Student Loan Planner

Most people are committing financial sins of omission — not doing things because they're too complicated. In this episode, see how anything from bad website designs to having too many options can cause financial inertia — and how setting up automatic plans can help. In today's episode, you'll find out: How is Vanguard's website design costing people money Why people use robo-advisers instead of companies like Vanguard Why developing the habit of investing is important How a "nudge" works in finances How student loans could be more simple to deal with What financial sins of omission might you be committing right now How the economy shifting pushed people to start investing Why automatic financial plans are so important How to avoid having complexity cost you money How schools convince people to borrow so much money Examples of people unable to handle so many financial options Is taking time off from Public Service Loan Forgiveness OK? How alternative documentation of income works Why it's important to not let student loans dictate your life Refinancing rates are lower than they've been in a long time Why you should book a student loan consultation now Why you should apply for the Student Loan Planner scholarship Full show notes at: http://studentloanplanner.com/40

In today's exciting episode, hear questions directly from the Student Loan Planner audience, covering topics ranging from financing a car to preparing for a massive student loan bill, with each question answered by Travis. In today's episode, you'll find out: Is financing a car ever a good idea? How to best prepare for the tax bomb on an income-driven plan How student loans can affect buying a home Should you pay down student loans before buying a house? Should you wait until after your grace period to refinance? Is it better to go for a physician or traditional mortgage? How to prepare for a large student loan bill after graduation Is refinancing a mortgage worth it, despite closing costs? Why it's often good for dentists to buy their own practice Why getting a custom plan from us could be life-changing Full show notes at: http://studentloanplanner.com/39

Jake wants to attend dental school while Carissa has enrolled in an occupational therapy program. See how they plan to finance their educations and why going for student loan forgiveness is a better option than Carissa's parents paying for grad school. In today's episode, you'll find out: How Jake and Carissa decided on their specific programs How their choice of schools affects their future student debt Their plan for future work post-graduation Carissa's plan for financing her degree Why parents helping pay for grad school can be a bad idea Why PSLF is a good gamble Possible scenarios if Carissa chose to work in the private sector Why trading PSLF away isn't a good deal Why Travis recommends Jake and Carissa borrow the max amount The possible future of tax bombs — and why it's political The low downside risk of PSLF and tax bombs Should you pay interest or investigate forgiveness while in school? Why don't we hear more about student loan forgiveness? When refinancing can also be a valuable option Full show notes at: http://studentloanplanner.com/38

We can sweat the small stuff — like Netflix subscriptions or gym memberships or daily lattes. But sweating the big stuff — like housing and car purchases — is most important for your financial health. See how these big-ticket items can affect your finances — and what to do about it. In today's episode, you'll find out: How buying too much house leads to financial train wrecks Why having too many cars isn't a good financial decision Why buying a latte every day doesn't have much of an impact How not budgeting for compounded expenses leads to problems How much to set aside for housing expenses How price-to-rent ratio works Price-to-rent ratios in major U.S. cities How life changes affect whether to rent or buy a house How reducing high-expense items alleviates financial stress Possible ways to reduce big child-care expenses How family support expenses can get out of control Other big-ticket items to examine How to approach big-ticket purchases Full show notes at: http://studentloanplanner.com/37

Most people don't seem to like their student loan servicer — and for good reason. Here are the 10 most common student loan servicer mess-ups and why they happen. In today's episode, you'll find out: The 10 most common student loan servicer mess-ups Why servicers urge switching to Revised Pay As You Earn (REPAYE) How switching to REPAYE can hurt some borrowers Why inaccurate payment counts for loan forgiveness happen How to get your payment count fixed Why inaccurately reporting your spouse's income is a bad idea How to find out the repayment plan you're actually on Why you shouldn't wait on Public Service Loan Forgiveness (PSLF) Why you should use your tax returns to report your income How "paid ahead" status happens Why servicers will sometimes put you in forbearance or deferment Why servicers will avoid answering questions Why servicers don't always tell you about your loan options How did loan servicing get this bad? Congress' role in bad student loan servicing Why the government won't spend on better loan servicing What incentives might improve student loan servicing Full show notes at: http://studentloanplanner.com/36

