Local financial advisor's tips for navigating student loan repayment

MILWAUKEE (CBS 58) -- In the wake of President Biden's "SAVE" Plan for student loan relief, local financial expert Brad Allen of Drake & Associates joined us on Wednesday, Aug. 30 to offer recommendations for borrowers preparing to repay their loans.

His advice comes following the Supreme Court's June rejection of Biden's initial loan forgiveness plan.

Allen stressed the importance of taking inventory of loans and suggests the use of a loan calculator to evaluate debt and suitable repayment plans.

Borrowers are encouraged to apply tax refunds toward reducing their student debt and to consider automating payments to avoid late fees and potentially reduce interest rates.

Additionally, Allen mentioned that looking into other forgiveness programs like Income-Driven Repayment can provide alternative solutions for specific professions or lower income earners.