I guess I should first give a little information about my background. I just graduated, in December, with a B.G.S. (Bachelor of General Studies) with concentrations in Sociology and Business and with honors. Prior to that, I graduated with an A.A. in General Business with honors. Along the way, I picked up some student loan debt. In total, I picked up $21,450 in private student loan debt and $5500 in federal student loan debt. With some determination (and a couple of part-time jobs and a full-time job during my last year of school), I paid the private student loans down to about $9000. In total, I now owe about $14500. Each month, I have continued to pay $300 toward the private student loan (as it has an 18% interest rate). I'm not making a whole lot of money and am only bringing home about $1260 each month (after taxes, insurance, etc).

My brother was married in April 2006 and, after deciding they would keep her home, offered to sell me his for $93500 fully furnished. It's not huge (1100 square feet with a garage), but it was built in 2003 and since it was furnished, I knew it would keep my expenses down for a while at least (in regards to new appliances). I closed on the home in October 2006 and accepted a payment of $715 / month (which includes taxes and insurance). Unfortunately, I didn't qualify for a great rate and wound up with a 7.25 % rate.

I don't have a land line telephone and instead use my cell phone (which is about $46 / month). I do have DSL internet (with a phone line -- but the phone line cannot be used and is only there for the internet service) which runs me $32 / month. I have DISH Network but subscribe to the lower teir package along with my locals from Atlanta and San Francisco. I pay yearly in December for the package ($330 / year) and every six months for the locals ($65.94 twice a year). My power bill fluctuates between $55 - $80 / month. That is essentially the only utilities I have.

My truck has 100,000 miles on it but I still love it as I did when I bought it new in 2001 (it's a four-door crew cab 2001 Nissan Frontier). It's paid for and the only expenses (other than gas) are about $650 / year on car insurance. THERE ARE NO IMMEDIATE PLANS OF GETTING RID OF THIS TRUCK FOR A NEW VEHICLE.

I'm looking at new jobs -- if I find one, it's a non-issue because all of the jobs I have applied for are literally within 10 miles (round trip) of my home (where I'm driving 35 miles one-way now) and will all give me a raise (in my estimation) to at least $1900 month (after taxes). Plus, I'm spending close to $250 / month on gas right now: And that will be eliminated with a job closer to home.

Back to the student loans: They are currently in deferment because I'm a graduate student -- my employer is allowing me to attend graduate school at their expense. I do think, though, I'd be better off with another job because the tuition is only $124 / credit hour and with two classes in the fall and spring -- that still doesn't add up to much. (Plus I get a tax break).

I've thought about rolling ALL of my loans (including the federal) into a fixed rate private consolidation loan. My payment, as of now, would run me about $144 over twenty years. However, with playing around with calculators, I can find that this goes down each time I am able to put money toward the loan.

Am I better off going the same route I've been going (paying $300 month toward the private loan) or should I begin to focus on the federal loans every-now-and-then as well? Should I consolidate them all into a private loan now or do as I have been doing -- and then consolidate them all (at a lower payment) once I finish graduate school? I have plans of going on for a PhD (at the same university I'm attending now) so the loans would be deferred for a while -- but I feel the need to make payments that AT LEAST take care of the interest -- and on only $9000 that's about $134 month.

ANY ADVICE APPRECIATED!!!

I thought I would also add: I do have two credit cards (Citi Premier Pass Mastercard and Citi Premier Pass American Express). I use the Mastercard to pay all of my utilities and gas each month and pay it off when it becomes due. I have balance transfer opportunities on both (until May of next year) -- one is 3.9% and the other 0% until then. They have been used for about a year now (both cards) and the MC has a line of $3500 and the American Express of $2300. The American Express has only been used twice: Both times to purchase a PS2 game at Best Buy. The Mastercard is used religiously and then paid down.

If you consolidate your federal loans into a private loan, your interest will be MUCH higher than what you're paying right now on it, AND you will have to continue to make payments on the loan, with no provisions for any kind of deferment.

Personally I would leave things as they are and look for a better paying job. Good luck!

Choosing to consolidate means paying more over time but less every month. If that is your primary consideration then consolidation, despite the higher interest rate, would be a move that matches your goals.

As Tx pointed out above, you'll be paying more interest. As long as you pay the interest every month, you'd only have one lender to deal with and the payment would be more manageable to keep your debt at the same level as it is now.

Of course paying it down will require that you make payments above the interest accumulating.

If your goal is to pay off the loans as fast as possible, then doing as you are is the right answer.

That's really only a choice you can make.