Student Loan Planner

Latest Episodes:

IDR Sensitive Investing Jun 11, 2024

Show notes

I'm exploring investment strategies tailored for student loan borrowers, tackling tax challenges, investment allocation, and how specific identification of shares can make all the difference. Plus, I share the link between income-driven repayment (IDR) plans and your investment returns.

In today's episode:

04:25 50% VTSAX and 50% VTIAX for simple investing
10:20 Accumulate losses to offset future capital gains
13:39 Rising interest rates can mean increased itemizing
24:59 Diversified investment strategies for optimal tax efficiency

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PAYE is Ending: What You Need to Know Now Jun 04, 2024

Show notes

One of the most beneficial income-driven repayment (IDR) plans will be discontinued on July 1, 2024. Why haven't you heard about Pay As You Earn (PAYE) going away? Because it's not mentioned on StudentAid.gov (as of the date of this podcast), and borrowers have told us they're getting mixed messages from their servicers.

PAYE's discontinuation was buried in the Federal Register, a massive legal document, and it's a huge change for some borrowers. Angie Pack, CSLP®, and Ben Lacomis, CSLP®, unpack what this change means for you.

In today's episode:

05:35 Deciding if PAYE is right for you 16:11 When the new Saving on a Valuable Education (SAVE) plan wins 22:12 PAYE tips for dentists and physicians 44:41 Enrollment deadline is uncertain for PAYE 49:39 How your income shapes the best repayment plan

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Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

Big Nelnet Problems and Summer Updates May 28, 2024

Show notes

Listen in as I answer questions from our mailbag, discuss the peculiar happenings at Nelnet, and provide updates on where we stand with student loans in May. We'll start with listener questions about the $12,000 10-year forgiveness option, Parent PLUS loans, and income-driven repayment (IDR) recertification dates. You'll also hear about summer updates like sweeping forgiveness programs, lawsuits trying to block student loan forgiveness, and how the upcoming presidential election could change your student loan payment.

In today's episode:

00:54 Can borrowers get two kinds of forgiveness with one Direct Loan consolidation?

03:28 Will the Parent PLUS double consolidation loophole kick borrowers off the SAVE plan

06:25 Does early IDR recertification change your recertification date?

08:45 What to do if your Parent PLUS payment is more than you can afford

12:54 Nelnet stopped consolidations, causing concern and delays

15:60 The Department of Education should either fund or fire MOHELA

17:45 Student loan policy depends on political control

18:53 The FAFSA fiasco and speculation on resignations

22:17 Summer updates: forgiveness, lawsuits, and student loan policy

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Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

A New Graduate's Guide to Student Loan Strategies May 21, 2024

Show notes

Are you staring at a mountain of student debt, unsure where to begin? Whether you've just tossed your graduation cap in the air or are in the early stages of your career, the key to regaining control lies in choosing a repayment plan that aligns with your financial goals and lifestyle.

Meredith Jones, CSLP®, AFC®, and Connor Pierce DPT, COMT, CMPT, CSLC®, guide you through the benefits of employer-sponsored loan repayment programs, the advantages and pitfalls of various income-driven repayment plans, and how to use these options to maintain financial flexibility.

They also discuss the nuances of integrating student loan management into your broader financial planning, ensuring that your debt doesn't derail your career ambitions. Tune in to take charge of your student loans, potentially saving a significant amount of money and stress post-graduation.

In today's episode, you'll find out:

How your debt-to-income ratio can determine the best repayment strategy for your student loans
About the tax implications of employer-provided student loan benefits and how they affect their actual value
Why employer student loan benefits may require careful evaluation if you're aiming for loan forgiveness
Why you don't have to let student loans define your career path
How contributions to pre-tax retirement accounts lower adjusted gross income and reduce student loan payments
Differences between loan forgiveness timelines of PSLF, New IBR and the SAVE plan
Why having a high debt-to-income ratio might make loan forgiveness more beneficial
Risks and considerations when refinancing or using a cosigner for student loans
How specific repayment plans can unlock interest subsidies and possibly achieve $0 payments
How strategic loan consolidation could lead to debt freedom six months earlier
Tips to navigate your graduation transition, including mandatory exit counseling

