In this comprehensive episode of Finding Financial Freedom with The Frugal Physician, Dr. Disha Spath hosts Travis Hornsby, founder and CEO of Student Loan Planner, to explore the current landscape of student loans and repayment strategies for high-debt professionals. With over $800 million in student loans consulted on, Travis is an authority on loan repayment and shares crucial insights on navigating Public Service Loan Forgiveness (PSLF), recent policy changes, and strategies for repayment that every physician, professional, and student loan borrower needs to know.

Discover how changes in student loan policies under the Trump, Obama, and Biden administrations have reshaped the repayment landscape and what potential policy shifts could mean for borrowers in the coming years. Travis also discusses methods to optimize PSLF eligibility, the pros and cons of refinancing, and the best strategies for long-term financial freedom despite student loan debt.

Key Topics Covered:

1. Travis Hornsby’s Journey & Student Loan Planner’s Mission

   • Travis’s background in finance and bond trading at Vanguard, his journey to starting Student Loan Planner, and why he’s dedicated his career to helping borrowers navigate complex student loan systems.

2. Public Service Loan Forgiveness (PSLF): From Inception to Transformation

   • How PSLF has evolved since its inception in 2007, including challenges under the Trump administration and impactful changes introduced by President Biden.

3. Changes in Income-Driven Repayment (IDR) Plans

   • Overview of the original income-driven repayment options (PAYE, REPAYE, IBR, ICR) and how Biden’s new SAVE plan replaced REPAYE with enhanced interest subsidies.

4. Potential Pitfalls & Common Mistakes in Repayment Plans

   • How to avoid costly missteps when selecting a repayment plan, including considerations around PSLF qualification, income certification, and timing of tax filings.

5. Navigating Political and Legal Challenges in Student Loan Policies

   • Insights into current legal challenges to the SAVE plan and potential impacts of future policy changes on IDR options for physicians and other borrowers.

6. Refinancing vs. Forgiveness

   • Travis outlines when it’s beneficial to refinance your loans versus staying on a PSLF track, with practical advice for borrowers based on debt-to-income ratio and financial goals.

Resources Mentioned:

• Student Loan Planner for calculators, tools, and professional consultations.

• Travis’s Books: Managing Your Money in Your Twenties and Thirties and 25 is the New 65: How to Retire Outrageously Early.

Listener Takeaways:

• Gain a better understanding of student loan repayment plans and forgiveness options.

• Learn the strategies for managing student loans amidst political upheaval and legal challenges.

• Understand when refinancing makes sense versus sticking with PSLF or other forgiveness options.

Connect with Us:

• Host: Dr. Disha Spath, The Frugal Physician

• Guest: Travis Hornsby, CFA, CFP, Student Loan Planner

• Follow us on Instagram, Facebook, and Twitter for updates on upcoming episodes.

Thank you for tuning in! Be sure to share this episode with anyone navigating student loan repayment.

This episode is sponsored by:

PearsonRavitz– Helping physicians safeguard their most valuable assets.

This episode is also sponsored by

FacetWealth– Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.