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A college education typically requires student loans, but paying them off can be … (+)
The Typical Student Takes Control $30,000 in student loans to earn a bachelor's degree, and the average borrower accumulates $37,853 in student loan debt. While these loans make higher education accessible to millions of students and families, the burden is significant. What is close is needed 42.8 million Borrowers have about 20 years to pay off their student loans. Sonia Lewiswhich calls itself a “student loan doctor,” focuses on ensuring that students from underrepresented backgrounds can pay off their loans or get them forgiven through public service.
Sonia Lewis, the student loan doctor.
Given the upcoming presidential transition, student loan forgiveness, which has been a pillar of the Biden-Harris Administration—may be up in the air. I thought it would be a good time to talk to Lewis about his views on student loans and repayment.
I began by asking Lewis what inspired her to make student loan repayment and forgiveness her professional mission. She shared, “I saw how many people, especially in underserved communities, were drowning in debt and didn't know where to turn. “I wanted to be the resource they needed to regain control of their finances and their future.”
Given my interest in Historically Black Colleges and Universities (HBCUs), I was curious to learn how policy changes related to student loan forgiveness during the Biden-Harris administration impacted HBCU students and graduates. Lewis mentioned, “Policy changes under the Biden administration have significantly impacted HBCU students and alumni. The administration has approved approximately $175 billion in student loan relief for more than 4.8 million borrowers, including many HBCU students.” She believes these measures have improved the financial stability of students and graduates and promoted “greater educational and economic opportunities.”
I also asked Lewis how HBCU students and alumni can position themselves financially to adapt to potential changes to student loan policies during the upcoming Trump-Vance administration. Lewis suggested that HBCU students and alumni start by auditing their current student loan situation: “Know your balances, interest rates, and repayment terms. Consider consolidating loans or enrolling in income-driven repayment (IDR) plans, if applicable, as these options can offer flexibility.” Additionally, it recommended that student loan borrowers “stay informed about legislative updates affecting federal student loans and consult trusted financial advisors.”
Lewis offers sound financial advice and urges students and alumni to “establish a financial cushion by creating an emergency fund and budget to ensure you can handle unexpected changes in repayment terms.” He highlighted the importance of diversifying personal income sources and prioritizing debt repayment to reduce overall financial stress. Given potential policy changes, Lewis believes “the key is preparation and adaptability” to ensure financial security is maintained regardless of leadership changes.
College value at HBCUs
HBCU students and graduates often face disproportionate challenges with student loans due to higher debt rates, limited family wealth and assets, and systemic economic inequalities. According to a research summary by the Institute for College Access and Success, “Student Loan Borrowers Who Attended HBCUs 130 percent more than their original loan balance a decade after initiating repayment, compared to non-HBCU borrowers, who owed on average 67 percent of their original loan balances.”
Many rely heavily on loans to finance education, leading to higher debt loads upon graduation. To prepare for repayment success, Lewis said they should focus on “financial education, keeping track of loan details and exploring income-based repayment plans.” Building emergency savings, budgeting, and seeking expert guidance can also help you make successful payments and achieve financial stability despite these challenges.
Lewis recommends that HBCU alumni who work in public service or nonprofit sectors explore the Public Service Loan Forgiveness (PSLF) and determine if they meet the eligibility requirements. And for those already benefiting from public service loan forgiveness, Lewis reminded participants to check their progress toward forgiveness to “avoid surprises.”
Overall, Lewis believes that one of the best ways to empower borrowers, especially African American borrowers and HBCU students, is to ensure they have greater financial literacy. She shared, “Financial education provides borrowers with the knowledge to make informed decisions about loans, repayment options, and budgeting, reducing debt burden and promoting long-term financial stability.”
He would like to see financial education in our education systems and recommends that schools offer mandatory courses on personal finance, starting in high school and continuing through college. Lewis shared, “Early and ongoing education ensures borrowers are equipped to confidently navigate complex financial landscapes.”