EP 115: Student Loans: Whether to Refinance or Consolidate

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Do you have student loans? This topic is a painful area to talk about, but one that is common for so many people. My guest today has great advice and nuggets of wisdom for you! He is passionate about helping to fix the problem of student loan debt for others. Don’t miss my conversation with Travis!

Travis Hornsby founded Student Loan Planner after helping his surgeon wife figure out how to manage her six-figure medical school debt. He quickly realized there was a huge need in this area and that he could provide valuable help for others. He was formerly a bond trader and is a chartered financial analyst, so he is a rock-solid and smart finance guy. He loves saving professionals money through creating customized student loan strategies for the top 2% of the most indebted Americans. Check out the resources below to see how to contact Travis and how he may be able to help you with your student loan debt.

What you’ll learn in this episode:

  • The huge problem of student loans, especially for professional women, who carry a major portion of the debt
  • Travis’ message to high school and college students pursuing higher degrees: “Go to the cheapest place you can.”
  • The “real carnage” of student debt is in grad school because of debt caps for undergraduate education
  • How he sees dental school and law school grads who owe $300-600K (the highest he has seen is $1.1 million in debt!)
  • The hidden opportunity costs of student loans
  • The story of Travis’ wife: she started medical school at age 18 and then did a four-year Ob-gyn residency in NYC, where she was a free-spender. They met at church in Philly when she was there for a fellowship training and he was a bond trader.
  • How Travis had the “money conversation” with his wife while they were dating
  • Mistakes that his wife made that cost her about $70K
  • The idea for Travis’ Student Loan Planner business and how he had dozens and dozens of clients right away (He has now had over 1000 clients!)
  • Advice from Travis: “Think about the future and take out federal loans that can be eligible for debt forgiveness.”
  • Why if you owe more than two times your income, then you need a good plan and loan forgiveness
  • The two paths to loan forgiveness
  • After college, the loan players become private lenders who want in on the investment
  • How student debt is unique and unlike any other kind of debt
  • On Travis’ website, find his Refi Quiz and other free educational content to help you find the tricks and loopholes
  • Travis’ consultation will include different strategies and paths, depending on your career and family goals
  • “If you’re unhappy and feel financially insecure, look at your mortgage and car payment. Try to reduce one or both of these.”
  • How “yesterday’s promises” reduce today’s flexibility and freedom
  • How consolidation can help to speed up the payment and get old loans qualifying for loan forgiveness programs and help you have only one loan payment (watch our for scams!)
  • Refinancing is to take loans out of the government system or from a private lender and create a new loan with a private lender at a lower interest rate
  • How people in the same profession might have different needs as far as refinancing or consolidation, based on their income and needs
  • The average mistake costs $60K--”There’s a lot that you don’t know that you don’t know.”
  • How late student loan payments CAN affect your credit score

Resources:

www.studentloanplanner.com/refi-quiz Check out Travis’ website for lots of helpful information!

Email Travis: travis@studentloanplanner.com

146 episodes available. A new episode about every 9 days averaging 42 mins duration .