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Home The Blog Repayment

Category Archive

Below you'll find a list of all posts that have been categorized as “Repayment”

sad girl dropped ice cream

Five Easy Student Loan Mistakes to Avoid

Michael Lux January 23, 2021 Debt Elimination, Student Loans 3 Comments

Today we will take a look at five common student loan mistakes that are relatively easy to avoid. The unifying theme with these simple mistakes is that all borrowers can avoid them. A huge income or a vow of poverty is not necessary. Don’t Sign Up for the Wrong Repayment …

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mistakes

The Best Income-Driven Repayment (IDR) Plan: IBR vs PAYE vs REPAYE

Michael Lux January 16, 2021 Repayment Plans, Student Loan Blog 0 Comments

Under the right circumstances, IBR, PAYE, or REPAYE might be the best Income-Driven Repayment (IDR) Plan. Deciding which IDR plan is the best option will depend upon many different factors. Marital status, loan age, tax strategy, and loan type all impact which choice will have the lowest payment. Today I …

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IBRPAYEREPAYE

The Downside or Danger to Paying Off Student Loans in Full

Michael Lux January 14, 2021 Debt Elimination, Student Loan Blog 0 Comments

Scenario: After saving and sacrifice, you finally have enough money in your bank account to pay off your entire student loan balance. Before sending off the final check, you want to make sure that there are not any negative consequences you are overlooking. Knocking out a student loan balance in …

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payoff

Student Loan Forgiveness in 2021: The Legal and Political Issues

Michael Lux January 6, 2021 Student Loan Blog, Student Loan Forgiveness 0 Comments

As a student loan borrower, I’m excited about the possibility of some form of student loan forgiveness happening in 2021. Democratic leaders like Elizabeth Warren and Bernie Sanders appear eager to cancel federal student debt. In Joe Biden, they have a powerful ally in the White House who may be …

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legislation

Chasing Public Service Loan Forgiveness & Dealing with Private Loans

Michael Lux December 24, 2020 Student Loan Blog, Student Loan Forgiveness 0 Comments

One of the biggest downsides to Public Service Loan Forgiveness (PSLF) is that the program wasn’t designed to help with private student loans. Borrowers chasing PSLF have a clear path to debt freedom with federal loans. Unfortunately, those with private loans often face significant challenges. Today I will break down …

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FFELPSLF

The 8 Best Student Loan Forgiveness Programs Ranked

Michael Lux January 8, 2021 Student Loan Blog, Student Loan Forgiveness 0 Comments

We ranked the best student loan forgiveness programs according to how easy they are to qualify for and how many borrowers could be eligible. Some programs require borrowers to be in a specific field or occupation. Other programs only apply to federal student loans. Student loan forgiveness can also have …

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bestrankings

Covid-19 Relief: Refunds on Federal Student Loan Payments

Michael Lux January 20, 2021 Repayment, Student Loan Blog 0 Comments

The Department of Education is currently issuing payment refunds to borrowers who made federal student loan payments during the Covid-19 Pandemic. This relief includes payments that were made by an automatic direct deposit and by manual withdrawal. Borrowers who have had wages garnished are also eligible for a refund. All …

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coronavirus

Avalanche vs. Snowball: Which Student Loan Repayment Strategy is Best?

Michael Lux November 30, 2020 Debt Elimination, Student Loan Blog 0 Comments

Avalanche and Snowball are two of the most popular student loan repayment methods. While these wintery sounding names might sound like a gimmick, do not be fooled. Avalanche and snowball are both powerful ways to eliminate debt. What are the avalanche and snowball methods of student loan repayment? There are …

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Dave Ramsey
fast elimination of student debt

How to Pay Off Student Loans as Quickly as Possible – 5 Easy Steps

Michael Lux November 28, 2020 Debt Elimination, Student Loan Blog 0 Comments

First, a warning: The entirety of this article will focus on paying off student loans as quickly as possible. This means little or no discussion on loan forgiveness, marital status, or retirement planning. Fast debt elimination is the only objective. Robbing a bank or winning the lottery are methods that conceivably could …

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hacks

How to Repay Massive Undergraduate Student Debt ($100,000 or more)

Michael Lux November 23, 2020 Debt Elimination, Student Loan Blog 0 Comments

Repaying over 100k in student loans is a huge challenge. If the debt comes from undergraduate studies, it can be even more difficult. Unlike graduate school, where federal loans are practically limitless, undergraduate students usually need private lenders to rack up $100,000 worth of student loans. A large amount of …

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undergraduate
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About the Sherpa:

Photo of Student Loan Expert Michael LuxStudent loan expert Michael Lux is a licensed attorney and the founder of The Student Loan Sherpa.

The Student Loan Sherpa was created in 2013 to help borrowers manage the financial and mental strain of student debt.  It also serves as a platform for borrower advocacy and education.

Insight from Michael Lux has been featured in US News & World Report, Forbes, The Wall Street Journal and numerous other online and print publications.

Michael is available for speaking engagements and to respond to press inquiries.

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What is a Student Loan Sherpa?

The name Student Loan Sherpa is an homage to the legendary Sherpa guides of Nepal, revered for their expertise leading climbers up Mount Everest.

The goal of this site is to draw from many years of personal experience with student loans in order to guide borrowers who are navigating their own mountain of debt.

Dealing with student loans can be scary and overwhelming. By offering insight that can only come from experience, we hope to make it a little more manageable.

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Covid-19 Alert: Due to the Federal Government's student loan interest rate freeze, borrowers may want to change their student loan refinance strategy.
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