Financially Undressing: A Talk About Your Debt

Roth IRAs are a highly recommended retirement savings option but it’s not all smooth sailing. Student loan repayment, income limitations, and tax filing status can lead you to treacherous waters. Learn the missteps to avoid and how to correct mistakes before they escalate into hefty fines and taxes. Join student loan advisors Meagan McGuire, ChFC®, CSLP®, Sim Terwilliger, CFP®, CSLP®, and Sam Silberstein, CFP®, CSLP®, and explore contribution deadlines, the pro-rata rule, form 8606, the impact of being in a community property state, and how dual-income households should strategize their student loans and retirement savings. If you’re tired of cookie-cutter advice, you don’t want to miss this episode. In today’s episode, you'll find out: Why lack of profession-specific planning is the biggest mistake you can make in your financial journey The impact of the pro-rata rule when converting traditional IRA funds to Roth IRAs When to contribute to your Roth IRA to maximize your retirement savings Why high-earners might want to contribute to a Roth IRA despite income limits How to fix backdoor Roth IRA issues, including tactics for zeroing out accounts The importance of prioritizing pre-tax savings when you’ve got student loans How community property states complicate Roth IRAs and what to do about it Dodging extra taxes and penalties is possible if you contributed to a Roth by mistake How side hustlers and independent contractors can leverage Solo 401(k) plans  Why income projections are critical to nail the right contributions and keep the IRS happy   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

It's the last call for the IDR waiver (aka IDR account adjustment). If you’ve listened to this podcast, you probably know what it is — but if you're not sure how the IDR waiver could benefit you, or if you have questions about PSLF, loan consolidation, or income recertification, this episode is for you.   I’ll take you back to the beginning of the IDR waiver and walk you through it to make sure you get the most benefit before it expires on April 30th. You’ll also hear answers to listener questions about loan forgiveness and repayment plans and get valuable insights into the upcoming changes in consolidation rules.   In today’s episode, you'll find out: The final (final) deadline for the IDR waiver and the need for timely action The hidden strategy behind introducing the PSLF waiver before the IDR waiver Potential benefits of consolidating student loans and crucial considerations to keep in mind How the IDR waiver is a game-changer for borrowers with complex loan histories or multiple loans New options if you’re thinking about loan consolidation A key tip for submitting employer certification forms for PSLF credit Why brining up the awkward topic of student loans with your friends could benefit you and your peers Common misconceptions about PSLF and employer certification, including a major myth busted How to find the recertification date for IDR and how to recertify income for income-driven repayment plans Strategies for handling recertification and loan consolidation to align with changes in income The role of HR and the cautious approach taken when attesting to employment details for PSLF How to turn in a new IDR application after loan consolidation Links mentioned:    The American Rescue Plan The Department of Education Federal Student Aid   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

The Public Service Loan Forgiveness (PSLF) program is undergoing major changes. The government is taking over processing from MOHELA, and a temporary pause is expected in May and June. How will this affect you? First, don’t panic — PSLF isn’t shutting down. The government is simply pausing processing while they transition everything over. But you’ll want to take a few proactive steps to safeguard your payment count before the transition happens. Listen in as I dissect the real reasons behind these changes. Could it be a strategic move in the future student loan management? Find out how it can impact your forgiveness: Why the Department of Education is hitting the pause button on PSLF When to expect service disruption for your student loan management How the transition from MOHELA to the government impact PSLF processing The motivation behind the government’s decision to take PSLF from MOHELA How the temporary shutdown will affect you, especially if you’re expecting forgiveness in May or June Implications of the Department of Education’s plan to centralize PSLF tracking What you need to do now to safeguard your payment count   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

It sounds shocking, but it’s a reality we can’t ignore — and this isn’t just about folks burdened with 6-figure student loan debts. Now, even if you have a smaller loan balance, you have a path to student loan forgiveness. It’s the new SAVE repayment plan that’s making it possible. Listen in as we explore key factors shifting borrowers away from repayment toward forgiveness, from the increase in discretionary income allowances to the potential for accelerated forgiveness. You’ll discover the key moves you should consider and why freeing yourself from student loan debt could happen sooner than you think. In today’s episode, you'll find out: Unexpected ways the new SAVE plan is transforming student loan repayment advice for borrowers The impact of ultra-low interest rates in the early 2000s on student loan repayment Why chasing student loan forgiveness is outpacing traditional repayment methods How “micro” levels of debt could qualify for quick student loan relief The surprising link between debt management and mental health How understanding your future stream of earnings can revolutionize your loan strategy Behind-the-scenes political maneuvers shaping the future of your student loans How to navigate the joint vs. separate tax filing dilemma for couples with student loans Creative tactics for investing in self-care while navigating loan uncertainty How to leave a voicemail for the podcast to ask questions about student loans and personal finance   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!

