I have several large law school loans ranging from 2004 to 2007. They have never been consolidated. Is there any way I can qualify for the new provisions or is the new law going to leave me drowning in debt still?

Probably not.  Early information from the administration indicates that these improvements will be available starting in 2012, for students who first borrowed federal student loans in 2008 or later, and who also borrow a federal student loan in 2012.  Many specific details are not yet available and will be addressed until during the now-happening rulemaking process.  But IBR is available now, and already really helpful for a lot of borrowers.

Any chance of getting bootstrapped into 2012 with a 2012 consolidation?

Good question.  We’re working on that and other arguments to have the scope of affected borrowers defined as broadly as possible, but it’s likely to be a long while before we have certainty.  Look for updates from me on the ongoing negotiated rule making process on my blog soon, and be sure you are on my mailing list so I can let you know when rules are established.

Hi Heather,
If you have federal loans dating from 2005-2014 could you use the new terms (10% income) if you paid off your ineligible loans from 2005-2007?