Search

Home > A Doctor's Perspective Podcast > E 128 Student Loan Repayment Options Travis Hornsby CFA
Podcast: A Doctor's Perspective Podcast
Episode:

E 128 Student Loan Repayment Options Travis Hornsby CFA
Category: Health
Duration: 00:55:39
Publish Date: 2019-06-18 06:18:45
Description: Travis Hornsby CFA talks to Dr. Justin Trosclair DC on A Doctor's Perspective Podcast. Doctors have multi 6 figure student loan debt. Don’t feel trapped any longer. Travis Hornsby CFA has done 1000s of reviews to put you in the correct student loan repayment or forgiveness plans. He gives so much valuable advice on this episode. Refinance and varying plans of student loan forgiveness or just a few options that you have to pay off your 6 figure student loan. Travis Hornsby, CFA discusses the ins and outs of each repayment options and is available for consults about your specific needs. CFA is a mile deep but an inch wide and a CFP is an inch deep but a mile wide. He goes over the difference. The FFEL program … the reason some people have less than 3% interest rate back before 2010 and he tells the backstory of what changed to increase the rate to above 6% and how the interest rate was tied to what the government was yielding. Are the “doctor” schools honest about income potentials when recruiting? Also, schools were able to charge a lot more for tuition as well as roll in the cost of living? Who did that benefit and what should you be aware of? If you have 250K student loan and you only are making 60-80k per year, how are you supposed to cover that 2500 a month note for 30 years. If you owe less than 1.5 x your debt then maybe refinance. If you owe more than 1.5x your debt then consider the loan forgiveness programs. (as a general rule seek professional advice before doing anything)                 Student Loan Forgiveness Programs  (listen to the episode for all the details) Pay as You Earn: Revised Pay as You Earn: Income Based Repayment What happens if your spouse earns money? How do you handle a dual income family when looking at these loan forgiveness programs?                 Tax Consequences A key piece to remember is that the student loan forgiveness programs do require you to pay a HUGE chunk of TAXES after the 15-20 year term. Only one program can end in no tax.  So big in fact, that each month you need to save for it otherwise you will be shocked that final year. Travis gives us a few examples about what to expect and how to plan for the end of term taxes on the amount forgiven of your student loans. Including a 20  year trick to make money work for you long term. AGI adjusted gross income- is how they base your 10% student loan payment each month. A Perk for working Overseas (EXPAT) is that you can make up to $100,000 but none of it counts toward the API. Hornsby even has a tactics for those high end earners to still utilize student loan forgiveness programs via 401k’s, hiring family and more What is the breadwinner loophole (communal property) that applies to 9 states? How will I know if I can be financially secure one day… if I have a lot of student loan debt? The short answer, have a higher savings rate than everybody else… listen for the details of how and why. (1/3rd goes to student loan, investment, and retirement : 10% loan, 5% tax boom, 18% retirement) Number 1 and 2 reasons you aren’t saving enough. https://www.studentloanplanner.com Places where chiropractor and other doctors can refinance their student loansIf you want to get a copy of our income driven repayment calculatorReach out to us at help@studentloanplanner.com or just check out our consult service Travis Hornsby, CFA Founder, Student Loan Planner Show notes can be found at https://adoctorsperspective.net/128 here you can also find links to things mentioned and the full transcript. Full Transcript of the Interview (probably has some grammatical errors). Just Click to expand Justin Trosclair 0:06 Episode 128 student loan repayment options. I’m your host, Dr. Justin trosclair. And today, we’re Travis Hornby’s perspective. 2017 and 2018 podcast Awards Nominated host as we get behind the curtain look at all types of doctors and guests special...
Total Play: 0