Student Loan Planner Review 2022: It's the real deal (2023)

Founded by Travis Hornsby (CFA),Student Loan Planneris a student loan counseling service. Before I dive headlong into my student loan planner review, I have to issue a quick disclaimer.

Student Loan Planner also has a blog. And before I became Editor-in-Chief of Investor Junkie, I wrote for them regularly (look again at the team photo above and you'll see yours on the left).

But I wrote to averyof websites but I never felt compelled to write a reviewanyfrom them.

However, the student loan planner had a different effect on me. Through my work with Student Loan Planner, I've seen firsthand the incredible work Travis and his team do every day.

I interviewed borrowers who received help. I read the stories of clients dealing with depression (andeven thought of suicide) because of their student loans, but felt relieved after consultation.

While (frankly) many "training" and "consulting" services are a waste of money, Student Loan Planner is not.It's the real deal.Read my full Student Loan Planner review to learn more.

What is a student loan advisor?

A student loan advisor is someone who can analyze your student loan situation and help you choose the best repayment strategy.

  • If you use oneIncome Oriented Repayment Plan (IDR)?
  • If so, which IDR plan would save the most money?
  • Should You Refinance?
  • you have to huntPublic Service Loan Forgiveness (PSLF)?

A student loan counselor can help you solve these student loan problems. Unfortunately, the student loan industry is incredibly complex.

Choosing the wrong payment strategy can cost you tens and in some situations hundreds of thousands of dollars.And with the COVID-19 pause in federal student loan payments ending in January 2023, student loans will once again become a critical financial concern for millions of families.

What makes Travis and the student loan planning team different?

While there are other student loan advisory services out there, there are a few things that make Travis and his team stand out. That's why I can recommend them.

1. Expert knowledge and advice

When I started writing about personal finance,ThoughtHe knew a lot about student loans.

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And then I met Travis Hornsby.

Travis is an absolute encyclopedia of student loan information. I learned a lot from him about the intricacies of paying student loans and continue to learn every week.

Travis is a CFA. And before founding Student Loan Planner, he was a bond broker for one of the largest investment firms in the world. But he left Wall Street because he wanted to help people with student loans. His wife is a doctor and he was surprised by the amount of his student debt.

To decide which payment strategy is the cheapest, he came up with the best onestudent loan calculator(as any normal person would do). Your calculator doesn't just consider the total loan and interest rate. Consider a number of factors including:

  • income
  • civil status
  • whether you have children or not
  • Where you work (public or private sector).

Student Loan Planner Review 2022: It's the real deal (1)

The Student Loan Planner calculator compares the standard 10-year repayment schedule to IDR and Refinance. And still compare eachTypof the IDR plan to show where you can save the most money.

Student Loan Planner Review 2022: It's the real deal (2)

But the calculator was only the beginning. Shortly after he built the calculator, people started bombarding Travis with questions about student loans. And finally, people were willing to pay him for the consultations.

And so the Student Loan Planner was born.

2. Certified Consultants

whileStudent Loan PlannerAs the business grew, Travis needed to add more consultants to his team. One of the best things about their team of advisors is that they all hold the CFA or CFP designation.

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Student Loan Planner Review 2022: It's the real deal (3)

With Student Loan Planner, you don't just get advice from people who call themselves "experts." You have the opportunity to speak to someone who has had years of formal education and experience in the financial world.

3. A team that really cares

I know that sounds like a super subjective point. But I can't say enough about the sincerity of the Student Loan Planner team.

Every week in Slack, the team talks about how to better help people. They really feel distressed when they hear from readers that they are saddled with student loan debt. And they get excited every time they hear success stories.

Personally, it's refreshing to interact with people who care so much about their jobs.

Why pay for student loan counseling?

If you're dealing with crushing student loans, there are a range of payment options from IDR to PSLF and refinance.

But that's the deal. Bloggers (like yours) have an incentive to strongly promote the latter option. Because? Because they can make a lot more money by clicking a refinance link instead of deciding to stick with their regular payment plan or switch to an income-based payment.

Refinancing can often actually save you money. But there are also many timesIf refinancing wasn't your best decision.

The big benefit of paying a flat fee for student loan counseling is that image distortions are avoided. There is no conflict of interest when you meet with a consultant from the Travis team. Which is the best option forOfYour advisor will advise you to do this.

What happens during a student loan appointment?

