A lot of people are pinning their hopes on IBR. IBR stands for income based repayment, and the program is designed to set limits on the amounts of monthly payments that borrowers must make based on family size and income. This can be a lifesaver for families struggling to support themselves and make enormous student loan payments each month. It can even free up enough time and money to make a major difference in someone’s career path.

However, the fact of the matter is that not everyone will qualify for IBR. Even if you feel that you cannot handle your current payments, the program may evaluate your situation and inform you that you can. If you have been denied membership in the IBR program, do not give up hope. There are many ways that you can lower your monthly student loan payments without having to participate in this program.

Some of them are far simpler and more straightforward than you think:

• Contact the lender
Call up the lender and ask to speak to a loan counselor. A regular customer service agent probably will not be enough since you need someone who can actually make adjustments in your account. However, you need to be polite. If they want you to jump through all the hoops before you get to someone who can actually help you, then this is a time when it can really pay off to jump and jump pleasantly. Explain your situation honestly and ask for help. Often a counselor will temporarily or even permanently lower your payment amounts. Sometimes they will even give you a month or two off payments or forgive minor delinquencies in exchange for timely payment resumption.

• Consider consolidation
Consolidating your student loan debt is by no means a guaranteed success. You need to evaluate the situation very carefully. Look out for closing costs and other hidden fees. However, a student loan consolidation will almost always lower your monthly payments. Just be sure that you are not paying thousands of dollars so that you can pay less on a monthly basis.

• Look for other forms of financial aid
There are lots of other federal and private forgiveness programs out there. Learn what you need to do to qualify for student loan forgiveness or at least some help with your current situation. The lenders do not want you to be homeless – practically, you cannot pay if you have no money. It is in their interest to help student borrowers, and most of them will do everything in their power.