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Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

What Really Happens at a Consultation? The Truth Behind Our Student Loan Advice May 14, 2024

Show notes

Curious about student loan planning? This episode is packed with real-life scenarios, insider knowledge, and practical advice for your student loan journey. Get insight into ambiguous regulations, servicer misinformation and the impact it has on borrowers from Lauryn Williams, CFP®, CSLP®, AFC®, and Justin Kim-Hummel, former client and integral member of the Student Loan Planner team who brings a wealth of experience from his background in PR, graduate studies, and time working on Capitol Hill. Together, they tackle challenges, answer frequently asked questions, and reveal the dedication and care that goes into every consultation. Learn why this is more than just advice. It's about connecting with experts who genuinely care about your financial well-being and student loan success.

In today's episode, you'll find out:

Justin's journey from client to becoming a crucial part of the Student Loan Planner team
Firsthand insight into why many borrowers are dealing with misinformation and lack of clear guidance from loan services
The dangers of following bad advice from student loan servicers
Key benefits of booking a consultation for personalized advice and savings
How uncertainty surrounding the election can impact student loan policies
How to best use the free resources offered by the Student Loan Planner team
How the Student Loan Planner team uses office hours to manage client questions and concerns
What kind of post-consultation support you get when implementing your custom plan
What information you'll need to share with a consultant to get the best advice
How a consult can address the unique financial situations of high earners who may not qualify for forgiveness
How expenses like credit card debt and housing costs factor into student loan repayment options
The limitations of giving advice by email and how the customer support team manages expectations
Why you don't have to turn on your camera during a virtual meeting with a consultant
How long it takes to get a personalized student loan plan

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Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

Double Your Profit, Lower Your Stress May 06, 2024

Show notes

Travis shares the best stress reduction strategies out there for current and aspiring business owners.

Enroll at https://studentloanplanner.com/profit

Credit Card Mastery: Hacks to Leverage Benefits in Your Favor Apr 30, 2024

Show notes

Get ready to uncover the myths, master the rewards, and smartly amplify your spending power — all while keeping your finances sharp and your debt strategy on point. Whether you're looking to squeeze every last benefit out of your credit card points, contemplating the right card for your business expenses, or simply looking to use your cards more strategically, this episode is a goldmine. Listen in as Meagan McGuire, ChFC®, CSLP®, and Mary Rush, CFP®, CSLP®, talk tricks, tips, and savvy spending with every swipe. Discover how to make every dollar and every point work harder for you.

In today's episode, you'll find out:

How to leverage credit cards and credit card rewards to your advantage
About the benefits Meagan and Mary have personally enjoyed from credit card rewards programs
Why the common belief that carrying a balance improves your credit score is wrong
How maintaining a low credit utilization rate can benefit your financial health
When and how to utilize 0% balance transfer cards to manage debt effectively strategies for using credit cards as budgeting tools, including how to use statement balances
The perks of cashback vs. niche-specific credit cards and which is best for you
Why credit cards provide better fraud and travel protection than debit cards
Mary's strategy for maximizing rewards with travel and cashback credit cards
Meagan's experience with using a credit card for business and the rewards she missed from not using a personal card
Details on point conversions of airline miles, cashback and reward points
Tips to utilize credit cards for significant expenses like weddings, home improvements or even paying taxes

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Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

What Happens After the IDR Waiver? Apr 23, 2024

Show notes

A timely discussion of what happens as we face down the expiration of the IDR waiver. Will the administration extend it at the last second? We don't know (as of the time of the recording). But one thing is sure: Borrowers can expect seismic shifts as the IDR waiver ends. It's been key to unlocking the forgiveness gates for many, but its flexible counting of nearly any kind of payment toward forgiveness expires at the end of April. We'll recap the IDR waiver and its benefits and explore what happens after the IDR waiver ends. Get clarity about your next steps and the implications of these changes on your student loan repayment journey.

