The student loan system in the USA is extremely complicated compared to what it should be. You go to school, accumulate debt, and have no idea what to do when you get out. You get confused about what to do with over six figures in student loan debt to do — whether to pursue student loan forgiveness or refinance your loans. Take a chill pill, you need the Student Loan Planner.
The Student Loan Planner is among the country’s top experts in figuring out exactly what to do with monster student loan debt. To be more precise, about 3,600+ clients are putting a projected $171 million in savings towards living their best lives.
So, rather than trusting your financial future to someone who offers financial services but only dabbles in student loans, work with the Student Loan Planner. They live and breathe student loans.
The Student Loan Planner, a consulting service, is here to help you come up with a plan to get out of debt faster.
This article will give you the necessary review on the Student Loan Planner, what you gain by choosing them, as well as, how they work. Also you get to know more about refinancing student debt and the best help in loan forgiveness.
Table of Contents
- What Is The Student Loan Planner All About?
- Why Choose The Student Loan Planner?
- What Do I Gain For Working With The Student Loan Planner?
- How Does The Student Loan Planner Work?
- What Are The Best Help In Loan Forgiveness?
- What Are The Student Loan Planner Companies?
- Student Loan Planner Reviews
- Contact Student Loan Planner
- FAQs On Student Loan Planner Review: Best Help In Loan Forgiveness
- Conclusion
- AUTHOR’S RECOMMENDATION
What Is The Student Loan Planner All About?
Student Loan Planner was founded in October 2016 by Travis Hornsby after helping his wife and her friends figure out their six-figure student loans. They provide consulting service, as well as, the best cash bonuses for refinancing your student loans.
It is currently managed by a team of credentialed professionals with Travis as the head planner. All of the team members at Student Loan Planner either hold the Chartered Financial Analyst (CFA) or Certified Financial Planner™ (CFP®) designations.
They all have a passion for conquering debt’s hold on your life and mental energy. In fact, they helped over 3,800 clients take on over $972 million of student debt.
The Student Loan Planner’s goal is that you’d find a better deal refinancing directly through their site than directly through a refinancing company. They also have other advertising and referral partners they recommend if they think their product or service could help you on the path to financial freedom.
It is also important to note that the Student Loan Planner is a financial coaching company and does not claim to provide financial advice on investment products.
So, why should you believe the Student Loan Planner can help you?
Why Choose The Student Loan Planner?
The Student Loan Planners have consulted on hundreds of millions in student debt, and they’ve found millions in forecasted student loan savings for the professionals they’ve worked with.
You will get to pay a one-time fee for a thorough review, and also save. This is so because, in the course of carrying out reviews, they’ve found that 90% of their clients save an average of over $50,000 projected over the life of their loan repayment.
Also, they try to align your level of experience with the complexity of your student loan situation.
What Do I Gain For Working With The Student Loan Planner?
Basically, the value of working with the Student Loan Planner is strategy.
Here are the benefits you stand to gain:
How Does The Student Loan Planner Work?
If you owe $20,000 to $1 million in student loans, the Student Loan Planner can help you in one of two ways.
If you owe more than double your income, you might be using the Public Service Loan Forgiveness plan, or are unsure if refinancing or forgiveness is the right path for you, book the consult.
However, if you already know you should pay back your loans rapidly, then feel free to use the refinancing links. Those are free to use.
#1 Custom Student Loan Plan
For the custom student loan plan, you are to make a selection for a consult based on the size of your loans (include spouse/partner if applicable).
Here is a classification for the various student loan plan:
Note that consults include email follow up for 6 months after the call.
How Much Does It Cost?
At the Student Loan Planner, you book a consulting call depending on how much debt you have. Bookings are, however, available in 15 minutes increments.
Notwithstanding, below are the one time flat fees:
#2 Refinance Your Student Loan
Basically, when you refinance student loans, you transfer federal or private student debt to a new lender that offers a lower interest rate.
Is Refinancing Right For Me?
Here are 2 Rules of Thumb from the Student Loan Planner regarding refinancing:
Students who want to refinance their federal student loans should be aware that it brings about a temporary interest freeze. In addition, refinancing federal student loans eliminates income-driven repayment, forgiveness, and the most generous forbearance options.
