Why You Should Partner With Us
We understand that navigating the world of student loan debt can be both frustrating and confusing. People who have tens of thousands of dollars in student loan debt come to us because they feel like the government is making it as complex, and as difficult as possible to determine the best possible strategy. If you have student loan debt, what are your options?
- Go at it alone: You can spend hours of your precious time trying to google the answers to your student loan debt questions. But there is a lot of misinformation out there on the web and you won't necessarily be able to determine a custom strategy that works best for you.
- Work with your financial advisor: You can ask for advice from a financial advisor. But the reality is that very few legitimate advisors have the student loan expertise to know how to take advantage of the complex loopholes and savings available to borrowers. It is unlikely they even know the difference between ICR, IBR,PAYE and REPAYE, much less know how your tax filing status, family size, and debt-to-income ratios impact your strategy. Are they intimately familiar with the requirements for PSLF? Probably not.
- Work with a so-called student loan expert who is not actually registered as a legitimate financial advisor: There are companies out there who claim to be student loan experts. But if they advertise cash bonus offers for refinancing, they are most likely getting paid when you click on those links. This means they can not give unbiased advice since sometimes the best strategy is not to refinance. It is also highly unlikely they are able to explain to you how your student loan debt strategy impacts the rest of you financial situation. For example, are they going to be able to tell you whether you should be making Pre-Tax or Roth contributions into your retirement accounts, exactly what amount that should be, and how that decision impacts your strategy? Are they going to tell you how you should invest your money to save for the "tax bomb" that comes when you receive long-term federal loan forgiveness (not PSLF)? Legally, they can't give specific recommendations like this, even if they wanted to, because they are not registered advisors.
Or Partner With Us And Get The Best Of Both Worlds
If you hire us to help you tackle your student loans, you will have the peace of mind in knowing that you will be working with a verified student loan expert, AND a long-time CFP® who also does comprehensive financial planning for an independent registered investment advisor firm.
- We'll schedule a complimentary phone call or video chat to get to know each other better and make sure we are a good fit.
- We'll email you a secure, digital template to make it easy for you to provide us with all the relevant details of your loans and financial situation.
- We will analyze this information to and explore all possible strategies and scenarios in order to determine the best specific course of action. We evaluate every possible repayment strategy. Our thorough process includes consideration of the following:
- current and future incomes
- federal and private loan amounts
- interest rates
- types of loans
- origination dates
- current and future family size
- tax filing status
- types and amounts of contributions to retirement accounts, FSAs, and HSAs
- current and future employment
Our Student Loan Analysis Meeting
We will conduct our Zoom video meeting. We will recommend a specific strategy that makes the most sense financially, but we will also show you the expected outcomes of all the possible strategies. This includes keeping your loans as Federal loans and targeting forgiveness using all eligible income-driven plans, versus refinancing to private loans. So you can be confident we have explored all possible scenarios. For each one, we will show you the following:
- The total amount you will end up paying on your loans
- The net present value of the total amount you will pay (since a dollar today won't be worth the same as a dollar ten years from now)
- The forgiveness amount, if any
- The taxes owed for forgiveness if any
- The expected monthly payment amounts, both now and in the future
- If there are taxes involved with forgiveness, we will tell you how much you have to start saving now, in order to have money set aside to pay those taxes when your loans are forgiven
- What changes, if any, should be made to your retirement plan contributions
We charge a one-time flat fee of $500, due upon completion of our engagement. Worst case scenario, we confirm that you have already chosen the best possible repayment strategy and you gain the peace of mind that comes from that. But in most cases, we find ways to save you much more than what we are charging you and give you the ability to focus on everything else that is important in your life.