Raise your hand if, at some point, you got slapped with a student loan bill for more than $1,000 per month.
If you haven't yet, and took out loans for law school, it's only a matter of time before some idiot loan servicer sends you a bill requesting more than half of your take-home pay. And for many people, their response will be to utter a few choice profanities and then to ignore the letter.
Don't. Default is bad, at least if you ever want to have a respectable credit score, own a home, or get out of debt. Instead, take a look at the available income-driven repayment plans. If you're working in public interest, your debt will disappear in 10 to 15 years. If not, you're looking at reduced payments until right around the time your child goes to college. Funny how that works, isn't it?
Last week, we talked about consolidating your loans to make them more manageable. Today, we'll look at reducing your monthly payments on your federal loans: