Make a plan to repay your loans, know your options and don't be afraid to ask your loan servicer about deferment or forbearance options. You may use the sample letter on the next page to ask your loan servicing company for more information about how to lower your monthly payment.Forms for student loans. Before you accept a loan offer, remember that a loan is a debt that you must repay. Learn how to identify student loan scams and what steps to take if you've already shared your information or paid a student loan debt relief company. Access financial aid options at Ivy Tech to make your education affordable. Before you accept a loan offer, remember that a loan is a debt that you must repay. Only borrow what you need. When federal loans don't quite cover the expense of college, private loans can help fill the gap. Student loan debt relief companies might say they will lower your monthly payment or get your loans forgiven, but they can leave you worse off.