CNN Money recently published an article by Blake Ellis about college graduates delaying some major milestones because of their student loan debt. Ellis cites a survey from the American Institute of CPAs where 41% of the more than 200 participants stated they put off saving for retirement; 40% put off buying a car, 29% are pushing back plans to buy a house. 15% of those surveyed are even postponing marriage due to student loan debt. Graduating from college is a huge accomplishment, but looking at a post-college life filled with debt can put a damper on the excitement quickly. Student debt might be inevitable, but there are ways to minimize the impact it has on your life.
1. Consolidate Your Federal Student Loans.
Consolidating multiple loans into a single payment, not only makes managing your repayment easier, it will probably save you money by reducing your monthly payment, and helping you pay off your debt quicker. Direct Consolidation Loans is a webpage maintained by Federal Student Aid that has information on consolidation, and an application.
2. Consolidate Other Debt
College is also the first time many of us have credit cards, medical expenses, and other loans that we have to repay. The same principle applies to consolidating these debts. Consolidating can make debt easier to manage because there are fewer monthly payments to make. You can also spend less on payments every month and pay less in the long run.
Here’s a video that gives a little more information about how 3Rivers can help you consolidate your debt, and make it more manageable.
It might be tempting to take your savings, and catch the next flight to Vegas, but I’d recommend creating a solid financial plan for your future first.
3Rivers has partnered with 48 area auto and motorcycle dealers to make your buying experience more convenient. Each of these dealerships will help you find the perfect mode of transportation while 3Rivers handles your financing conveniently at the dealer. Once you find what you like, just let them know that you’re with 3Rivers, and they’ll help you handle everything in one place saving you a trip to the branches. Click here for a list of 3Rivers Affiliated Dealerships. If you can’t find the dealership you’re looking for, don’t worry, we can still help you with your purchase. Either visit one of our branches or apply online. Happy shopping.
As part of our commitment to provide convenient service to our members 24 hours a day, we are currently working on a new mobile app which will allow you to pay bills right from your Apple or Android smartphones and tablets.
Mobile Bill Pay will be released soon for Apple and Android devices and it’s a true innovation in our industry.
What makes 3Rivers Mobile Bill Pay so innovative is the ability to pay your bills simply by taking a picture of your billing statement. The app will recognize the payee information from the picture, then you just enter the amount you’re paying and the payment date, and that’s it! It’s another way we’re working to make your money matters simpler. Not only can you save on stamps by paying bills electronically, but now you can save precious minutes by paying bills anywhere and anytime right on your smartphone or tablet!
Keep following the 3Rivers blog to learn more about how Mobile Bill Pay will help you save time and money!
4. We will listen to your financial goals (college planning, retirement, etc.) to help you build your desired financial future.
WalletCare isn’t just for people who are struggling financially. Money matters are complicated and anyone may wonder if his or her future is truly sound. Even though your day-to-day finances are working just fine, maybe you’re concerned about securing your family’s money matters for the future. We want to find those opportunities to build a future that will give you even more peace of mind knowing you have everything covered for decades to come.
Savings accounts are great, no doubt about that. When you need to put some money away for an upcoming expense, or just for a rainy day, your Standard Savings account is a great tool. But if you’re planning something big…really big…like college tuition or retirement big, it’s a good idea to look at all of your options, and that’s what the last part of the WalletCare Promise is all about.
Even if you’ve already started your financial planning, we can give your portfolio a look and help you decide if there are changes that need to be made. Many people start a retirement plan, but don’t realize they’re in the wrong plan until it’s too late. We want to help you avoid that. After all, it’s your plan. Shouldn’t you be able to decide how it will work for you?
When you sit down for your WalletCare conversation (which I’m sure you’ve already scheduled with your local branch, right?), be sure to ask how we can help you solve those future financial needs too. We’re excited to be your partner in taking care of all your family’s money matters, both now, and for years to come.
That’s what WalletCare is all about.
3. We will compare deposit accounts elsewhere to help you save and even grow your money.
We pride ourselves on having competitive rates on 3Rivers deposit accounts, but even more than that, we want to take the time to compare your current deposit accounts to see where you could save money on more than just rate.
That’s right, there’s more to a deposit account than just the rate, and when you sit down for a WalletCare conversation, we’ll look at things like fees, balance requirements, convenience factors, and other details that you may not realize are impacting your current accounts.
Every bank and credit union charges fees. Yes, we do too. But where we strive to set ourselves apart is our ongoing effort to help our members avoid fees whenever possible. At 3Rivers, we only charge fees for two basic reasons. Fees are meant to either make up the cost of providing a specific service (Foreign ATM fees) or to encourage healthier financial habits (Overdraft fees). If you ever want to know why a fee has been charged, just ask. We aren’t trying to hide fees, and we’ll always try to give you options to avoid them in the future. That’s one way we can determine the best deposit account for your spending needs.
That exciting deposit account you’ve seen advertised may seem great, but when you realize that it requires a minimum balance that isn’t realistic for you, that account may lose some of its appeal. If you’re looking for real answers about those “great deals” we’re happy to dig deeper with you and find out if they’re really as good as they sound. Chances are, 3Rivers probably has a better option for you.
Time is money. In most cases, even a slight rate increase is worth the convenience 3Rivers can provide. With 18 convenient branches, thousands of surcharge-free ATMs, and 24/7 access online and on your mobile devices, it may make more sense to keep your accounts at 3Rivers to avoid the hassle of dealing with an institution you can’t get to. Your WalletCare conversation will give you a chance to see just how convenient a 3Rivers membership can be.
Then there’s the rest. The key to a WalletCare conversation is taking the time to really examine your financial needs to find the right solutions personalized for you. We’re not just dealing a pre-packaged account bundle to everyone. We’ll listen to your needs and find the best way to save you time and money, not just with your deposit accounts, but with all of your money matters.