How to save money on student loans – CBS News

Watch CBS News
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.
By Rachel Layne
/ CBS News
It’s no secret that student loans have become a major economic burden. Americans owe a combined $1.7 trillion in student debt. That’s one reason President Biden announced a public student loan forgiveness program in August.
While the administration readies the application process, you can take action now to try and reduce your cost under existing programs and practices, regardless of whether you qualify for this particular federal forgiveness program. And if you’ve benefited from the COVID-19 pandemic payment pause in federal student loan programs, you’re likely aware it ends on December 31, 2022. 
That means it’s time to look for savings.
If you currently have a private student loan, the quickest way to save cash now is to refinance. Start exploring your options and get the process started today.
There are, however, strategies that work for both private and public student loans. Whether you’re looking to take a student loan out for the first time or are seeking ways to lessen your existing debt once payments resume, you have options.
Here’s a look at some of the top ways to save by loan type.
Don’t forget that different options apply to different loan types – not everything is applicable for both. If you have private student loans, however, you can start the process of lowering payments by refinancing your loans now
First published on September 9, 2022 / 12:23 PM
© 2022 CBS Interactive Inc. All Rights Reserved.
Copyright ©2022 CBS Interactive Inc. All rights reserved.
Quotes delayed at least 15 minutes.
Market data provided by ICE Data Services. ICE Limitations. Powered and implemented by FactSet. News provided by The Associated Press. Legal Statement.

source

Leave a Comment