How to Decrease a Student Loan
- 1). Contact your student loan provider and request an adjustment to your loan disbursement. The less money you take out from your student loan, the less you'll have to pay back once interest builds up on top of the loan amount.
- 2). Request a deferment plan. A deferment plan is granted through your student loan provider if you are experiencing financial difficulty and temporarily stops the monthly payments with no interest accrual. A forbearance plan postpones payment but continues to charge interest while the loan is placed on hold.
- 3). Apply for an income-based repayment plan. Whereas student loan repayments are configured based on the amount of the loan, an income-based repayment plan adjusts your monthly fees based on your income level.
- 4). Apply for the Public Service Loan Forgiveness program. A job as a teacher or public service worker eliminates your loan when you make 120 consecutive payments to your student loan.
