Frequently Asked Questions
How do I schedule a consult?
- To schedule a consult click on one of the various buttons located on our website to schedule or book a consult. You can also click here to set up a time.
- After you click on the link to schedule a consult, you will be able to select a time on our calendar that is convenient for you. We have regular business hours and evening availability.
- You can include your partner and/or an advisor on the call.
What is the process for getting advice?
- After you book a consult, you will receive a welcome email from us letting you know the information we will need from you. Most of the information will be provided through a questionnaire that will cover your financial situation, income, specialty, family size, and other needed details.
- We will analyze your information prior to meeting with you and prepare a customized student loan plan that we will discuss during our consult. This plan is the starting point that often identifies immediate ways in which the management of your student loans could be improved.
- We will virtually meet for our one hour Consultation, which includes:
- 15 minutes to review your goals, questions and concerns
- 30 minutes of discussion of the customized calculations relating to repayment plans, loan forgiveness, refinancing, etc.
- 15 minutes to answer any remaining questions and present/review clear actionable steps about how to best manage your student loans
- You will be invoiced $579 for the consultation. At the time of booking you will be charged a non-refundable deposit of $25. Upon completion of the consult you will be invoiced $554.
- After our consult, you’ll receive a recap email including a copy of your customized plan, details about the plan and any supporting documentation.
- We include twelve months of email follow-up as part of our service. If you have additional questions, please reach out.
Why is a student loan consult important?
- We provide an extensive review of your current student loan debt (loan types, status, amounts, rates) and the repayment options for that debt.
- We want to make sure that you are on the right path to meet your goals and manage your student loan debt as efficiently as possible. If you are on track, we will let you know if there are any other options you should consider and give you confirmation of your decisions.
- For most of our clients we are able to identify immediate actions that can improve your plan and help you understand how to implement them and save yourself money. Sometimes small decisions can have huge impacts on your student loan plan and can save you tens of thousands of dollars.
How much money do you save clients on their student loans?
- On average our clients save $200k on their student loans. This number is high because the average household we meet with has about $400k in student loans. However, we consult with borrowers all across the spectrum, from balances as low as $20k to upwards of $1.5M.
How much does it cost to receive advice with StudentLoanAdvice.com?
- Student loan advice is a one-time flat fee of $579, no matter how much student loan debt you have. The price is the same for couples and individuals. Return clients receive a $100 discount.
What differentiates StudentLoanAdvice.com?
- Many companies providing student loan advice are financial advisors, attorneys or tax professionals. SLA isn’t any of those and functions solely as a student loan advisor. Thus, we have no bias to bring you on as a tax or traditional financial planning client as many advisors typically do. Our only interest is to provide you with the best plan to manage your student loans at a fair price. In addition, our team, led by Andrew Paulson who’s career in finance and specialized education in student loans, qualifies us to solve even the most complex student loan scenarios. He and all of our student loan professionals have earned their certified student loan professional designation.
- Unlike most advisors who have helped a few borrowers with their student loans, our team of seasoned student loan professionals have advised on over $600 million in student loan debt for more than 1,900 physicians, dentists and high earners.
- Here at Student Loan Advice, we live and breathe student loans everyday. So you can rest assured, we’ll help you tackle even the most intricate student loan situations.
What are some of the takeaways from a consultation?
- During our one on one consult, we will sit down with you for an hour and discuss your customized student loan repayment plan. We will:
- Help you understand and select a repayment plan
- Help you understand and review the monthly payments across different IDR programs, estimated payoff dates and projected loan forgiveness amounts
- Identify if loan consolidation may be beneficial
- Help you decide if and when private refinancing may make sense for you
- Identify methods to reduce your adjusted gross income and thereby reduce your monthly loan payment
- Explain the paperwork that will be required for different repayment and forgiveness programs
- Answer any and all of your questions about student loans
Who should book a consult?
- Anyone who has student loan questions
- Anyone who is unsure of the best way to manage their student loans
- Anyone who doesn’t have time to pour hours into student loan education
- Anyone interested in maximizing federal loan forgiveness programs such as Public Service Loan Forgiveness
- Anyone who wants to ensure that they are making the right decisions with their student loan management
What is the relationship between StudentLoanAdvice.com and The White Coat Investor?
- The White Coat Investor is the majority owner of StudentLoanAdvice.com.
Where do the consults occur? Do I have to come to your office?
- Consults are conducted virtually.
Will you work with me if I don’t have debt yet?
- Yes. We also do pre-debt consults for those borrowing student loans for their program.
Are you available for group presentations?
