You need to talk to various student loan companies and see if they will consolidate your loans and let you make a lower payment. I use Citibank, and I have found them to be extremely helpful and responsive. I have heard bad things about Sallie Mae and their ridiculously high payments, but you may be able to talk to them about at least lowering your payments. Student loans are not supposed to bankrupt you, but you are expected to pay something back each month. See if they will work with you to lower your payment. Citibank’s website is. Check them out and see if they can help you.

Banks and finance companies make a lot of money from consolidation loans. Since they all are offering the same product, the only way that they can compete to get your business is to offer incentives.

You need to shop around to see which bank will offer you the best incentives. Different banks will give you different incentives such as lower monthly payments, cash back, etc.

Here are some sites I’d check, including your current lender who might try and cut you a deal to keep you:
- your current lender and a major student lending company - student loans and consolidations - receive up to four competing offers from banks with no obligation

Make sure you explain your situation and tell them that your shopping around for the best deal. That should get you the deal that you want.

Good luck!

If the loans are in default, your best bet is to work with the current lenders to restructure them. If they are not yet in default, you may be able to do a consolidation loan. Generally credit is not an issue with consolidating the loans, as long as they are no in default.

A couple of places I recommend are Chase Bank, they have a student loan division you can reach through and Student Loan Advisors at

Good luck with getting everything straightened out. It’s certainly stressful, but it’s better to be proactive than reactive in matters like this.