Podcast Episode 14 – “Everything You Need to Know to Crush Your Student Loans ” with Travis Hornsby
Episode 14 – Students loans are wrecking financial plans of physicians around the country, and no one is coming to your rescue!! Fortunately, that means that the power is in YOUR hands! But, if you’re over $200,000 in debt and just starting out your career, it might seem overwhelming. Travis Hornsby is today’s guest, and in this episode he walks us step by step through all of the important issues to consider as we tackle our student loans.
Your student loans shouldn’t crush your dreams. You deserve to have a life of financial freedom. You just need a plan! Follow along with today’s episode and you’ll get clarification on all the parts of the plan that you need to get your finances on track so you can live with the financial security you deserve!
“Do your research, ask questions, and don’t make excuses. Student loans aren’t that big of a deal, as long as you pay attention and stay focused.”
– Travis Hornsby
Meet Travis Hornsby
Travis Hornsby is a speaker and the founder of Student Loan Planner. After helping his physician wife navigate ridiculously complex student loan repayment decisions, he sought to do the same for other physicians. To date, he’s consulted on over $650 million in student debt personally, more than anyone else in the country. He is a Chartered Financial Analyst and brings his background as a former bond trader trading billions of dollars.
He brings that same intensity to analyzing the best repayment paths for graduate degree professionals with six figures of student debt. He’s helped over 2,500 clients save over $120 million dollars on their student loans, and he’s been featured in New York Times, Washington Post, Entrepreneur, U.S. News, Business Insider, Forbes, Huffington Post and more.
Contact Travis today to get started on a personalized plan to crush your student loans!
Free Resource: How to Crush Your Student Loans
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Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice. This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.
- How to build and implement a successful long-term finance strategy
- How to budget effectively without going crazy
- What to do in order to get you and your spouse on the same page with your finances
- Writing a resume
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- Or anything else related to business or personal finance
I’d love to help you so you can have the successful career and financial freedom you deserve. Just click here and email me to set up a free consultation to determine if one-on-one coaching is right for you.
I’ve coached hundreds of families to eliminate millions of dollars in debt and get their finances on track, and I’d love to help you do the same so you feel safe knowing your career and personal finances are as strong as you want them to be.
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Featured online community: Physician Dad Nerd Group
- 00:00 – Introduction to the episode
- 01:40 – Join the “Business and Personal Finance for Physicians and Denstists
- 02:00 – Email me at firstname.lastname@example.org to get a free 10 minute consultation to determine if one-on-one business and personal finance coaching is right for you.
- 02:58 – Please nominate The Scope of Practice for a Plutus Award at www.thescopeofpractice.com/plutus2020.
- 04:38 – Introduction to Travis Hornsby
- 06:01 – What is the Public Service Loan Forgiveness (PSLF) Program?
- 07:19 – Dr. Lacey shares his personal story with student loans?
- 07:57 – Travis has a unique perspective about how aggressive to be about paying off student loans.
- 10:14 – The student loan debt for the country is >$1.7 trillion. Average student loan debt is >$300,000 for the clients that Travis works with!
- 11:54 – Travis shares the biggest mistakes that physicians tend to make with regard to student loans.
- 13:49 – Travis recommends you consolidate your loans. Be aware that if you consolidate federal loans with private loans, you’ll lose out on opportunities like PSLF.
- 17:24 – The origins of the of the PSLF program.
- 21:02 – The PSLF isn’t as bleak as it has seemed the last couple of years.
- 21:24 – PSLF requires that you work for a qualified employer and make qualified payments for 10 years. Pay attention to the requirements like annual certification so your payments actually count towards your 10 year plan!
- 24:04 – PAYE vs REPAYE: what’s the difference and when should we do each one?
- 27:04 – It’s really important to pay attention to this stuff! Missing 1% savings opportunities can cost hundreds of thousands of dollars. It’s like paying small fees on checking accounts – it adds up over time.
- 29:34 – The savings rate is the most important factor in building wealth!
- 32:14 – Personal finance is personal. What are your overall goals.
- 33:24 – The PSLF “side fund” is a great way to have the flexibility to be able to pay off your student loans quickly in the event that going for PSLF becomes a bad idea.
- 34:39 – When should people consider refinancing loans?
- 37:39 – Your interest rate isn’t your problem!!! Don’t miss the point that the student loan balance needs to be your focus!!
- 38:54 – Being debt-free offers choices!!
- 39:53 – An average student loan interest rate should be less than 5%.
- 41:21 – Is a fixed or variable interest rate better?
- 44:14 – When is it ok to do the DIY approach to student loans?
- 45:47 – Travis shares his parting advice to physicians with high student loans.
- 49:16 – Summary of the episode
- 50:40 – This week’s free resource: “How to Crush Your Student Loans”
- 51:12 – Featured online community this week: “Physician Dad Nerd Group”
- 55:17 – signing off
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