Student Loan Planner

Latest Episodes:

Sofi Sues To End The Student Loan Pause Mar 14, 2023

Show notes

On Friday, March 3rd 2023, private student loan company SoFi filed a lawsuit against the U.S. Department of Education, hoping to overturn the most recent payment pause extension.

SoFi, a private student loan company known for its partnership with the LA Rams stadium, has seen a drastic 90% drop in revenue due to the COVID pause, and they've decided to take action against it now. What does this mean for you? Check out this episode as I discuss this controversial topic and what you can do now to prepare for the upcoming weeks.

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

A disclosure statement about SoFi and MOHELA
Why SoFi is suing now over the Heroes Act
SoFi's recent quarterly results
A possible reason for the actions of the Heroes Act legal team
How this lawsuit will affect you
Will this affect the new student loan repayment plan
SoFi's motivation and one way the Biden administration could respond
Why we need the IDR Waiver FAQ now
How to prepare for the next six weeks

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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!

Avoid the Siren Songs of Student Loans Mar 07, 2023

Show notes

Student loans are a huge source of anxiety for many borrowers. Wondering how you'll pay them off can feel like a weight that you have to carry around, which has led to lots of folks making unsound or unnecessary financial decisions. It's what I call the "siren songs of student loans." When you think back to Greek mythology, there were sirens that lured sailors to their death with their beautiful songs. Student loans can also have "siren songs" that can lure us into making big mistakes that impact our future wealth growth. In this week's episode, I'm talking about how you can avoid the seven most common siren songs of the student loan world and why student loans shouldn't stop you from living your best life.

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

Why focusing on the interest rate above all else is a mistake
How to avoid only seeking out PSLF-eligible jobs
You don't need to fixate on student loan repayment assistance
How to take on additional debt for school – the right way
Why NOT to pay for school with cash
The "false idol" of debt-free hustle culture
Why you should consider leaving a job you hate, even if you still have loans

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Leave an honest review on Apple Podcasts
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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

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!

Emergency Pod on the Supreme Court Case Mar 02, 2023

Show notes

Breaking news on the Supreme Court Case

What Comes After the Student Loan Cancellation Lawsuit Feb 28, 2023

Show notes

Listen in as Meagan McGuire, CSLP®, and Dan Rooker, CFP®, CSLP®, share the results of the Supreme Court case on cancellation… just kidding. While we'd love to dive into how the case plays out, we recorded this episode prior to the verdict. But don't worry, we've got plenty of other valuable insights to share.

We're taking a closer look at the new Revised Pay As You Earn plan, commonly referred to as the "new REPAYE," and assessing whether it's a good fit for you. Plus, over the past few years, student loan freezes have influenced how people file taxes. How does the situation you're in now impact how you should file for 2022? Things will continue to change with the results of the most recent Supreme Court case coming out, but there are still plenty of ways to plan how you're going to file for this year.

Then, we'll discuss some of the nuances that are affecting student loan borrowers right now, loan consolidation, and as always, we'll be sharing some intriguing stories from our email inbox.

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

The results of the Supreme Court case on cancellation…jk jk
If new REPAYE is a good plan for you
1098-E tax form nuances with consolidations
Whether married couples should file 2022 taxes together or separately
Impacts of filing separately for income-driven repayment
The tax deduction for federal student loan interest during the freeze
Delays on loan forgiveness with the PSLF waiver
Information on consolidating your loans
How address changes impact your double consolidation paperwork
Consolidation with respect to the LDR waiver
Email inbox storytime

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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

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!

Intentional Budgeting: Spend Sustainably Without Sacrificing Your Dream Life Feb 21, 2023

Show notes

Student loans payments will likely kick back in sometime in 2023, so now is the time to reevaluate your spending and saving habits. Are you truly living the life you want to live? How do YOU define your own success?

Today, Meagan McGuire, CSLP®, and Lauryn Williams, CFP®, CSLP®, discuss how to change your budget so that it's working for you. And no, they aren't going to tell you to quit eating at restaurants or supporting your local coffee shop! This episode is all about how you can adjust your life right now to spend your money on the things that actually matter and bring you joy. No matter what your goals are, it's always the right time to invest in you. So let's dive in!

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

Intentional spending and budgeting
How to align your spending with your values
How to prioritize your spending
How to say "no" to things that aren't aligned with your goals
The importance of supporting small businesses
Different ways to support small business owners
The differences in how you feel when you use credit or debit cards, or cash
How to invest in a socially responsible way
How to donate your time or money to important causes without sacrificing your needs
Questions to ask yourself before making a budget

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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

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!

Free College for Everyone with New IDR Feb 14, 2023

Show notes

Keeping up with how student debt is changing in this country can be a headache. That's why I want to help you figure out how to use the existing system to your benefit right now in ways that could be life-changing.

Today, I'm answering quite a few listener questions — lots of our listeners had Parent PLUS Loans on their minds, and maybe you do, too. Then, I dive into the Biden Plan for "free public college," which may not be exactly what it sounds like, but you could still massively benefit if you set up a plan that uses your current situation to your benefit.