Even before you call the SLP advisors, give them a lot of information about your student debt and the overall financial picture. This allows your advisor to do a full analysis before your chat.

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During your video call, you'll receive a detailed breakdown of all your options, and if a better payment strategy becomes available, your advisor will provide you with all the information and resources you need to take action.Note that if you are married, your spouse can also join the call.

One-on-one sessions last one hour.And after your call, you'll have access to unlimited email support for up to 6 months.Here are some more details on how the student loan application process works.

How much does a student loan planner consultation cost?

In the past, the SLP advisory fee varied depending on the amount of student debt. However, the fee is now standard in all cases except for follow-up appointments, which are discounted by $100. This is the current price:

  • New customers: 595 $
  • consequences: $ 495

Is a consultation worth it? In most cases absolutely!

The student loan planner hashas helped more than 9,830 customers save an average of more than $49,000over the life of your loan.Combined, their customers received more than $457 million in projected savings.

I recently recommended an SLP practice to one of my personal friends who had just graduated from chiropractic school with over $200,000 in student debt. Both he and his wife said the peace of mind they gained from the session was worth it.

But don't just take my word for it. Listen to your real customers. The student loan planner has one5.0 Star Shopper Approved rating from over 1,800 reviews. And if these reviews don't convince you, check out this amazing video review by David B.

Alternatives to the student loan planner

While there are several companies and apps that can help you prepare documents, there aren't many that offer free student loan consultations like SLP.

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One of the few currently available is, a subsidiary of The White Coat Investor. StudentLoanAdvice (SLA) is currently $40 cheaper than Student Loan Planner and offers 12 months of follow-up email support. Here is the current fee structure:

  • New customers: 559 $
  • consequences: 449 $

One concern I have with StudentLoanAdvice is that they don't provide much information about the advisors to speak to other than that their team is led by Andrew Paulson. According to the FAQ, this should give borrowers peace of mind so the SLA team can process any questions you ask them:

Additionally, our team, led by Andrew Paulson, with a finance background and specialized student loan training, qualifies us to solve even the most complex student loan scenarios.

However, I'm not sure that being a senior executive necessarily means that all team members are qualified to provide quality student loan advice. And while I'm sure Andrew is very knowledgeable, the site also lacks the information on their respective credentials.

Also, unlike Student Loan Planner, the SLA is not listed on a third-party review site like Shopper Approved or Trustpilot. So the only customer reviews I could find were the unverified reviews listed on their homepage.

Finally, and this is picky, I know, but the SLA marketing video (below) just doesn't do it for me. You give me strong 90's commercial vibes. Yes, I know this has nothing to do with the quality of your advice, but it doesn't help your cause either.

Who Would Benefit From Student Loan Planner Consultation?

If you have more than $20,000 in student loans, it might be worth making an appointment. Below that, you may not be getting enough value from a commitment and you should probably try to pay off your loans as soon as possible.

The higher your student loan balance, the more money you can save with the student loan planner. They have worked extensively with doctors, vets, dentists, lawyers and many other professionals known for building large student loan balances.

Trust me when I say no student loan will surprise Travis and his team.The average client who works with them has a student loan balance of more than250.000 $.

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I'm not the type of person who likes "glowing" reviews. If you've read other content on my site, you know that I prefer moderate praise.

But with Travis and the Student Loan Planner team, I honestly and wholeheartedly believe in what they do. They help many people find student loan relief.

And if you have high student debt, they can help too.Click here to schedule an appointment with a student loan planner.


Is the student loan forgiveness program real? ›

There are real federal loan forgiveness programs out there, including Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. But many companies will try to take advantage of borrowers by guaranteeing immediate results or requesting money up front for services they cannot provide.

Is student advisors legit? ›

Yes it is very legitimate! We won't argue that there are indeed several companies offering services that are in fact ” too good to be true” and fail to live up to their promises, Student Advisors isn't one of them. We adhere to the highest ethical and moral business standards and practices.

Are Mohela loans going to be forgiven? ›

In April 2022, the U.S. Department of Education announced several updates that will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans. Borrowers who have reached the required number of payments for IDR forgiveness will begin to see their loans forgiven in spring 2023.

Is Navient forgiving student loans? ›

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 (10 years) qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

What is the downside to student loan forgiveness? ›

Potentially the most significant drawback of student loan forgiveness is the taxes. With a few exceptions, including PSLF, the IRS considers the amount of your forgiven balance to be taxable income. Depending on how much is forgiven, that could amount to tens of thousands of dollars you owe in taxes.

