There are lots of myths, as suggested above, about having to take medications to control cholesterol levels. However, there are many reliable studies that have proved the need for prescribed medications...this is mainly for levels that expose the person to a stroke and/or heart attack. The risk has many factors such as age, weight, your medical history, family history, etc.
To keep things simple, if your relatively healthy you can 'fix' your own levels with proper diet and exercise.
I eat oatmeal for breakfast every morning with a heaping tablespoon of ground (golden) flax seed. These are supposed to lower cholesterol and unlike other things you could try, this certainly couldn't hurt you.