Student Loans Suck

Folks, the title of this post pretty much sums it up. Students entering college take out loans like they're nothing. Not many students think about the amount they are borrowing, and the fact that they will be paying them back - plus interest - in just over 4 years. Nonetheless, we all do it, and all learn to hate the first 6 months after college. Everyone say's to stay in school as long as you can, and let me just say, I agree.

Most of the summer, and now into the fall/winter I have been getting notices from various lenders. Of course they're only informing me of my balance, interest rates, grace period and when my first payments are due. Seems simple enough, but when you get dozens of these notices, all completely different it can become overwhelming. I spent a solid hour tonight (if not more) organizing my loans, determining the best way to consolidate, etc. Oh yea, that's another thing... if you don't consolidate you could be sending out multiple checks each month to multiple different lenders and locations. This becomes such a hassle, and I'm excited that I'll only have to send one check (either online or by mail) to one lender.

To those of you reading this, either at the same stage I am, or especially to those graduating in the next year or two please take my advice. As early as you can, know which loans you have, how much they are each worth, interest rates, and when your first payment is due. I also highly recommend consolidating as many loans as you can. This will make it easier going forward, and you won't have to worry about sending half a dozen checks each month.

I realize anyone who has been out of college for a while, especially parents of current students, will say the "real world is all about responsibilities" and I totally agree. I have ZERO problem with paying off these loans (obviously I hate seeing money earned leave my wallet, but that's not my complaint). I hate the fact that you have graduates, hopefully starting their first job, that are adjusting to a new style of living. And while all this is going on, you throw them to the lions and say here - now figure out your loan situation and if you mess up, you'll be paying more in fees. This is a recipe begging for students to mess up, and if you are slightly disorganized, best of luck to you.