Loan

Log onto the Sallie Mae Web site at http://www.salliemae.com/ and click "Manage your loans." If you have not used the site before, you may have to enter or confirm some personal information such as your birthday, phone number and address.

From the top bar on the loan management web page (showing your current balance), click "change your payment plan" and then "lower your payments."

When you see the "repayment options" section, click "check eligibility." You will be asked to enter some very basic information, such as your monthly income and the date your loans were disbursed.

Choose whether you wish to increase or decrease your monthly payments, and click on the appropriate link.

If you are increasing your payment, use the calculator that's provided to evaluate payment amounts, the total amount to be paid over the length of the loan, and the time to full repayment. When you are satisfied, click "submit." If lowering your payments, choose from among the payment plans that are offered, and click "apply."