Student Loan Planner

Latest Episodes:

Navigating the Maze: Insights into Student Loan Forbearance, Recertification, and Forgiveness May 23, 2023

Show notes

This episode is packed with essential information to help you stay on top of your student loan game. Meagan McGuire, CSLP®, and Lauryn Williams, CFP®, CSLP®, are here to discuss everything from navigating forbearance and disputing inaccuracies in your payment history to the double consolidation loophole and updates on the PSLF tracker. You'll hear tips on maximizing loan forgiveness and which channels to use to contact MOHELA and Nelnet. Plus, you'll get updates on the Student Aid portal and a client's experience disputing administrative forbearance.

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

What is the period for recertification and how often does it occur
How common it is to be put into forbearance during the recertification process
Can borrowers dispute administrative forbearance
The best way to dispute forbearance with your loan servicer
How payment history before consolidation counts toward your forgiveness timeline
How the account adjustment of the IDR Waiver can help you find extra payment credits
The best way to contact MOHELA to ask about payment history and forgiveness
How to use the reconsideration request form to get faster processing
How to dispute inaccuracies in your payment history
When the PSLF tracker will be available

Links mentioned:

StudentAid.gov Reconsideration request form PSLF Help Tool

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

The Debt Ceiling Could Pose Big Risks to Borrowers May 16, 2023

Show notes

The U.S. has a massive student loan debt problem, with $144 billion eligible for forgiveness. The new numbers show that $42 billion have already been forgiven, but Republicans are seeking to block further student loan forgiveness and a new repayment plan due to the raging debt ceiling battle — ultimately putting borrowers at risk. I also discuss the potential impact of Biden's record-low approval rating, how he can secure support from younger voters on issues like student loan forgiveness, and the role of the Supreme Court case in reaching a compromise on the debt ceiling.

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

The impact of the debt ceiling on student loan borrowers
New numbers related to PSLF and income-driven repayment
How Biden's record low approval rating and opposition within the Democratic party affect his strategy
The increase in forgiven debt due to forbearance and deferment, and its potential to benefit public servants
The benefits of the IDR waiver for borrowers
How consolidating loans unnecessarily can cost you more in the long run
The role of progressive activists and controversial social media memes in shaping the student loan debate
The Republican Party's lack of understanding of progressive student loan policies
Why the potential delay in the debt ceiling impacts student loan borrowers as Biden awaits the Supreme Court's decision
The resilience of forgiveness programs against lawsuits from opponents
Why you need to understand different deferment types to ensure eligibility for waivers before consolidating debt
Why getting help or scheduling a follow-up consultation is crucial for borrowers with significant student loan debt
The outcome of the Supreme Court decision and its implications

Links mentioned: Send Student Loan Planner a voicemail

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

Student Debt Across the Generations May 09, 2023

Show notes

With millions of individuals burdened by student loan debt for two decades or more, the Income-Driven Repayment (IDR) waiver has the potential to offer much-needed relief. However, it may also morph into a significant political issue as a substantial number of older voters struggle with loan repayments. In this discussion, I examine the questionable financial choices made by colleges, such as allocating large budgets for non-essential expenses, and delve into the increasingly lavish nature of higher education costs, such as the growing focus on luxury amenities rather than educational quality. I also explore the amount of long-term student loan debt and the profound impact it has on the lives of many Americans.

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

How the IDR waiver can potentially reform bankruptcy regulations for student loan debt
The probability of a student loan tax bomb impacting borrowers in 2030
Factors contributing to rising college costs
The shift towards upscale amenities and programs in higher education to attract students
The government's role in student loan debt and its evolution as a political issue
The societal impact of the Grad PLUS program
Predominant methods Americans use to finance higher education
The average age of student loan borrowers
The amount of student loan debt held by borrowers and why they hold it for so long

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

The $3 Mentality and Long-Term Financial Planning May 02, 2023

Show notes

Are you struggling with student loan repayments and how it fits into your financial goals? Lauryn Williams, CFP®, CSLP®, and Meagan McGuire, CSLP®, have joined forces to share valuable insights on how to avoid common student loan repayment mistakes in long-term financial planning.

They discuss how many people are unknowingly on the wrong repayment plan, and why income-based repayment might not actually be the best option for you. They also share practical tips for finding savings beyond student loans, strategies for investing, and their take on the $30,000 and $3 mindset.

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

What is the $3 mentality and how it impacts long-term financial goals
The importance of choosing the right repayment plan for your circumstances
What is the best way to select a repayment plan for student loans
How married couples can save money on student loans and taxes
Tips on paying down credit card debt efficiently
When it makes sense to seek financial consultation
Why many borrowers shouldn't have ignored student loans during COVID
Why the double consolidation loophole shouldn't exist
What is the $30,000 mindset for finances
Financial implications of renting vs. buying a home
What are some basic investment strategies

Resource mentioned

PSLF Help Tool

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

The IDR Waiver FAQ is Here! Apr 25, 2023

Show notes

After what feels like an eternity of waiting, the IDR waiver FAQ has finally arrived. The Department of Education finally released answers to the questions plaguing borrowers' minds since the program was first announced. It's way more complex than the now-expired PSLF waiver, so there's a lot to cover. I'll take you through all the important details, including what counts towards time in repayment, the benefits and potential drawbacks of consolidation, and how the IDR waiver can impact your eligibility for forgiveness.

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

The difference between the IDR and PSLF waiver, and which one is more complex
Why the Department of Education is prone to making mistakes
Why consolidating loans can be risky
Whether President Biden would veto any legislation aimed at blocking the IDR waiver
How the IDR waiver impacts borrowers based on time in repayment, deferment, forbearance, and repayment plans
The potential cost of the IDR waiver to the Biden administration
Why you should be cautious with consolidating loans if you have PSLF repayment
The impact of Senator Warren's letter on loan forgiveness for millions of borrowers
President Biden's stance on the IDR waiver and the potential FFEL legal concerns
How consolidating loans can help PSLF borrowers get even more credit
How ongoing developments may affect consultant availability for the IDR waiver FAQ

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

Navigating Public Service Loan Forgiveness: Cases, Nuances, and Updates Apr 18, 2023

Show notes

Meagan McGuire, CSLP®, and Lauryn Williams, CFP®, are here to help you navigate the latest changes and updates to student loans. They start with an inspiring story of a father who shouldered his children's education debts with a Parent Plus loan, only to discover that recent changes now allow forgiveness.

Plus, they reveal how the COVID forbearance measure has made Public Service Loan Forgiveness (PSLF) even more advantageous, with a three-year credit towards loan forgiveness. The two share expert tips on repayment plan combinations, navigating community property state laws, and leveraging the latest PSLF Help Tool developments.

You'll also see how Parent Plus loan borrowers can pursue loan forgiveness, even if you thought it was impossible.

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

There is no clear language on the technical implementation of the IDR waiver yet
A case study on whether to consolidate an undergrad loan to get closer to PSLF forgiveness
How the standard ten-year plan compares to PSLF for Parent Plus loans
How the new IDR waiver allows credit for unconsolidated Parent Plus loans towards PSLF
A big update on how to submit an employment certification form for payment count
How spouses can maximize income-driven forgiveness by filing taxes separately
The importance of using different repayment plans in different situations
A case study strategy to lower payments using the double debt loophole
The impact of state community property laws on student loan repayment
How the new REPAYE plan could change repayment strategies for couples
Which loans are (and are not) eligible for refunds

Resource mentioned:

PSLF Help Tool

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

Could Forgiven Debt Get Reinstated? Apr 11, 2023

Show notes

The Supreme Court's decision on the student loan cancellation case will have a profound impact on the Biden administration and on the implementation of the new REPAYE plan. I'm exploring that and giving updates on recent developments, such as a federal judge dismissing a case alleging racial motive for student debt cancellation and the introduction of a congressional resolution to stop cancellation and waiver programs. Additionally, I explore issues with the Department of Education's implementation and communication, the increasing resemblance of student loans to income tax, and the importance of considering federal loans when financing education.

