Featured article- "Student Loan Overload" at SmartMoney

In an article titled "Student Loan Overload" found on the Smartmoney.com website, three options are mentioned as possible solutions when faced with repaying student loans with ever increasing payments. Many former students including myself are lured into the college=better job/$$$ mindset which doesn't always hold true. Unless you are willing to relocate nationwide to follow decent paying job opportunities, you are left with the leftovers as was the student mentioned in the article who ended up as an electronics store manager in Massachusetts where the cost of living is much greater.

If you find yourself in this situation, talk to your lender and make them aware of your situation. It is best for the lender to work with you than to pay for a collection agency to recover a portion of the full balance owed. Unfortunately, private school loans are not able to be consolidated at a fixed rate like Federal Plus loans are. It may be worth reconsolidating to combine multiple loans into one payment with a reduced variable rate. It doesn't hurt to shop around.

College doesn't guarantee you a good job any longer and you're lucky if you score an interview. For those of us who already bit the bullet, review the steps in this article to see if one of the 3 options may be viable to you. The full article can be found here.