Federal student loan borrowers can enroll in income-driven repayment plans or request to defer payments.īut if you have private student loans, it can be harder to find ways to lower your monthly payments.
If you’re struggling to keep up, you might wonder if there’s a way to reduce your monthly student loan payments. Simply download, complete and mail the CFPB’s sample letter found on this page. To avoid or clear up such issues, you can send instructions to your servicer about how it should apply extra payments. Without clarification, a servicer might apply an extra payment to the following month’s statement, or divide it across multiple loans when you intended to target just one. If you’re paying more than your monthly minimum on student debt, make sure your servicer knows how to apply extra payments. Instruct your servicer how to apply student loan payments
…instruct your servicer how to apply student loan payments.
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