In today's episode, you'll find out:

How the end of the IDR waiver impacts borrowers who've been in forbearance or deferment
Changes borrowers should prepare for after the IDR waiver expires
How borrowers with older loans will suffer the biggest consequences as this program ends
Options for maximizing qualifying payment count when consolidating loans
Consequences borrowers will face when Pay As You Earn (PAYE) applications close
What the precedent of moving borrowers from REPAYE to the SAVE plan means for the future of IDR programs
How to calculate the cost-benefit of married filing separately for taxes
Tips to navigate the PSLF pause during the transition from MOHELA to the Department of Education
What "consolidation Death Valley" is and why it could impact you in May-June 2024
Best practices for dealing with the coming uncertainty of student loans

Links mentioned: StudentAid.gov

Like the show? There are several ways you can help!

Follow on Apple Podcasts, Spotify or Amazon Music
Leave an honest review on Apple Podcasts
Subscribe to the newsletter

Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

Roth IRA Disasters to Avoid Apr 16, 2024

Show notes

Roth IRAs are a highly recommended retirement savings option but it's not all smooth sailing. Student loan repayment, income limitations, and tax filing status can lead you to treacherous waters. Learn the missteps to avoid and how to correct mistakes before they escalate into hefty fines and taxes. Join student loan advisors Meagan McGuire, ChFC®, CSLP®, Sim Terwilliger, CFP®, CSLP®, and Sam Silberstein, CFP®, CSLP®, and explore contribution deadlines, the pro-rata rule, form 8606, the impact of being in a community property state, and how dual-income households should strategize their student loans and retirement savings. If you're tired of cookie-cutter advice, you don't want to miss this episode.

In today's episode, you'll find out:

Why lack of profession-specific planning is the biggest mistake you can make in your financial journey
The impact of the pro-rata rule when converting traditional IRA funds to Roth IRAs
When to contribute to your Roth IRA to maximize your retirement savings
Why high-earners might want to contribute to a Roth IRA despite income limits
How to fix backdoor Roth IRA issues, including tactics for zeroing out accounts
The importance of prioritizing pre-tax savings when you've got student loans
How community property states complicate Roth IRAs and what to do about it
Dodging extra taxes and penalties is possible if you contributed to a Roth by mistake
How side hustlers and independent contractors can leverage Solo 401(k) plans
Why income projections are critical to nail the right contributions and keep the IRS happy

Like the show? There are several ways you can help!

Follow on Apple Podcasts, Spotify or Amazon Music
Leave an honest review on Apple Podcasts
Subscribe to the newsletter

Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

Last Call for the IDR Waiver Apr 09, 2024

Show notes

It's the last call for the IDR waiver (aka IDR account adjustment). If you've listened to this podcast, you probably know what it is — but if you're not sure how the IDR waiver could benefit you, or if you have questions about PSLF, loan consolidation, or income recertification, this episode is for you.

I'll take you back to the beginning of the IDR waiver and walk you through it to make sure you get the most benefit before it expires on April 30th. You'll also hear answers to listener questions about loan forgiveness and repayment plans and get valuable insights into the upcoming changes in consolidation rules.

In today's episode, you'll find out:

The final (final) deadline for the IDR waiver and the need for timely action
The hidden strategy behind introducing the PSLF waiver before the IDR waiver
Potential benefits of consolidating student loans and crucial considerations to keep in mind
How the IDR waiver is a game-changer for borrowers with complex loan histories or multiple loans
New options if you're thinking about loan consolidation
A key tip for submitting employer certification forms for PSLF credit
Why brining up the awkward topic of student loans with your friends could benefit you and your peers
Common misconceptions about PSLF and employer certification, including a major myth busted
How to find the recertification date for IDR and how to recertify income for income-driven repayment plans
Strategies for handling recertification and loan consolidation to align with changes in income
The role of HR and the cautious approach taken when attesting to employment details for PSLF
How to turn in a new IDR application after loan consolidation

Links mentioned:

Like the show? There are several ways you can help!

Follow on Apple Podcasts, Spotify or Amazon Music
Leave an honest review on Apple Podcasts
Subscribe to the newsletter

Feeling helpless when it comes to your student loans?

Try our free student loan calculator
Check out our refinancing bonuses we negotiated
Book your custom student loan plan
Get profession-specific financial planning

Do you have a question about student loans? Leave us a voicemail here or email us at help@studentloanplanner.com and we might feature it in an upcoming show!

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