Lost!!!!!!!!!!!!!!!

[Anonymous]

Hello Everyone,

New poster to this forum with alot of questions about student loans and maybe someof you can help.  I am set to graduate in December and owe $71,861.46.  I have both Federal Loans and One Private Loan.  I am currently paying the private loan at the term payment they have set for me of $82.56.

My husband and I make $67K a year and he has no student loans.  According to Navient website I will begin to pay the other loans as soon as 06/2016.  

My first and most important question is should I set up on a repayment plan for the loans or see if I can afford the normal payments on the smaller loans? Or should I consolidate all of the federal loans into one?

My fear is if I see what the payment will be they will total over $200 (which is how much i can spare monthly towards them) and soon default messing up my credit that i am trying to rebuild.  

Any guidance would be much appreicated.  I know I owe alot but I am trying to reduce my payments to something low and affordable so that I can apply more money to them monthly and stay current.

[SCF]

You should be able to get a payment schedule from each lender showing what your payments will be when repayment begins.  Your federal servicer(s) probably have a calculator tool on their website so you can compare the different repayment options.  Since you are still in school, you have a great, easily accessible resource in your Financial Aid office.  They can help you navigate your options and compare payment plans.  https://studentaid.ed.gov/ is also a great website that I would reccomend reading over.

You should pay as much toward your loans as you can afford each month, and for maximum financial benefit you should direct any payments over the minimim toward the highest interest loans.  That will save you the most money.