The loans are divided between Federal Subsidized, Federal UN-Subsidized and Private Loans. Each group is representative of several loans consolidated roughly 8 years ago (interest ranges from 2% to 6% range). Monthly student loans represent 28-32% of my monthly bills. Current Repayment option is standard (pay the same start to finish). I am seeking any option in which I can help alleviate my burden of each loan without increasing my interest paid, life of loans, etc. I am aware of paying more per month will reduce the life of the loan but will directly affect the burden on my monthly budget.
Wow. That's a lot of loan debt to handle. Now, you are telling me that you are doing standard repayment on a consolidated loan that you took out 8 years ago. Standard repayment on most student loans is 10 years - so you would be almost done with payback. Did you extend payment at that time? How much is still due and how many years?
My preference on student loans (you may not like this - but I sense you already know...) is to bite the bullet and pay them off as quickly as possible, making extra payments whereever you can. If that means living in a garage (or parents couch), eating rice and beans 3 days a week, driving a car with 300k on it and vacationing in your own backyard, so be it! You need to get these things out of the way. Especially if you have variable rate loans that may be ratcheting up with higher interest rates!
There are some cases however, where income based repayment options on federal loans are beneficial. Government and non-profit employees who qualify for 10 year income based repayment with tax free forgiveness is one case in point. Otherwise, there is substantial risk to income based repayment. You may end up paying much more money over time as your income rises, and even if your balance is ultimately forgiven after 20 years - you may owe the IRS a boatload of tax money on the amount forgiven.
If your credit score is good, you can try refinancing through sofi or purefy. They require great credit but they may lower your interest rate. Check them out