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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 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 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
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