What is the best strategy for paying off a student loan with high interest?

I am currently a grad student with about $30 K in loans for my undergrad and another $35 K for gradschool, which I'm still not done with. I'm not sure when I should consolidate the federal loans, but I plan on doing it soon. The private loans just keep increasing like crazy, and even though I'm still in school and don't have to pay them yet, I hate seeing them increase so much. Is there anything I can do while in school to help keep them down?

What is the best strategy for paying off a student loan with high interest?

Unfortunately, you can only consolidate your federal student loans 90 days from your graduation date. As of July 1st, 2006 you can no longer consolidate your federal student loans while in school.

In addition, you can not consolidate your private loans with your federal student loans. If you do consolidate your student loans with the rest of your debt you will lose all of your federal privileges on your federal student loans, (forbearance, and deferment).

Once you are 90 days away from your graduation date, it would be in your best interest to consolidate your federal student loans in order to lock yourself in at your lowest possible interest rate. Keep in mind, all Stafford loans issued before June 30th, 2006 have a variable rate which changes every year.

However, I'm concerned. Why did you take out private loans instead of the Grad PLUS program which has a lower rate?

If you are interested in consolidating your private loans, I would wait until after July 1st when programs are expected to improve. However, on your federal loans you may want to consolidate your federal student loans prior to July 1st to avoid a rate increase.

What is the best strategy for paying off a student loan with high interest?

This article should help you out. It provides a little insight into consolidation. Good luck.