Do you have a good savings rate? What is a good savings rate anyway? In this episode, learn why a high savings rate is so critical — and how to secure one for yourself. In today's episode, you'll find out: How do you define a savings rate? The history of savings rates in the U.S. How advertisements might have affected savings rates Where the current average national savings rate has settled How having six figures of student loan debt should affect your savings rate The saving statistics of the Student Loan Planner audience Our recommended savings rate How savings rates affect taking risks or changing your situation What a savings rate can get you in terms of retirement Five ways to fix a bad savings rate Why a savings rate is more important than a student loan strategy How to start saving with a better rate Why avoiding money paralysis is imperative Why considering a fee-only fiduciary financial planner is wise Full show notes at: http://studentloanplanner.com/35

Are private student loans worth it in comparison to federal loans? In this episode, learn how your degree path and future plans affect whether private loans should be on your radar, whether they're a good idea for parents and grad students, and situations where they're the worst option. In today's episode, you'll find out: How credit risk impacts your private student loan interest rate How your degree path affects whether private loans are a good decision Why you might take out a private loan instead of waiting to refinance Borrowing limits for Stafford Loans How Parent PLUS Loans come into the picture Why Parent PLUS Loans are such a burden Is a private loan better than a Parent PLUS Loan? Should private loans be used for graduate school? A rule of thumb for how much private loans can save you vs. Grad PLUS How a private loan payment could affect your financial goals Why an additive payment is bad news Fields with higher Stafford Loan limits Situations where private loans are the worst option Why overestimating your potential earnings can hurt you Why private loans might make a big comeback How an interest rate offer shows whether a degree choice is sound Full show notes at: http://studentloanplanner.com/34

Jordan Lee is the CEO and co-founder of CollegeBacker, a startup that helps people start 529 college savings plans. In this episode, learn what a 529 plan is, why it's so important and how to get started. In today's episode, you'll find out: What led Jordan to co-founding CollegeBacker How a 529 plan works The impact of saving when your child is young What counts as a qualified expense for a 529 Tax benefits of a 529 What's a good annual contribution Should a 529 be priority over retirement savings? What superfunding is How to calculate what to save in a 529 How friends and family can contribute to your child's 529 Which states provide income tax benefits with 529 plans What happens if your child decides not to attend college Differences between adviser-sold and direct-sold plans How you might choose where to house a 529 plan How prepaid tuition plans work Can you save too much to a 529? Why every parent should contribute a 529 plan Full show notes at https://studentloanplanner.com/33

Dr. Zachary Kingsberg is a dentist who, after graduating from the very expensive Nova Southeastern University, is now running his own dental practice startup in Dallas alongside his wife. In this episode, see how Zach began his startup journey, how he handled his student loans and the advice he'd give for an up-and-coming dentists on starting your own practice. In today's episode, you'll find out: Zach's journey into dental school How his associateship period played out How he and his wife prepared themselves to become startup practice owners How Zach went about acquiring patients The process of getting funding from a bank for a dental startup How demographics played into how Zach started his practice The issues he ran into trying to secure a mortgage Zach's advice for refinancing student loans and getting a mortgage What he learned about running a dental practice in the first year How he handled marketing for his practice How running a bread-and-butter clinic has kept costs low Why Zach's practice focuses on simple dentistry over cosmetics How income-driven repayment could have helped Zach's loan applications His long-term goals for his practice Zach's experience with hiring (and firing) employees The advice he'd give to a dentist associate considering a startup The importance of being willing to work hard as a new dentist Full show notes at: http://studentloanplanner.com/32

Chad Carson is real estate entrepreneur who has worked in real estate investing for 16 years. In this episode, learn how he got started on his entrepreneurial journey, how real estate investing really works, and whether it's a good idea for your situation. In today's episode, you'll find out: • Chad's background a college football player • How he got started in real estate investing • What Chad's first rental was like • What a house hack is • How REO (real estate owned) property works • Whether real estate is a good tax shelter • How depreciation on property affects taxes • What a 1031 Exchange is • How many properties to start off with • The importance of having a CPA (certified public accountant) to help you with real estate taxes • How using a house hack can help you qualify for a better mortgage loan • Chad's view on real estate crowdfunding • How active of investing real estate really is • What commercial house hacking is • Chad's experience living abroad on his rental property income • How investing can pay off in the long term Full show notes at: http://studentloanplanner.com/31