How to Get Student Loans Decreased

Your student loan payments begin six months after you leave school, but you may be unable to make your payments if you are unemployed or underemployed. You can reduce or defer your student loan payments in several ways, although your loan company does need to approve any changes to your current loans.

Instructions

1

Apply for an unemployment or hardship deferment on your student loans. Prepare any documentation that the lender requests to prove your hardship or unemployment claim.

2

Consolidate your student loans into one loan. You can lower your student loan payments with this method if your interest rate is lower, or you can extend the payment terms.

3

Call your lender and request a forbearance. Forbearance reduces or eliminates your monthly payments for a set period of time. Forbearances generally run for one year or less. Your loan still accrues interest during this time period. If you do not pay the interest during your forbearance, it is added to the principle balance of the student loan.