So, you need to be sure that these protections are not as important as getting a lower interest rate before refinancing because after you’ve refinanced, you can’t undo it.
Nevertheless, in normal times, borrowers who meet the conditions above refinance and consolidate their federal and private student loans into one new loan.
Who Qualifies To Refinance Student Loan Debt?
To qualify to refinance, you need to be a US citizen or permanent resident and have qualifying educational debt from an accredited college or university, a credit score of at least 650, and also, less than 36% of your income going to debt payments.
Is It Possible To Refinance Both Federal And Private Loans Together?
Yes, you can combine federal and private student loans into one new loan with a private lender. However, it’s not advisable to include federal student loans until the interest freeze has ended.
What Are the Current Student Loan Refinancing Interest Rates?
Here are examples of rates based on different credit scores in the national student loan refinancing market in 2020 (excluding regional lenders).
| Refinancing Fixed Rates Available (in years) | Excellent Credit (750+) | Good Credit (700-750) | Average Credit (650+) |
|---|---|---|---|
| 5 | 3.50% | 4.00% | 4.50% |
| 7 | 4.00% | 4.50% | 5.00% |
| 10 | 4.50% | 5.00% | 5.50% |
| 15 | 5.00% | 5.50% | 6.00% |
| 20 | 5.50% | 6.00% | 6.50% |
In a situation where you have an interest rate higher than those in the table, you need to get quotes from the lenders (student loan refinancing company).
What Are The Best Help In Loan Forgiveness?
Loan forgiveness or cancellation occurs when you are no longer required to make payments on your loans due to your job.
There are basically two financial lifesavers available through certain federal student loan programs — student loan forgiveness and income-driven repayment.
However, if you refinance, you no longer have access to those options as you are essentially going from having federal loans to a private refinancing loan.
Student loan forgiveness is possible through a variety of programs. Borrowers who meet certain criteria — like working within a specific profession or for a government-run or nonprofit organization — wouldn’t have to repay part or all of their eligible federal student loans.
#1 Public Service Loan Forgiveness (PSLF)
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the PSLF Program.
Basically, PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Loans That Qualify For PSLF
There are about 17 different types of federal student loans that qualify for PSLF. However, most need to be put into a Direct Consolidation loan.
#2 Teacher Loan Forgiveness
If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $5,000 or $17,500 on your Direct Loan or FFEL Program loans.
In FedLoan student loan forgiveness, full forgiveness amount is limited to “highly qualified” math and science teachers at the secondary level and special education teachers. Therefore, because of these limitations, many teachers may be better off pursuing PSLF instead.
#3 Income-Driven Repayment Forgiveness (IDR)
The Department of Education provides four income-driven repayment plans. These IDR plans can provide a lower monthly student loan payment and eventual loan forgiveness.
The income-driven repayment (IDR) plans include:
Note that each of these plans requires annual recertification of your income and family size.
#4 Private student loan forgiveness
Unfortunately, private student loans do not have the same benefits and repayment programs that federal student loans have. In fact, there are actually no official private student loan forgiveness options for any loan company.
Notwithstanding, though private student loan forgiveness doesn’t exist in the traditional sense, there is private student loan help out there. The key here is to talk to your lender if you are struggling to see what options are available and to act fast.
What Are The Student Loan Planner Companies?
The Student Loan Planner Companies consist of the partner companies in charge of refinancing debts and also the best student loan servicers for federal student loans.
Student Loan Refinancing Companies
Here are 12 Student Loan Planner partner companies that help to refinance debts and top reasons you would consider using each lender. Click on each of them to know more.
If you are unsure of what to do, you can click on the button below to take a quiz with the Student Loan Planner.
Student Loan Servicers
Under the Federal student loan, borrowers are automatically assigned a loan servicer to manage each of their student loans. This third-party company acts as a middleman between you and the US Department of Education which owns your loan.
According to StudentAid, a loan servicer is a company that we assign to handle the billing and other services on your federal student loan on our behalf, at no cost to you.