How can I get my student loan completely forgiven? ›

If you work full-time for a government or not-for-profit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—that is, 10 years of payments.

Who is the best person to talk to about student loans? ›

You should talk to your school's financial aid office – they will have information about your federal student loan options. Additionally, you can speak with the U.S. Department of Education's Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243) for information on student loans.

How do I know if my student loan forgiveness is legit? ›

If you're hoping for student loan forgiveness, be wary of these six warning signs of student loan forgiveness scams:
  1. Promises immediate student loan relief.
  2. Want you to pay money up front.
  3. Ask you for your SSN or other sensitive information.
  4. Claim to be affiliated with a government agency.
  5. Use high-pressure sales tactics.
Dec 1, 2022

What are some legitimate student loan forgiveness programs? ›

4 Student Loan Forgiveness Programs
  • Income-Driven Repayment Forgiveness. Income-driven repayment (IDR) plan forgiveness is a good option if you cannot afford your payments under a 10-year standard repayment plan. ...
  • Perkins Loan Cancellation and Discharge. ...
  • Public Service Loan Forgiveness. ...
  • Teacher Loan Forgiveness.
Oct 18, 2022

Is MOHELA suing the government? ›

On October 7, 2022, the U.S. Department of Justice filed a brief in response to this lawsuit offering new evidence that MOHELA's lawsuit is rife with false statements and fundamentally misstates the law and policy it seeks to challenge.

Is MOHELA private or federal? ›

Federally-Owned Loans Serviced by MOHELA

With over 40 years in the student loan servicing industry, we have the expertise to help manage your loans – answer any account questions, help you explore your benefits and repayment options and process your payments.

How do I get rid of my MOHELA student loan? ›

Review the seven steps to forgiveness under PSLF to make sure you're on the right track.
  1. Verify Employment.
  2. Review Loan Eligibility.
  3. Check Your Repayment Plan.
  4. Confirm Your Qualifying Payments.
  5. Make Qualifying Payments.
  6. Track Your Payments.
  7. Submit Your PSLF Form for Forgiveness.

What debt is Navient Cancelling? ›

Pennsylvania's Attorney General Josh Shapiro announced in mid-January that Navient will cancel $1.7 billion in private student loan debt to resolve allegations of deceptive servicing practices. In September 2021, Navient announced plans to leave the federal student loan servicing industry.

How will I know if I qualify for Navient settlement? ›

The student loans must have been delinquent (behind on payments) for at least seven monthly billing cycles prior to June 30, 2021. In most cases, only loans that are still collectible under the applicable statute of limitations, or are still being reported to credit bureaus, as of June 30, 2021, are eligible.

What loans did Navient forgive? ›

Navient reached an agreement with 39 state attorneys general earlier this year to cancel $1.7 billion in subprime private student loan debt for borrowers who attended certain for-profit schools between 2002 and 2014, lived in certain states, and were more than seven months behind on their loan payments by July 31, 2021 ...

At what age will my student loans be forgiven? ›

Revised Pay As You Earn (REPAYE) works much the same way as Pay As You Earn. Under this plan, your payments will be capped at 10% of your discretionary income. Undergraduate loans are forgiven after 20 years, while graduate school loans are forgiven after 25 years.

What happens if I pay off my student loans and then they are forgiven? ›

The refunded amount will reappear in your account as a loan balance. According to the Department of Education, all you need to do is contact your loan servicer to request the refund. Applications for loan forgiveness are expected to be available by mid-October.

Do people regret student loans? ›

More than a third of Americans surveyed said they regretted their college choices, compared to a quarter who reported having no regrets. Some 31 percent of respondents said their choice of major was their biggest regret from college, with 28 percent regretting taking on student debt to fund their education.

Can student loans go away after 7 years? ›

Do student loans go away after 7 years? While negative information about your student loans may disappear from your credit reports after seven years, the student loans themselves will remain on your credit reports — and in your life — until you pay them off.

Are student loans automatically forgiven after 10 years? ›

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

What is the best student loan forgiveness program? ›

Public Service Loan Forgiveness (PSLF) Public Service Loan Forgiveness Program will grant student loan forgiveness on qualifying loans after 120 payments (10 years). This is the number one best way to get student loan forgiveness if you're eligible.

