets even better. You will only have to pay your student loan consolidation company every month. The company will then do all the dirty work for you, including making the payments to your creditors. Do not let pressure yourself; you had enough of that when you were a student. Take the debt out of your head and let the company handle it for you.

Student loan consolidation distributes the money you have every month to make the crucial payments, thus saving you from further trouble. You know very well how important it is not to miss any payment, and the student loan consolidation company can help you achieve that.