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

Potential outcomes of the Supreme Court ruling on student loan cancellation
How a lack of final rules and staff may delay the new REPAYE plan
How case alleging discriminatory motivations for student debt cancellation was dismissed
A warning to Biden administration about legal strategies to justify debt cancellation
How to get disability insurance and discounts from Student Loan Planner
Updates to congressional resolution to stop cancellation and waiver programs for student debt
The possibility of debt reinstatement through joint resolution
Political implications of student loan forgiveness and the IDR waiver
How the Department of Education's policies and communication are flawed
Details and potential challenges of the upcoming end to the student loan pause
Importance of considering federal loans when financing education

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

How Congress Could End the Student Loan Pause and Cancellation Apr 04, 2023

Show notes

In this episode, I'm diving into some PSLF regulations that specifically affect physicians in California and Texas. Many of them work for for-profit companies that serve nonprofit hospitals, and the new rules coming out in July 2023 could have a big impact on PSLF eligibility. Next up is another listener's situation regarding consolidating Parent Plus Loans with graduate school debt. We'll also be covering some Parent Plus strategies that can be beneficial for parents.

I'll also be jumping into the exciting world of Congress and their possible plan to repeal the student loan pause and cancellation. Don't worry, I'll break down what this means for borrowers and what happens when President Biden blocks it. Plus, we'll explore the Congressional Review Act and some juicy details of the ongoing student loan lawsuits.

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

The new PSLF regulations that come out in July 2023 that could change student loan repayment strategies for physicians in California and Texas
When you should consolidate Parent Plus Loans with graduate loans and when to keep them separate
Who the Parent Plus Loan strategy works the best for
How Congress might end the student loan pause and student loan cancellation
Why some senators might vote against the cancellation and IDR programs
The chances that President Biden could veto the bill to end the programs
An update on the Supreme Court's ruling on the student loan cancellation plan
When I think they'll really end the student loan payment pause
Why student loan borrowers can still benefit, despite the uncertainty

Links mentioned:

Consolidate your federal student loans

How is the PSLF waiver going? Mar 28, 2023

Show notes

Join me in this episode as we delve into the PSLF waiver report card. While I'm thrilled to see a growing number of individuals in our community receive forgiveness through the PSLF waiver, the low 20% success rate highlights the confusion borrowers face in determining where to apply and which loans to consolidate.

I'll then draw a comparison between the PSLF waiver and the student loan forgiveness initiative, which boasted a much higher 60% take-up rate and a simplified application process.

Finally, we'll assess the successes and disappointments of the Biden administration's student loan relief initiatives to date.

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

The confusion among borrowers that led to the low success rate of the PSLF waiver
Why student loan debt cancellation faced legal challenges, but the PSLF waiver did not
How the PSLF waiver widened the racial wealth gap
The difference between PSLF and IDR waiver
The biggest determining factor on the success of the IDR adjustment
Why the student loan cancelation plan is entirely political
The importance of the 12/36 rule
What it takes to get transformational savings on your student loans
How modifying an existing income-based repayment plan can be dangerous

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

How the Silicon Valley Bank Collapse Impacts Student Loans Mar 21, 2023

Show notes

Hold onto your hats folks, because we're diving headfirst into the Silicon Valley Bank failure. I will explain why the government intervened when they did and what they did to combat the rising panic in the banking industry. I'll also explore the potential implications of this failure on interest rates for mortgages and student loans, and why it's important for you to stay informed. Additionally, I will share my analysis of the government's potential strategy on student loan forgiveness, and the reasons behind the denial of some Parent PLUS consolidation applications. So sit back, relax, and join me as we dive in.

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

What is the Silicon Valley Bank (SVB) and why is it important
Why SVB failed
What a "bank run" is and why it's bad
What can cause a bank to fail
What the government can do to help a failing bank
Why the government stepped in when it did during the SVB failing
How SVB failing can affect you as a consumer
How the failure of SVB can lead to changes in interest rates and affect loans and mortgages
Why the federal government may put a longer pause on student loan repayments
Why Parent PLUS consolidation applications may be getting denied more often
What the Parent PLUS consolidation loophole is

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

Follow on Apple Podcasts, Spotify or Google Podcasts
Leave an honest review on Apple Podcasts
Follow on Facebook, Twitter, or LinkedIn

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

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!

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected