Student Loan Optimized Repayment Plan
Did you know that there is one algorithmically calculable optimal and money-saving amount to repay on your student loans and it is different for everyone according to the loan type, outstanding balance, the interest rates involved and the current monthly spend? Using advanced technology, math and common sense, your Anglia Advisors CERTIFIED FINANCIAL PLANNER™ professional can show you how to make your repayments as efficient and powerful as possible, often knocking years off the repayment period and thereby potentially thousands of dollars off the amount of interest paid. The system can also analyze refinancing options as well as Income Driven Repayment schedules and choices available.
- While this service is complimentary for clients on the Financial Plan, it can still be accessed by our Hourly-Based Single Sessions and Portfolio Management Only clients for a discounted one-time fee
- The service is also available to non-clients of Anglia Advisors as a standalone project for a one-time fee
- Your loan data is easily synced to the system or added manually to the system software and your dedicated CERTIFIED FINANCIAL PLANNER™ professional, using advanced technology, will be able to analyze the data to figure out how long your current repayment system will take to defeat your debt and at what interest cost and then what the optimized schedule would be
- We then schedule a video call and using graphic visualizations, you will be presented on the call with the recommendation for an alternative “avalanche” repayment schedule to pay down your loans which is algorithmically optimized and compared side-by-side to your current payment schedule so you can see exactly what your savings are in terms of time and interest dollars
- You will be presented with a schedule of exactly how much quicker your loans will be paid off and exactly how much in dollars will be saved in interest not paid
- You will be shown exactly (to the month and year) when each individual loan will be paid off and you will be advised as to the optimum strategy of going forward with repaying remaining loans at that time in order to achieve the fastest payoff period and maximum interest savings
- An investment schedule following the defeat of the loans using the previously paid contributions is then suggested and the projected outcome shown
- Should Income Driven Repayment (IDR) be considered?
- If so, which program?
- How are the forgiven payments capitalized?
- What kind of tax bomb can I expect at the end of my IDR program?
- Is my employment eligible for Public Service Loan Forgiveness?
- Potential Scenarios taking into account loan refinancing can be shown
- The full report will be emailed to you for you to keep and implement along with further information on refinancing options, the pros and cons of refinancing and details of some appropriate refinancing providers
- Listen to the episode of Angles, The Anglia Advisors Podcast where Simon interviews Bobby Matson, founder of PayItOff which is the software at the heart of this program about how it works, who can use it, how it came about and whats next.
Important note: the Student Loan Optimized Repayment System works if you have multiple loans (regardless of how many) all with different balances (regardless of how large or small) and various applicable interest rates (regardless of how high or low). The system is not recommended for those who may have already consolidated all of their debt into just one loan with one interest rate or those with just one single loan outstanding.
As a Registered Investment Advisory firm, Anglia Advisors is not permitted to give direct tax or legal advice, but is permitted to broadly describe the tax or legal landscape in which the client may be operating.