You may be one of the many looking for advice for student loan repayment planning. As a matter of fact, we recently saved a client over $30,000 on her student loan repayments.
Like many, this client was faced with repaying the cost of pursuing an advanced degree that she pursued in order to achieve an increased income. Unfortunately for her, and possibly you too, the reality of this repayment obligation was a stressful burden!
To that end, our client came to us to help her chart a clearer course for her financial future. While solely focusing on helping her tackle her student loans was an option, she instead chose our comprehensive, holistic, values-based, financial life planning approach, which we call Envisioneering™.
Envisioneering™ Financial Life Planning
Envisioneering™ Financial Life Planning takes a deep dive into your values, passions, and financial goals. Our planning also addresses creating a structure to support those goals such as building emergency reserves, disability income protection, powers of attorney, and wills and trusts.
Through this holistic approach, we also hope to find opportunities to reallocate current spending to a higher purpose. These opportunities may include securing your financial foundation through purchasing disability income protection, boosting retirement savings, or more cash to accelerate paying off your student loans.
We put our client’s $90,000 student loan principal under the microscope of our student loan repayment software, applying knowledge as a College Funding and Student Loan Advisor designee. We quickly saw that among the repayment options available to her, she was not in the most advantageous for her situation.
Student loan repayment methods often have an income cap. Her postmaster’s degree income meant that she would soon phase out of her selected repayment option altogether. Fortunately, there was a better choice.
A different type of student loan repayment schedule
The repayment schedule we counseled her to use not only lowered her payment but also kept her under the higher income cap of the alternate schedule. This new method saved her $285 a month, or a total of $30,780 over the next nine years of payments!
At the end of that nine years, she will also have about $85,000 in student loan repayments forgiven due to her public service career path in the public service loan forgiveness program (PSLF)
Our standard price for Student Loan Repayment Consulting is $2400. Depending on the complexity of their situation, some clients choose to engage in our Envisioneering™ Financial Life Planning process. Student loan repayment consulting is also included in this comprehensive service package.
While we can’t predict that you will get the same results as this client. But don’t you owe it to yourself to have us look? Our goal is to design and build a personalized student loan repayment plan for each client. Again, no two situations are ever alike. Allow us to help reduce your financial stress and advance your life goals.
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