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3 Ways to Lower Your Student Loans

Student Loans
Three simple moves to cut your monthly loan payments

Americans owe close to $1.5 trillion in student loan debt — double the amount of a decade ago. Here are three steps you can take now to lower what you pay.

1 The Growing Weight of Student Debt

You’ve probably heard about billionaire Robert Smith’s extraordinary gesture: the promise to pay off his entire class’ student loan debts. The news of the $40 million pledge spread like wildfire, not only for the extreme generosity of his gesture, but also because it highlighted the growing amount of student debt and the financial toll it takes on young people in the United States.

Student borrowers in the United States owe close to $1.5 trillion in student loan debt. According to the Federal Reserve, this is double the amount from 10 years ago.

Data shows that approximately 43 million people are carrying student debt. Often, this debt is financially crippling. Furthermore, according to the Brookings Institute, nearly 40% of borrowers may default on their student loans by 2023.

So what can you do to lower your student loans? Here are three steps you can take now:

2 Apply for an Income-Driven Payment Plan

Typically, a student with federal loans is automatically enrolled in a Standard Repayment Plan when they graduate. Fortunately, there are other options like Income-Based Repayment, Pay As You Earn, etc. Check out this calculator to determine how much you would pay under each plan.

3 Consolidate Your Loans

A Direct Consolidation loan allows you to combine multiple federal education loans into one loan. You can make one monthly payment instead of juggling multiple payments. You can also get access to additional loan repayment plans and forgiveness programs.

4 Set Up Autopay

Many lenders give a small discount when you sign up for automatic payments. And if you pay on time, you may even get an additional break.

If you’re into lowering your monthly payments, contact Billshark so we can negotiate your monthly service bills like internet, cable TV, satellite, wireless, and home security.

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Frequently Asked Questions

How much student loan debt do Americans owe?

Student borrowers in the United States owe close to $1.5 trillion in student loan debt. According to the Federal Reserve, that figure is double the amount from 10 years ago. Data also shows that roughly 43 million people are carrying student debt, which is often financially crippling for young borrowers.

What is an income-driven payment plan?

When students with federal loans graduate, they are typically enrolled automatically in a Standard Repayment Plan. Income-driven options like Income-Based Repayment and Pay As You Earn are alternatives that can lower your payments. You can use the repayment estimator calculator on studentaid.gov to determine how much you would pay under each plan.

What does consolidating student loans do?

A Direct Consolidation loan allows you to combine multiple federal education loans into a single loan. Instead of juggling several payments, you make one monthly payment. Consolidating can also give you access to additional loan repayment plans and forgiveness programs that may not have been available before.

Can setting up autopay lower my student loan payments?

Yes. Many lenders give a small discount when you sign up for automatic payments on your student loans. And if you pay on time, you may even earn an additional break. Setting up autopay is a simple step that can reduce what you pay over the life of the loan.

How can Billshark help me lower my monthly payments?

If you want to lower your monthly payments, you can contact Billshark to negotiate your monthly service bills. Billshark works on bills like internet, cable TV, satellite, wireless, and home security, helping free up money in your budget while you tackle student loan debt.

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3 Ways to Lower Your Student Loans is a Billshark resource with information and navigation relevant to recurring bills, consumer choices, and savings decisions.

Americans owe nearly $1.5 trillion in student loans. Learn 3 ways to lower your student loans with income-driven plans, consolidation, and autopay today.

Visitors can use this page to review Billshark information and continue to the route that best matches their savings, support, or account needs.

Billshark publishes this information to help visitors understand monthly expenses, provider choices, and practical next steps.

The page connects visitors with related Billshark resources when they need additional detail or a more specific next step.

Americans owe close to $1.5 trillion in student loan debt — double the amount of a decade ago.

You’ve probably heard about billionaire Robert Smith’s extraordinary gesture: the promise to pay off his entire class’ student loan debts.

Student borrowers in the United States owe close to $1.5 trillion in student loan debt.

Data shows that approximately 43 million people are carrying student debt.

So what can you do to lower your student loans?.

Typically, a student with federal loans is automatically enrolled in a Standard Repayment Plan when they graduate.

A Direct Consolidation loan allows you to combine multiple federal education loans into one loan.

Many lenders give a small discount when you sign up for automatic payments.

If you’re into lowering your monthly payments, contact Billshark so we can negotiate your monthly service bills like internet, cable TV, satellite, wireless, and home security.

When students with federal loans graduate, they are typically enrolled automatically in a Standard Repayment Plan.

A Direct Consolidation loan allows you to combine multiple federal education loans into a single loan.

Yes.

If you want to lower your monthly payments, you can contact Billshark to negotiate your monthly service bills.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 The Growing Weight of Student Debt.

2 Apply for an Income-Driven Payment Plan.

3 Consolidate Your Loans.

Frequently Asked Questions.

How much student loan debt do Americans owe?.

What is an income-driven payment plan?.

What does consolidating student loans do?.

Can setting up autopay lower my student loan payments?.

How can Billshark help me lower my monthly payments?.

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