Student Loan Planner

Many student loan borrowers are worried about the risks of relying on Public Service Loan Forgiveness (PSLF). In the episode, find out why these risks are vastly overestimated as well as the histories of PSLF repeal attempts and taxable loan forgiveness. Also learn what you need to do in the extremely unlikely case that forgiveness programs are eliminated. In today's episode, you'll find out: Other programs like PSLF that haven't been repealed, despite massive costs The history of PSLF repeal attempts Why politicians are unlikely to try to have PSLF completely taken away What would happen in the unlikely event that PSLF was repealed How your savings rate affects how long you'd need to work before retiring The two kinds of people worried about PSLF going away The history of taxable loan forgiveness Government approaches to tax bombs Why having a high savings rate means you don't need to worry about suddenly owing your forgiven loan balance How Congress might deal with taxable loan forgiveness in the future The history of income-driven repayment plans The idea behind the possible new Pay As You Earn plan What could happen if any of these programs were eliminated Full show notes at: http://studentloanplanner.com/30

The Student Loan Planner consultants — Travis Hornsby, Justin Harvey, Rob Bertman and Lauryn Williams — discuss cases they've had, with amazing success stories as well as financial catastrophes. In today's episode, you'll find out: ▪ Fun background stories from each of the Student Loan Planner consultants ▪ Cases from each of the consultants — success stories and ones where they were too late to stop someone from making a huge financial mistake ▪ Why banking on Public Service Loan Forgiveness (PSLF) isn't risky for current borrowers ▪ How student loan forgiveness instead of refinancing, depending on the situation, might save someone money ▪ How, even on the verge of default, taking the steps to address your student loan situation can turn everything around ▪ Why Parent PLUS Loans can lead to financial disaster — and strained relationships ▪ How parents end up in PLUS Loan situations while trying to provide for their children ▪ Another PLUS Loan situation — and why pursuing grants and scholarships is better ▪ Why having tough conversations about student loan debt and budgeting is important ▪ How extensive budgeting allowed a parent to stay home with her child ▪ Why it's imperative to make sure you're on track for PSLF ▪ Travis' thoughts on reaching out for student loan help as soon as possible ▪ How income-driven repayment could save end up saving someone money versus staying on the Standard Repayment Plan ▪ More interesting background stories from the consultants Full show notes at: http://studentloanplanner.com/29

Dr. Mark Ard is a resident psychiatrist who finished medical school with roughly $330,000 of debt. Learn how he's working toward Public Service Loan Forgiveness, how refinancing his loans has helped him and what his tips are for optimizing loan forgiveness. In today's episode, you'll find out: Mark's background and education journey as a resident psychiatrist His family situation and how it's affected his student loan repayment How he's approached retirement accounts and buying a house Why purchasing a home is usually not the best decision for someone in residency How moonlighting has affected recertification with Public Service Loan Forgiveness How the breadwinner loophole can help people in community property states Why tax accountants might not know to equally distribute your income in you live in a community property state How much the breadwinner loophole can save someone on student loan payments How Mark refinanced his student loan debt How cashback bonuses with refinancing companies work How consolidating right after graduation can give medical students $0 payments their first year out of school Why putting loans in deferment or forbearance right out of school isn't the best idea How a solo 401(k) could help someone with 1099 income Why life insurance and disability insurance are so important Mark's long-term plans when it comes to retirement His advice for other residents entering student loan repayment Full show notes at: http://studentloanplanner.com/28

Robert Farrington is the founder of The College Investor, a site that's helped people with their student loans for 10 years and counting. He worked as an executive at Target before making his way into the personal finance blogosphere following a horrible experience with FedLoan Servicing. Learn about Robert's thoughts regarding Public Service Loan Forgiveness (PSLF), the student loan crisis and his advice for getting out of debt. In today's episode, you'll find out: Why Robert founded The College Investor Why articles claiming PSLF will have a 99% rejection rate are misleading How a lack of education regarding student loans hurts borrowers How a side hustle can help you pay off your student loan debt more quickly Robert's advice for student loan borrowers considering whether to buy a house His thoughts on whether the student loan crisis will eventually crash How trying to unwind the credit in the student loan marketplace could negatively affect graduate programs Why Robert is a fan of borrowing caps for student loans What order financial savings should be put in, in terms of debt Extreme stories Robert has heard in regards to student loan borrowers The financial stressors he saw in employees while working at Target Robert's thoughts on the FIRE (Financial Independence, Retire Early) movement What percentage people should be saving of their income His advice for setting up your own professional website — and why it's important The best financial advice Robert has ever received Full show notes at: http://studentloanplanner.com/27

Are you familiar with shady student loan practices versus legit ones that actually help student loan borrowers? In this episode, the Student Loan Planner consultants — Travis Hornsby, Justin Harvey, Rob Bertman and Lauryn Williams — discuss what type of strategies to steer clear of and which ones could potentially save borrowers both money and stress. In today's episode, you'll find out: Whether a borrower should claim that they can't access their spouse's income information How student loan repayment strategies can sometimes lead to divorce If starting your own 501(c)(3) for loan forgiveness is a good idea How being small business owners can affect student loan repayment Should you use your pay stub or your tax return to recertify income? How a sudden change in salary could affect your income certification Why researching any financial adviser you plan on working with is critical Can you use last year's tax returns to certify income? What the breadwinner and reverse breadwinner loophole is Is moving abroad to avoid student loan payments a legit strategy? What the die-with-your-debt strategy is Full show notes at: http://studentloanplanner.com/26

