Travis Hornsby tells us how to break free from the student loan albatross

Travis Hornsby is a Chartered Financial Analyst and the founder of Student Loan Planner, a company that helps analyze the best repayment paths for people with significant student debt. Travis gets into detail about strategies that will allow you to manage those loans without having to be stuck in a job you hate. This means getting into quite a bit of math - and it’s a complicated system. But don’t be turned off! Travis does a great job of outlining the basic principles. If you take nothing else away - just know that there are resources to be leveraged and you really don’t have to be a slave to your student debt.

Topics we discuss:

• Student loan debt does not be an albatross
• Federal loans do not always have to be paid back
• The answer is not always to trap yourself at a big firm until 100% of your loans are paid off
• Consider income-based repayment options with loan forgiveness at the end of the term, even outside public interest work
• Tax deductions, simple interest, and a simple savings plan can help you account for a balloon payment at the end of your loan term, even at a lower income level
• You can set it up so your debt is a percentage of your taxable income (whatever that is) - not a flat number, which means you aren’t as stuck as you may feel
• There are some situations in which your loan forgiveness wouldn’t be taxable at all
• A slight difference in your savings rate can translate to retiring 10-15 years earlier
• You have more control over your living expenses than you may feel
• Public service loan forgiveness programs are available, do not be discouraged. If you have pre-2010 loans, you may just need to consolidate to have the right kind of loan
• Public service forgiveness has a shorter timeline and isn’t taxable
• Refinancing makes sense in some circumstances, but be sure to shop around

 

Student Loan Planner for Lawyers - https://www.studentloanplanner.com/category/lawyer/

Refinancing Loans -https://www.studentloanplanner.com/how-to-refinance-law-school-loans/

Website: www.thelawyersescapepod.com 

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