This disclosure relates to a system and method for dynamically managing load on network devices in a distributed manner. As the proliferation of data rich content and increasingly more capable mobile devices has continued, the amount of data communicated over mobile operator's networks has exponentially increased. Upgrading the existing network to accommodate increased data traffic is neither desirable nor practical. One way to accommodate increased data traffic is by utilizing network resources more efficiently. This disclosure provides systems and methods for efficiently utilizing network resources by dynamically configuring the network in a distributed manner based on real-time load information.