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

What is the double consolidation loophole Advice on Parent PLUS Loans for parents
Does the advice apply to private student loans
If you should continue with the loophole method
How to navigate student loan repayment as things continue to change
Whether you should file your taxes separately or joint-file
How much the new tax plan could cost
Biden's plan for "free public college" and how to use it to your advantage
How to provide an inheritance to your kids
How to pay back your student loans

Links mentioned:

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
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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

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!

Grab Bag Q&A: Navigating the Student Loan Repayment Maze Feb 07, 2023

Show notes

Join student loan consultants Lauryn Williams, CFP®, CSLP®, and Meagan McGuire, CSLP®, as they answer questions from clients about student loans. Learn about the revamped REPAYE plan, forgiveness timeline for undergraduate and graduate loans, and discretionary income guidelines for repayment.

They also dive into the tax implications of loan forgiveness, the difference between FFEL and Direct Loans, when the long-term benefits of federally held loans outweigh the advantages of refinancing, and more.

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

Questions about the new repayment plan
The forgiveness timeline of the new REPAYE plan
When to save up for the tax liability to get ahead of the game
How the option of married-filing-separately could be impacted
Why you don't need to have a tax return to calculate your payment
What you need to know if you feel like you're the only one making student loan payments
How to get help with student debt
Why you may need a student loan consultation even if you think you don't
How do you go about the double consolidation on timing
When can you start preparing for the double consolidation
What to do if you've been laid off
How to get your money back if you've been making student loan payments during the payment pause

Link mentioned:

StudentAid.gov

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
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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

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!

Optimizing Your Finances: Do's and Don'ts for Reaching Financial Goals Jan 31, 2023

Show notes

You can optimize your finances in many ways. To reach your goals, there are some things you need to do, but others you should avoid. If you don't want to look back at the end of the year and say, "I wish I would have done that…", this podcast is for you. Join Lauryn Williams, CFP®, CSLP®, and Meagan McGuire, CSLP®, as they talk about how to ditch misconceptions that can mess up your whole year, the right moves to overcome challenges and how to make 2023 your best financial year.

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

Why you should book a consultation even if you don't think you need it
What is the new Pay As You Earn plan
Why you might need to enroll in PAYE right now
Why budgeting isn't the 'big bad B word'
How to budget your expenses to save more and maximize your paycheck
When you should never leave a balance on your credit card
The first line of defense when dealing with or avoiding debt
How a budget can help you avoid identity theft or credit card fraud
The biggest mistake people make in 2023
The importance of estate planning documents
Why you need life insurance and disability insurance to protect your family and finances
Why you should add money to your 401(k) even if your employer doesn't match it
The top retirement and investing mistakes to avoid
How retirement saving can lower your student loan payments

Link mentioned: Find a doctor mortgage lender

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!

New REPAYE Plan: What it Means and Why it's a Game Changer for Borrowers Jan 24, 2023

Show notes

Exciting news for student loan borrowers! The new REPAYE plan proposed by President Biden aims to simplify the existing plan and offer more benefits to borrowers. It's an earth-shattering moment in higher education. A few highlights include being able to file separately for taxes (if you're married), qualifying for interest subsidies of 100%, and getting a 225% poverty line deduction to lower student loan payments. I'm diving into the nitty gritty details to help you understand how this plan may impact you.

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

What is the new repayment plan
The ins and outs of the family size deduction
Who can access the new income-based repayment plan
Why the new repayment plan is vital for borrowers
Why you need to figure out if PAYE is right for you right now
How the Biden Administration modifies the income-driven plan
The impact of the changes on student loan borrowers
How many borrowers could pay $100 or less on their student loans
How we'll serve this new group of borrowers who needs our advice
Will the IDR plan be implemented
What to do if you need to apply for a student loan forgiveness waiver
What to expect next from student loans

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 Modified REPAYE Plan Could Cut Student Loan Payments In Half for Millions of Borrowers Jan 17, 2023

Show notes

The Biden Administration announced a new income-driven repayment plan that can significantly benefit millions of student loan borrowers. Student Loan Advisors Meagan McGuire, CSLP®, and Conor Mahlmann, CSLP®, discuss the revamped REPAYE plan that was recently proposed.

Find out how the modified plan increases the poverty line deduction and provides interest subsidies to lower payments for anyone on income-driven plans. Whether you have undergraduate or graduate loans, you'll learn the mechanics of how the plan calculates payments and how it could affect you. Meagan and Connor also note that the plan is still in the commenting period and may be subject to changes.

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

The new plan isn't really a new plan at all
The basics of the proposed modifications to the REPAYE plan
How the increase in poverty line deduction can instantly lower your monthly payments
The role of adjusted gross income (AGI) in calculating your payment amount
The interest subsidy that can cut your payment amount
How it impacts couples who file taxes as married filing separately
The biggest differences between the old REPAYE plan and the new REPAYE plan
Why switching to PAYE down the line might not be an option
What is double consolidation and why it makes sense for some borrowers
How consolidation of forgiveness credit works
When PAYE is best vs. the new revamped plan
What to watch for with the IDR Waiver

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