What companies are forgiving student loans? ›

If you're looking for an employer to pay off student loans, the following list features 14 well-known companies that offer this benefit.
  • Aetna. Aetna is a leading health insurance company serving customers nationwide. ...
  • Ally Financial Inc. ...
  • Carvana. ...
  • CommonBond. ...
  • Chegg. ...
  • Estée Lauder. ...
  • Fidelity Investments. ...
  • Google.

What does Dave Ramsey say about student loans? ›

If we believe student loans are so horrible and evil, which I do, then we should stop making them," Ramsey told Insider.

Who is eligible for student loan forgiveness? ›

To be eligible, your annual income must have fallen below $125,000 (for individuals) or $250,000 (for married couples or heads of households). If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt relief.

Is the student loan forgiveness email real? ›

Millions of borrowers received erroneous emails notifying them that the Education Department had approved them for student loan forgiveness. While some of these emails were legitimate, others were sent by mistake.

Does student loan forgiveness affect my credit score? ›

Luckily, it'll only affect your score for a short time. And what's more, you'll only see the drop in your score when your loan accounts close — which means you won't be affected if you owe more than what's forgiven.

Can I trust MOHELA? ›

So what's the scoop on MOHELA? It's a legit loan servicer, and, if you've heard of them, they may be responsible for your federal loans.

Why are my loans being transferred to MOHELA? ›

Borrowers who previously had a non-qualifying loan, such as the Federal Family Education Loan, must consolidate their debt into a federal Direct Loan and then submit a PSLF form to show qualifying employment by the October deadline. After the consolidation is complete, the new loan will be transferred to MOHELA.

Is MOHELA student loans real? ›

MOHELA is one of several companies servicing federal student loans by collecting and tracking payments. Also called the Missouri Higher Education Loan Authority, it's a nonprofit company that manages both federal and private student loans.

Is MOHELA a good loan provider? ›

MOHELA has an A+ rating with the Better Business Bureau, but only one out of five stars from customers. Some of the complaints include difficulty getting in touch with customer service representatives and a confusing process for paying off loans early.

Are MOHELA student loans suspended? ›

On November 22, 2022, the student loan payment pause was extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later.

Will MOHELA lower my interest rate? ›

Applying and being approved by MOHELA for scheduled automatic payments to be electronically debited from your banking institution may qualify you for a 0.25% interest rate reduction.

Which 6 states are blocking student loan forgiveness? ›

  • California.
  • North Carolina.
  • Ohio.
  • Pennsylvania.
  • Texas.
Oct 21, 2022

Is MOHELA a loan holder? ›

MOHELA is one of the largest student loan secondary markets in the country, and a leading national holder and servicer of student loans.

What states student loan forgiveness lawsuit? ›

Six states — Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina — jointly claimed Biden's debt relief would harm tax revenue in their states and the finances of state-based loan agencies.

How do I know if Navient is Cancelling my loans? ›

If your debts are to be canceled, you should receive a notification by the first week of May. Eligible borrowers will receive a letter substantially similar to this one. Until then, you can check your eligibility by looking at your student loan servicer.

Do I qualify for Navient student loan cancellation? ›

Only loans held by the Department of Education are eligible for the loan cancellation program. As of September 29, 2022, ED issued a FAQ announcing that borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans.

Who gets money from Navient settlement? ›

The private loan debt relief will primarily go to borrowers who took out private subprime student loans (made to borrowers with low credit scores) through Navient's predecessor, Sallie Mae, between 2002 and 2014, and then had more than seven consecutive months of delinquent payments prior to June 30, 2021.

Who gets paid in the Navient settlement? ›

Only about 66,000 borrowers are actually going to reap the benefits of the Navient settlement—specifically, those who took out private student loans through Sallie Mae from 2002 to 2010 to attend certain for-profit schools.

Is the Navient settlement check real? ›

Navient reached a $1.85 billion settlement deal over allegations that the company engaged in unfair and deceptive loan practices. The settlement, announced in January, will cancel the debt of some delinquent private student loans and offer restitution to some federal student loan borrowers.

Why is Navient stopping student loans? ›

One primary reason for Navient exiting federal student loan servicing is to avoid the spotlight of regulatory oversight. Navient will continue to service private student loans, which still makes Navient susceptible to regulatory oversight in the normal course from federal and state governments.

Do student loans get forgiven after 10 years? ›

Under the federal program, eligible borrowers can have their loans discharged after 10 years if they meet eligibility requirements.

How many years before student loans are forgiven? ›

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).


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