078 | Student Loan Debt Repayment | Travis Hornsby

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078 _ Student Loan Repayment Strategies _ Travis Hornsby

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Travis Hornsby, founder of StudentLoanPlanner.com, talks early retirement, traveling Europe, and developing a passion for helping people crawl out of student loan debt.

What you'll hear on today's show:

  • Why did Travis attempt retirement at 25?
  • If you’re unhappy before reaching FI, will you be happy afterward?
  • Where did Travis’ frugal tendencies come from?
  • How did Travis get paid to go to college?
  • Do many universities offer full scholarships, and where should students find that information?
  • Does attending an Ivy League university make a difference?
  • Travis retired with $230,000 saved, with a plan to spend just 20k a year.
  • Did Travis have a long-term plan for his retirement?
  • Living expenses in the United States are high relative to many other places in the world if you’re an adventurous person.
  • Why did Travis’ job performance improve after he decided to quit his job?
  • If you’re on the path to FI but haven’t made it yet: develop a product or service that you’re passionate about and give yourself a year or two of buffer during which you don’t depend on income from your venture.
  • How did Travis commit himself to helping people with student loan debt, having never been in debt himself?
  • How much research did Travis have to do in order to ensure his student loan spreadsheets were accurate?
  • Why didn’t Travis’ father-in-law give his initial blessing to Travis marrying his daughter?
  • How did the Student Loan business grow?
  • If you have less than 100k of student debt, your best option is likely to refinance for the lowest possible interest rate and pay it back as quickly as possible?
  • If you owe less than double your salary and you’re not working at a not-for-profit or for the government, you should probably refinance.
  • If owe more than twice your income with federal loans, there are loan forgiveness options, depending on your type of work.
  • Is loan forgiveness guaranteed, and who can qualify?
  • Adjustment to loan forgiveness policies will impact students taking loans beginning in July 2019.
  • How do Travis’ suggestions change if someone has private loans?
  • Federal loans provide the most flexibility for repayment or forgiveness.
  • Two recommended choices:
    • Pay back loans as aggressively as possible
    • Pay minimums, maximize forgiveness

 

Resources mentioned:

 

Student Loan Planner

If you are interested in the Spreadsheet/Calculator Travis mentioned in the show–> Click Here

[email protected]

Physician on Fire

Mr. Money Mustache: From Zero to Hero

Student Loan Debt Repayment | Travis Hornsby

 

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3 thoughts on “078 | Student Loan Debt Repayment | Travis Hornsby”

  1. I’m listening to this podcast right now and you asked if there was a place where college scholarship information is aggregated. I’m a mom of two recent college grads and the most accurate, up-to-date info I found on everything college related is http://www.collegeconfidential.com. They cover everything from scholarships, to admissions, to financial aid to dorm life.

  2. I’m sure Travis recognizes that the majority of these loan repayment programs are more a detriment to the system, right? They’re backed by our current taxes yet the money is supposed to just disappear because you worked for the government? I’m all for knowing your options, but for taking a -usually- much lower paying government/public service job to have it paid off to stay in debt for 10 years or more is ridiculous most of the time. It kills incentive and it’s a seeming false hope in my opinion.

    Recently even heard a Dave Ramsey show where a lady was considering this as she was a lawyer with $232k student loan debt and she had been working for the government for 3 years or so already on the 10 year plan for loan repayment and forgiveness. Yet, her job paid like $70k/year. She was essentially giving up the earning potential of going out more on her own or joining a public firm, which could possibly double her income. So–theoretically giving up 7 more years of $60k+ more per year if she was in the public sector?… that’s $420,000 more not counting the first 3 years, which would make it $600k? Trading $232k loan forgiveness(which would realistically be lower after being paid on for 10 years in the plan) for $600k? That’s a loss of $368k. What world would make this math make sense? I mean, of course stay in the job while you have it but I’d be actively searching for a higher income potential job in her position rather than relying on staying in debt 10 more years and giving up earnings.

    I’m glad for Travis helping others and being out there, but I’m not so sure I back his plans in some cases because they pass the buck even though they’re legally part of the system. I hope this type of stuff is being taken into account—I would think it is since he has a huge business and I don’t–but it wasn’t mentioned that I heard.

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