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[quote=Anonymous]OP, I am a poster with a lot of student debt in a not-that-great-paying field.  I have both private and federal loans.  Here's my advice:

1. You CAN consolidate private loans with Sallie Mae.  If he has multiple private loans they can be consolidated into one.  You can only do this ONE TIME in the entirety of the life of the loan- and since interest rates are at their lowest point this is a good time to do that.

2. That said, your fiance needs a second job.  You both need to sit down and crunch the budget numbers.  He needs to call Sallie Mae and find out if he can extend the terms of the loan (whether he has a 10 yr or a 30 yr loan term makes a big difference for the amount of the monthly payment).  Consolidate to one fixed rate loan at the longest term so that the payment can be the lowest.  Sallie Mae will not want to do this- you will have to talk to them over and over and go higher and higher in the proverbial food chain.  But they will do it.  I've been there done that.

3. You both could stand to make more in terms of salary.  30k is nothing, and 40k isn't much better.  You need to revamp those resumes- recognize that a higher salary is the point- and get out there interviewing.  A 15-30k jump in salary for either of you is not crazy, and would change your life.  It may take some job moves, but you can do it.

4.  You said the word "fiance" meaning you're engaged and possibly planning a wedding.  Now, I am not going to say this because I don't think you should stay with him- but you need to scratch out the wedding for a few years until you're on financially firmer ground.  If you're really dying to get married- pay a celebrant to come to a park for $200 and marry you.  DO NOT spend thousands on a wedding.

5. Along the same lines- you need to cut the lifestyle to nothing.  Studio apartment, no cable, no eating out, etc.  I am not religious, but I do listen to Dave Ramsey- and he has some excellent points.  Cutting the budget, maybe start a side business on Etsy, and pay those loans like your ass is on fire.  It is.

Good luck, OP![/quote]

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