I have about a year left of school (I'm an adult going to night school while working) and I'm not looking forward to graduating the slightest bit because that means loan repayment begins!

I will have about 75K in federal loans and only about 2k in private loan when its all said and done. When I signed up for school I was told by many not to worry about loans - that repayment can be streched out over up to 30 years and monthly payment will be managable (like under $200 a month) I was told it was never a problem to consolidate student loans - just have to sign a few papers. A few friends of mine just graduated and they are having a hard time finding anyone that will consolidate their loans due to the economic state we are in. One friend of mine with similar school debt has a monthly payment of 2k a month!!! He doesnt have an extra 2K a month and I guess will have to file for bankruptcy

I loose sleep over this often and feel like I made a huge mistake getting my degree.

Is there anything I can be doing now to get myself ready for graduation? What are the general qualifications to be approved for a consolidation? Is there any way I can get a good idea what my payments would be now so I dont have to feel ill worrying about it?

Any advice would be helpful..

You will definitely want to consolidate your federal loans during your grace period after you graduate. Doing so will combine all of your federal loans into one and extend the life of the loan giving you a lower monthly payment. More information about consolidation can be found here: http://www.studentloanconsolidator.com/

After that if you still do not think you will be able to afford your payments you can apply for an income based repayment plan. More information about income based repayment can be found here: http://www.studentloannetwork.com/repay ... ayment.php

Thank you for the information.

I definitl;y want (and need) to consolidate my loans as soon as I graduate but I'm wondering if the approval rate for consolidation is more difficult now then when the economy is healthy - have the consolidation loans changed in the past few years making it that my payment will not be lowered to a managable state?

I have been wanting to take additional classes but my federal loans only pay for 7 credits a semster. My financial aid advisor has been pushing me to take private loans so I can graduate quicker - he said it will save me money in the long run if I graduate quicker since tution raises often. I am REALLY nervous about taking private loans because of the higher interest rates and more so because friends of mine that recently graduated are not finding banks that will consolidate their private loans (but they had no problem consolidating fed loans).

Can anyone else share their expeirence consolidating private loans recently? Is it more difficult these days? Should I keep avoiding private loans?