Basically, your loan servicer will work with you on repayment options (such as income-driven repayment plans and loan consolidation) and will assist you with other tasks related to your federal student loans.
Below is a list of federal student loan servicers. Click on each of them to know more about them.
Student Loan Planner Reviews
Here are some reviews from clients to help convince to choose the Student Loan Planners:
“Excellent service! I thought that I had a very good understanding of the student loan world and was reluctant to book a consult but I am so glad I did. Justin explained to me how I can save money on my student loan payments and maximize PSLF with tax strategies. I have greater peace of mind as it relates to my student loans and really enjoyed working with Justin who could answer all my questions. Thank you.”
Rene (TX, United States)
“Travis was absolutely fantastic. He went through all of the possible scenarios regarding repayment and forgiveness of loans, discussed eligibility for different plans, and made recommendations for what would make the most sense for me long-term. He answered all of my questions and was able to break down the information in a way that made it easy to understand. I am so grateful that he was able to give me peace of mind about my student loans and future financial stability. After this consultation, I now feel that I have the ability to approach my loans, savings, retirement, and financial goals in an intelligent way. I truly cannot thank him enough for all of his help – this was worth every penny!”
Amy I. (NJ, United States)
“My consultation with Ben gave me peace of mind and a solid plan for the future. I am extremely glad that I did this, it improved my whole outlook on my student loan situation. Ben was very professional, knowledgeable, and friendly; it was a pleasure talking with him. I highly recommend this service to anyone with student loans.”
Ami S. (LA, United States)
More Reviews
“I had the pleasure of working with Meagan today! She explained all of my loans in a way that I could understand and make sense of. She sent me an email with my personal information then reviewed and explained it in a detailed manner. Despite being in Quarantine, and having the temporary pause, the detailed plan helps me pay back my loans at an affordable rate and now I have some inside information as to how and what to do in order to help myself. Meagan really took the frustration and anxiety out of the equation for me. I can now move forward confidently knowing that I have made the best choices for myself and my future. Thanks, Meagan and Student Loan Planner.”
Justyne (NJ, United States)
For more reviews, click on the link below:
Contact Student Loan Planner
Get more information on the Student Loan Planner and the services they offer by visiting the official website via the link below:
FAQs On Student Loan Planner Review: Best Help In Loan Forgiveness
The Student Loan Planner is a financial coaching company in the USA.They provide consulting service, as well as, the best cash bonuses for refinancing your student loans.
The Student Loan Planner is among the country’s top experts in figuring out exactly what to do with monster student loan debt.
1. You are going to get a roadmap
2. You are going to find a way to pay back your loans.
3. Also, you are going to get all of your questions answered.
4. You are going to find out what everyone else is doing.
If you owe $20,000 to $1 million in student loans, the Student Loan Planner can help you in one of two ways.
1. Create a custom student loan plan made just for you that details the path to debt freedom.
2. Connect you with private lenders that will refinance your loans at a lower interest rate. You’ll also get a cashback bonus.
1. For debt up to $200,000, the 1-hour consult is $395.
2. For debt between $200,000 and $400,000, the consult is a $495 investment an hour.
3. If you have more than $400,000 in student loan debt, the investment is $595 for the 1-hour consult.
When you refinance student loans, you transfer federal or private student debt to a new lender that offers a lower interest rate.
To qualify to refinance, you need to be a US citizen or permanent resident and also, have qualifying educational debt from an accredited college or university, a credit score of at least 650, and less than 36% of your income going to debt payments.
A good time to refinance is when you are sure student loan forgiveness will not benefit you, your career is stable, and you have an emergency fund.
Loan forgiveness or cancellation occurs when you are no longer required to make payments on your loans due to your job.
Conclusion
If you have had to pay for medical school, pharmacy school, law school, or graduate school in the USA, then you know that student loan debt climbs very quickly for people who pursue these paths.
With such high amounts of debt and the high-interest rates they come with, paying off debt is usually not simple especially when you are a new graduate or medical resident.
However, the good news is that the Student Loan Planner, a finance coaching company can help you regardless of how much debt you owe.
So, what are you waiting for?
Ditch Your Student Loan Anxiety For Good!!!
Good Luck and Success!!!
References
