3 Ways to Lower Your Student Loan Payments

Many students depended on student loans to help pay for their education. Although most student loans allow you to begin payments after graduation, the debt often serves as a massive financial burden.

Repaying your student loans doesn’t have to ruin your finances forever – here are three ways you can reduce your student loan payments today.


If you have student loans and are struggling to pay them off, you can potentially save yourself hundreds of dollars each month and stop the late notices by refinancing. Refinancing can help you lower the overall lifetime cost of the loan. Additionally, student loan refinancing can help you save your credit and help you avoid a lifetime of debt. (1)

When researching student loan refinancing online, consumers may be able to qualify for a lower interest rate and stop struggling to make ends meet. Refinancing your student loan does depend on certain factors such as your credit score and income. (2)


If you are unable to qualify for student loan refinancing, you may want to research a Pay As You Earn Plan (PAYE). The basic concept of the PAYE plan is that your student loan payments are tied to your income. Usually, the amount of the monthly student loan payment will be no more than 10% of your income.

However, the PAYE plans are two-faced. As your income increases with time and experience in the workforce, so does the amount you repay to your PAYE plan. This is because the payments will still be tied to a certain percentage of your income. However, after 20 years, many PAYE plan participants found their debt to be forgiven. (2)

Public Service Forgiveness

If you’re struggling to make your student loan payments each month, you may qualify to receive public forgiveness for some or all of your loans. Typically, this option requires that a person work in a particular occupation, volunteer, or serve in the military.

For example, a branch in the military, such as the navy or army, may forgive a fixed percentage of a students debt for each year of military service. These forgiveness programs are usually designed to fill certain public needs while relieving students of old student loan debt while they try to begin their career. (4)

Overall, there are multiple ways for consumers to tackle their student loan debt. Conducting research online can help you find ways to lower your monthly student loan payments and interest rates. Start doing research today.

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Refinance Student Loans

1. https://www.lendkey.com/blog/how-student-loan-refinancing-works/
2. https://studentloanhero.com/student-loans/student-loan-repayment/how-do-student-loans-affect-your-credit-score/
3. https://studentloanhero.com/student-loans/student-loan-repayment/pay-as-you-earn-guide/
4. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

“Accepting responsibility even when it’s not your fault and fixing the problem; you will have unlimited income potential in your life.” – Andy Frisella