To put it bluntly, MOHELA has student loan borrowers jumping through hoops to get things done, and it’s been extremely frustrating. Countless delays and mistakes being made, hours of being on hold or even being hung up on by servicers… the list goes on! In this episode, hosts Sim Terwilliger, CFP®, CSLP®, Sam Silberstein, CFP®, CSLP®, and Ben Lacomis, CSLP® join forces to shine some light on everything MOHELA is doing wrong. You’ll get tips and tricks to protect yourself from their mistakes. You’re not alone in this, folks! Let’s talk about what you can do to get the forgiveness you deserve and avoid falling for MOHELA’s mischief. In today’s episode, you'll find out: Common issues that student loan borrowers are experiencing with MOHELA Red flags to look out for if you use MOHELA How to prevent your PSLF from being reversed Tips for ensuring you get the student loan forgiveness you qualify for When and why you need to recertify your employment and income verification forms Our shockingly disappointing experiences communicating with MOHELA Insight to getting the most out of your phone call with MOHELA When you should file a complaint with the Student Borrower Protection Center MOHELA delays you should be aware of How long does it take for student loans to be forgiven How to approach filing your taxes amidst student loan forgiveness issues Links mentioned:  Student Loan Borrower Protection Center   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

We’re standing at the edge of a major financial cliff that no one is ready for. Student loan forgiveness is happening at unprecedented rates — $138 billion and counting. Right now, borrowers are enjoying tax-free forgiven student loan debt courtesy of the American Rescue Plan. However, these benefits are set to expire at the end of 2025, leaving borrowers to face a tax cliff with unknown consequences. We’ll explore the legal skirmishes already bubbling, like the Kansas Attorney General’s case against the SAVE plan, and analyzing their impact and preparing for the potential scenarios ahead. I’ll also highlight the vital deadlines you need to know, like the expiring IDR waiver and the barrier to new entrants for the Pay As You Earn plan that’s coming up in July 2024. In today’s episode, you'll find out: How the SAVE plan, IDR waiver and PSLF waiver are helping borrowers The possibility of court challenges to President Biden’s student loan policies What’s at stake with the coming student loan tax bomb due post-2025 Potential cancelation scenarios based on political outcomes as election season heats up Deadlines you can’t miss and their impact on student loan repayment strategies How the American Rescue Plan is enabling large-scale loan forgiveness What President Biden’s plan is to address the tax bomb cliff in 2025 About hardship-based forgiveness and the push for widespread cancelation   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

For those of you stepping into new roles, congratulations! This milestone comes with a lot of things to think about, from managing lifestyle inflation to understanding the impact of major purchases on your future. We’ll uncover valuable insights on income-based student loan payments, refinancing options, and how to approach big decisions like whether to rent or buy a house. I’ll help you unpack the price-to-rent ratio so you can make a well-informed decision based on financial and personal factors. We'll also discuss contract negotiations, gender disparities, non-compete agreements, and the importance of getting the most out of your benefits package. In today’s episode, you'll find out: How to use contracts for better severance or negotiation during job changes Why you shouldn’t accept being bullied during training or residency Key factors in job matching for medical professionals Benefits of income-based student loan payments and the pitfalls of early recertification Essential insights for loan refinancing and selecting the best payment plans Tips for making smart housing choices, like rent vs. buy, during life changes Negotiating techniques beyond salary to yield better benefits and work-life balance The impact of gender and non-compete agreements in specialized professions How to manage lifestyle inflation and understand consumption smoothing The role of marginal utility in making financially savvy decisions The emotional biases in finance advice from experts like Suze Orman and Dave Ramsey How to celebrate a job success or career change without sinking your finances   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

    Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!  

Deadlines for updating your income and family size information for your IDR plan have been extended to late September 2024, at the earliest.

Are you curious about business ownership? Whether you're just flirting with the idea of starting your venture or already knee-deep in entrepreneurship, this show is packed with actionable advice to help guide your journey. We'll explore why setting boundaries is not just a buzzword but a fundamental practice for any successful business owner. You’ll also discover specific strategies to carve out a profitable niche, edge out competition, and utilize barriers to your advantage. But the key takeaway here is that student loan debt shouldn’t be a barrier to your dreams. So grab your notepad, and let's jump into the world of business ownership with a clear head and a strategic mindset.  In today’s episode, you'll find out: How boundaries are a crucial part of business success Why focusing on profitability is crucial before scaling up Ways to validate your business model without offering discounts Why barriers, competition, and market availability are key to your business choice How regulatory barriers can offer both challenges and benefits The importance of identifying specific customer pain points and solving them Strategies to address low reimbursement rates or high service costs The financial impact and workload considerations when dealing with insurance companies Why holding free clinics might be a better strategy than accepting low-paying insurance The best ways to balance family life, retirement, and work fulfillment   Like the show? There are several ways you can help! Follow on Apple Podcasts, Spotify or Amazon Music Leave an honest review on Apple Podcasts  Subscribe to the newsletter Feeling helpless when it comes to your student loans? Try our free student loan calculator Check out our refinancing bonuses we negotiated Book your custom student loan plan Get profession-specific financial planning   Do you have a question about student loans? Leave us a voicemail here or email us at [email protected] and we might feature it in an upcoming show!