Repaying student loans

Tips from a pro

Is repaying student loans on your horizon? You’re not alone. 

According to, a graduate of an Indiana four-year college faces repaying an average student loan debt of more than $29,000.

It’s important not to get misled in your quest to become debt-free.

Indiana attorney Michael Lux, founder of The Student Loan Sherpa, a website dedicated to student loan education, strategy and borrower advocacy, says one question he gets “far too often” is about purported student loan services “that are nothing more than a scam. Programs like federal student loan consolidation, income-based repayment plans, and student loan forgiveness are all free federal programs,” Lux says. “Enrolling is as simple as calling your student loan servicer and following their directions.”

He offers this advice to follow as graduation time nears:

  1. Track down all your student loan debt. Figure out who you owe and how much.
  2. Learn everything you can about your student loans. Talk to your servicer about different options. Research strategies on the internet.
  3. Put together a long-term plan to pay off your debt. Decide if you are going to aggressively pay it off, or try for student loan forgiveness. Contact your loan servicer to see if there are any steps that need to be taken to qualify for certain federal programs.
  4. Revisit your plan once or twice a year to see if it needs to be adjusted due to new federal programs or changes in your personal circumstances.

For More Info

Check out Lux’s blog post:

Student Loan To Do List: After Graduation