On episode 287 of The Nurse Keith Show nursing career and healthcare podcast, Keith once again interviews Travis Hornsby, the founder of Student Loan Planner, a service helping those with student loans create workable plans for loan repayment. Keith and Travis discuss the CARES Act, loan forbearance, loan forgiveness, savings and repayment strategies during the COVID-19 pandemic, the potential changes that could be created by a Biden administration, and much more.
Student Loan Planner is the highest rated company in the student loan industry and is here to help. Travis has consulted on $500 million of student debt personally and specializes in helping individuals with graduate degrees (nurses, dentists, vets, physicians, etc.) pay off their debilitating student loan debt.
Travis Hornsby is a speaker and the founder of Student Loan Planner after helping his physician wife navigate ridiculously complex student loan repayment decisions. To date, Student Loan Planner has consulted on over $865 million in student debt. Travis is a Chartered Financial Analyst and brings his background as a former bond trader trading billions of dollars. Trying to solve the student loan crisis brought him out of his first retirement at the age of 25.
He brings that same intensity to analyzing the best repayment paths for graduate degree professionals with six figures of student debt. Travis and his team have helped over 3,400 clients save over $158 million dollars on their student loans, and he’s been featured in U.S. News, Business Insider, Forbes, Huffington Post, Rolling Stone, ChooseFi, Bigger Pockets Money, and more.
Some highlights to listen for:
- The Public Service Loan Forgiveness Program
- Zero payments
- Nurse loan forgiveness
- If your loans are <$50k, look for state or local programs. If >$50k, put money into your employer’s 403b plan (more common in not-for-profit organizations) to save for the future – or if they offer a 401k, use that.
>$20k debt? Don’t make extra payments until we know what happens based on the election. Keep that extra money in the savings
- Best to pay on your loans indexed to your income and pay more into retirement instead
- The Nursing Corps
- 2020 election results: no one elected will entirely fix it
- Biden election: expanding public service loan forgiveness
- Trump reelection: nothing will change in terms of forgiveness – it will be status quo as they’ve just continued Obama’s executive orders on loans
- Biden wants to decrease the 10% of income to 5% of income for student loan payback
- The Cares Act: suspending interest and giving people loan forgiveness. Will that end in September
- Nurses should not be paying extra towards loans; rather, that money should go into savings and essentials – there are ways to make that happen
- Blue states have agreements with private lenders to get a forbearance
- Most changes will likely happen after the election; if Biden loses, nothing much will change
- Having federal loans is in your favor
- Most people can finance with federal loans
- Private loans are needed when a parent won’t co-sign on loans
- Refinancing and consolidation are where a private company buys your federal loans and reduces your interest slightly. But federal loans are 0% interest now so why not do that?
- Are private lenders predatory by nature? Partially. They want to make a profit.
Preparing for the future:
- Try not to default on a car, house, loan, etc
- Have an emergency 3-6-month fund sitting in your bank – auto-deposit into it every month
- Put 5% of your income into retirement if you can
- Be creative: roommates; choose a less expensive city; get student loans as % of income; save for retirement
Connect with Travis:
The Nurse Keith Show is a proud member of The Health Podcast Network, one of the largest and fastest-growing collections of authoritative, high-quality podcasts taking on the tough topics in health and care with empathy, expertise, and a commitment to excellence.
I’m very privileged and grateful to announce that The Nurse Keith Show is a proud member of Ars Longa Media, a collaborative network of podcasts, media entities, musical artists, and others with an aim to add a humanistic touch to professional education, educate the public from a scientifically informed perspective, and improve lives by strategically partnering with those who share our goals to address social ills.