How familiar are you with investing? Are you prepared for retirement? You may be surprised to learn that, according to a recent Student Loan Planner investing survey, many in the SLP community are not financially ready for retirement. Learn why your investing plan is just as imperative as paying off your student loans if you want to retire at a reasonable age (or even make work optional). (Plus, learn how to sign up for Student Loan Planner's investing course, available until 11:59 p.m. Eastern Time tonight!) In today's episode, you'll find out: Why your investing plan is just as important as your student loan payoff plan Why putting all your money into paying your student loans can impede your retirement How financial advisers have changed from the era of pensions to now Why so many financial advisers don't understand the nuances of student loans What the Student Loan Planner survey said about attitudes toward investing How many respondents from the SLP community are using investment products The difference between maxing and matching with retirement accounts Three main questions survey respondents had about retirement and investing How investing and student loan payoff plans would look in a real-world example Why millennials have struggled with finances more than previous generations How technology has shaped millennials' finances for the better Why the "Six-Figure Debt to Six-Figure Net Worth" investing course is worth it Full show notes at: http://studentloanplanner.com/25

If you're heading into a career in dentistry, medicine or pharmacy, is a residency worth it? What are the differences in requirements, and how do those affect your salary and student loan repayment? Here's what the economic value of a residency could look like for you, and how it varies by profession. (Also learn about Student Loan Planner's brand-new investing course, launching alongside our podcast for one week only!) In today's episode, you'll find out: How residency programs have proliferated What the various programs are — and why some cost you and some don't How residency for medicine differs from other fields like dentistry and pharmacy Travis' thoughts on how hospitals could pay for residency programs How pharmacy residencies are a special case How hospitals have adapted to the massive influx of pharmacists The value of residency in veterinary medicine The economic value of residencies as far as what they're designed for Ultimately, is a residency worth it for doctors? For dentists? Veterinarians? Pharmacists? What the Student Loan Planner investing course is all about Full show notes at: http://studentloanplanner.com/24

Mark Strucker is an educational consultant based in Atlanta, Georgia. He's worked in boarding school admissions and then the college admissions space for 19 years. After working in the KIPP (Knowledge is Power Program) Schools, he founded School Match 4U, a full-service educational consulting company that helps future college students and their families with the college admissions process. Learn how Mark's educational consulting company works, what his advice is for getting good financial aid and his thoughts on the recent college admissions scandal. In today's episode, you'll find out: How Mark began working in the boarding school and college admissions space Answers to common questions parents have when considering boarding school College admissions counseling in public schools versus private or boarding schools Mark's four categories for helping families as an educational consultant How to get a good aid package when applying to a school What's more important — a brand-name, prestigious school or educational value? What percentage of students Mark sees take out student loans to fund their education How retirement savings and home equity can affect financial aid How future students can stand out to get merit money Mark's reaction to the college admissions scandal that surfaced in March 2019 How Mark believes college admissions will change in response to the scandal How Mark's full-service educational consulting company, School Match 4U, helps future college students and their families Full show notes at: http://studentloanplanner.com/23

Alan is a national security specialist living in the D.C. area. He graduated with $120,000 of student loan debt, which had now climbed to $160,000 with interest. His wife is a vice principal with about $40,000 of student loan debt herself. Both are working toward student loan forgiveness — Alan with Public Service Loan Forgiveness (PSLF) and his wife with Teacher Loan Forgiveness. Learn about Alan's struggles with FedLoan Servicing (the servicer in charge of all things PSLF) and how loan forgiveness is unfolding for both he and his wife. In today's episode, you'll find out: How Alan ended up in the national security field — and what that career is really like What education is required to work in national security When Alan first realized he had tons of student loan debt How bad advice from his loan servicer led his loan balance ballooning How the incentive structures of loan servicer call centers affect the advice you get Why it's usually best to use your prior tax returns to certify income for income-driven repayment plans How student loans affect married couples filing taxes jointly or separately Alan's experience with FedLoan Servicing after inquiring about loan forgiveness Why PSLF is usually the better option over Teacher Loan Forgiveness — and how both programs work Why an emergency fund is essential, especially as the student loan debt crisis will likely get worse Alan's tips for dealing with the psychology of debt Full show notes at: http://studentloanplanner.com/21

Alex Barnette is a Licensed Marriage and Family Therapist (LMFT) who graduated from St. Edward's University in Austin, Texas. She currently has about $115,000 in student loan debt that she's paying off. She's also launched her own practice — Alex Barnette Counseling, also located in Austin. In today's episode, you'll find out: What schooling looks like for someone wanting to be an LMFT The breakdown of various license abbreviations in the therapy world The tuition to expect in a master's program to become an LMFT How private schools tend to raise their tuition cost every semester How Alex handled her student loan debt while working after graduation Why agency fees can make it difficult for LMFTs to focus on their student loans How Alex took the leap to start her own practice The difference between qualifying for Public Service Loan Forgiveness and income-driven repayment loan forgiveness How getting married can drastically affect your student loan repayment Why student loan servicers can be so difficult to deal with Alex's advice on when to seek therapy — and how clients choose what to get out of it Full show notes at: http://studentloanplanner.com/21