IF YOU FOLLOWED MY ADVICE in Part I and Part II of this pamphlet, you probably already swim in a sea of debt - college loan debt, that is. A typical graduate of law school or medical school has to take out more than one hundred thousand dollars in student loans. And, now that you are stuck with all these student loans, what do you do?
Student loans have this nasty quality about them - they don't go away, even if you declare bankruptcy. So, while you are busy making money defending drunk drivers, chasing people with mesotheliomas, doing teeth whitening or breast augmentation, how do you lessen your student loan burden? Consolidate your student loans! The bank that issued you the loans will be happy to take all of them, lump them into one big chunk of debt and spread your payments over the course of thirty years, instead of the usual ten. Accordingly, your payments will drop to a (somewhat) manageable level. Yes, you will pay tens of thousands of dollars more in interest - that's why your bank will be so happy to do consolidation of your student debt - but, try not to think about it.
Once you are rich, it won't matter - your monthly student loan payments will be lost in comparison with the your wife's allowance for cocaine and plastic surgery. If, however, you graduated with some stupid public service degree - change your name and move to Ecuador.