In this episode, Chase DiMarco talks with Travis Hornby from Student Loan Planner about how to navigate and plan for student loans. Travis’ advice comprises common but costly mistakes that debtors make, the kinds of resources that you should or should not trust, and how to avoid negative psychological consequences such as the guilt surrounding student loans.
[01:05] Common Student Loan Anxieties
[03:20] Federal vs Private Loans
[05:53] Choosing Medical Schools Based on Specialty
[09:30] The Types of Consultations Provided by Student Loan Planner
[11:30] Media Sensationalism & Poor Resources
[16:36] Student Loan Planner vs Other Resources
[19:55] Common but Costly Mistakes
Travis starts off with two specific tips: 1. opt for federal loans where possible and 2. opt for a school that maximizes your chances of placement in your desired specialty, even if that school is more expensive. Pertaining to the first piece of advice, private loans are likely to require full payment, whereas federal loans may qualify for Public Service Loan Forgiveness (PSLR). Pertaining to the second piece of advice, due to programs like PSLR and others, attending two schools of vastly different prices are quite likely to end up costing the same amount.
Transitioning to more general advice, Travis urges us to be cautious about the quality of the resources that we use when making decisions about student loans. Student loans are a complex issue and often require expertise beyond social media posts and sensational media that prioritize ad revenue. To illustrate, Travis talks about a woman who refinanced her federal loans out of anxiety instigated by social media, costing her a six-figure sum. Whilst we should maintain agency over our personal finances, issues surrounding student loans require vigilance, caution and trustworthy resources.
If you are a medical student looking for quality resources on student loans, head on over to Student Loan Planner where you will have access to a podcast, a student loan calculator and if you want, personalized pre-debt or post-debt consultations. As Travis told us, we should not remain anxious over student loans, but instead confidently but cautiously seek out the best long-term options!