There are a few ways to cut down on the costs of your student loans. Here's what to know.
Student loan debt can be a significant financial burden for borrowers — especially in today's unusual economic environment. After all, the average student loan balance was nearly $38,000 in Q1 2024, and that amount of debt can have a big impact on your budget. When you add in the ongoing issues caused by high inflation and increased living costs, it's easy to see why borrowers may be struggling.
One of the most common is the autopay discount, which typically results in an interest rate reduction in return for setting up automatic payments. However, many lenders will offer other incentives that can further reduce the cost of your monthly payments. For example, some may offer loyalty discounts for existing customers or for opening additional accounts with them.
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