Student Loan Planner

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

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