Well I just got my first student loan payment and damn it’s A LOT.   You really do not realize how much you are borrowing until you get out of school and the payments come.  This stuff is just as bad a credit cards.  Since my loans were issued they have already gained $3,000 in interest!!  The worst thing about all of this is the money that was spent for college was for nothing.  Just as I have said before, college was a waste of time and anyone, if they work hard enough could be doing what I am doing, no college required.  Anyways I have a total of 5 loans, 3 of which are subsidized.  These 3 I can consolidate into 1 loan with the fixed interest rate.  You want to consolidate as soon as you can because the interest rates go up all the time and you want to get the lowest one you can get.  I am lucky I am able to make this payment, some people when they get out of college can’t find a job or get one that does not pay that well.  For them they are screwed, they either have to differ the payment till later (which there is a penalty), or extend the loan period (which makes the payments lower, but you will pay more than the original amount over time.).  These payment are more than a car payment!  Oh well, I gotta pay them!!