- Yes. We are frequently asked to give presentations to universities, new graduates, medical trainees, etc. The presentations typically consist of common student loan questions, public service loan forgiveness (PSLF), private refinancing and overall student loan strategy. We don’t charge a price for these presentations.
- To book us to speak, email [email protected].
- To learn more about our past presentations, podcasts or guest posts, see our Media page.
Do you offer consults for shorter or longer than one hour?
- No. Currently, we only offer a one-hour consultation for all clients.
When should I refinance my loans?
- This varies case by case. Look at our refinancing page to find more information.
Which repayment plan is best?
- Each plan has its pros and cons. Lots of resources are available on our site and at the WhiteCoatInvestor.com, but the best way to answer this question is by booking a consult.
- Calculate your monthly payment with our student loan calculator.
What is student loan forgiveness?
- Student loan forgiveness is when your loans are discharged by the government. Some forgiven loans will be taxed and others won’t.
Does Public Service Loan Forgiveness (PSLF) work?
- Yes PSLF does work. We’ve helped many borrowers with PSLF and had clients lots of clients receive loan forgiveness.
- PSLF is attainable, but you need to stay up to date on the rules and ensure your loan servicer is tracking your payments correctly.
- Recommended reading:
What is the difference between Private Loans and Federal Loans?
- Both are used to finance your education but they differ greatly. Federal loans tend to have more flexibility in repayment plans and forgiveness options. Private loans lack variety in repayment and forgiveness but may provide you with a lower rate.
- Recommended reading:
Will you file my student loan forms for me?
- No. We can help advise you on how to do these, but we will not file your forms for you.
How can I consolidate my federal loans?
- With federal loans, you have the ability to file for a consolidation and have all your subsidized and unsubsidized loans consolidated into two loans with one servicer.
- Here’s the link to consolidate your loans: https://studentaid.gov/app/launchConsolidation.action
- Recommended reading:
What retirement accounts should I invest in?
- There are a variety of retirement accounts you can contribute to: 401(k)s, 403(b)s, 457s, IRAs, Roth accounts, HSAs. Depending on which account you contribute to, your student loan payments may be reduced.
- Whether you contribute to pre-tax or after-tax (commonly roth) retirement accounts can impact your monthly student loan payments. Pre-tax contributions can bring down your adjusted gross income (AGI) and lower your monthly student loan payments if you are on an income-driven repayment plan.
- Recommended reading:
How should I invest?
- There are a variety of methods to invest and plans are based on your personal goals, age, risk tolerance, income, etc. It is common for portfolios to have holdings in stocks, bonds and real estate, commonly through low-cost index funds. As with any asset allocation, understand the risks and potential value. To create your own personalized investment plan, we highly recommend the flagship course from The White Coat Investor: Fire Your Financial Advisor, that will help you create a personal financial plan.
Should I invest or pay down my student loans?
- We recommend you save for retirement and pay down your student loans at the same time if feasible, but the answer varies for everyone.
- Recommended reading:
When should I start investing?
- As early as possible. Time is one of the greatest tools an investor has, so the sooner you can get started, especially in retirement accounts, the greater potential you have. Make sure to take advantage of any employer match that is provided.
Do you have a recommended financial advisor?
- The White Coat Investor has a list of vetted financial advisors we recommend you work with if you need investment help and would prefer not to DIY or use FYFA.
What types of insurances do I need as a physician?
- Physician’s should buy the cheapest, long-term, level-premium term life insurance policy from a reasonably-reputable company that they can find. It is imperative they secure disability insurance as soon as possible to protect their livelihood from disability. It is rarely a good financial decision to buy whole life insurance.
- Recommended reading:
Do you have recommended insurance agents?
- Life and disability insurance is best purchased from an independent agent. The White Coat Investor has a list of continuously vetted agents they recommend.
Can you file my taxes for me?
- No, we are not tax preparers. If you need help filing your taxes consult we recommend you consult with a WCI-vetted tax advisor.
How does tax filing status impact student loan payments?
- If you are on an income-driven repayment plan, how you file your taxes can make a huge difference in your monthly payment.
- Typically, if you file married filing separately (MFS) you can exclude your spouse’s income from being included your monthly payment. This can greatly reduce monthly payments for some married borrowers.
- Recommended reading:
Does filing taxes in a community property state impact student loans?
- Short answer: It depends. If you file taxes MFJ, it shouldn’t impact you much, but if you file your taxes MFS, you may be able to reduce your student loan payment.
Can I file taxes as a couple jointly one year and separately the next?
- Yes. Each year you can decide whether to file married filing jointly or married filing separately.
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