After helping his wife navigate the ridiculously complex student loan repayment options, he set out to change the system. So he starts a business designed to relieve the stress of student loan repayments and bring simplicity to consumers.
Key Points on Student Loan Secrets You Need To Know
- Travis studied at the University of Florida and wanted to be a PhD economist. However, he realized he didn’t like the school and the classes and became a bond trader instead for 3 years.
- As the market was incredible between 2012 and 2015, he was able to quit with a 6-figure amount of assets.
- Travis got married and his wife had a huge student loan. So he helped her and some of her friends also to plan out their loans.
- Due to this, he found a passion for financial planning, he started blogging about the topic and made his company studentloanplanner.com.
- Following that he started blogging about different professions and how they get screwed over with the loan rules. This went viral and resulted in many clients.
- Now ⅔ of the business is advertising and ⅓ is consulting.
- For an average client, he is able to save around $50k on about $250k of debt.
- It was very important for him to have a financial incentive because without that it is hard not to be biased. According to Travis, many companies claim they do their services for free but they only get paid if the client refinances their student loans. He wanted to avoid that.
- He says that the student loan world is very complicated and people make horrible mistakes. So using a financial planner can help navigate through the loopholes and save a lot of money.
- For example, many people don't know that they can consolidate the debt with the government right after they graduate.
- In addition to this, there are a couple of forgiveness routes that people don’t know about. One of them is working for the government or a 501(c)(3) for 10 years and the loan is gone after that. According to him, 25% of America qualifies for this.
- Also, one of his company’s success stories is a couple who had $0.5M in debt, paying $3k-$4k a month. They got it down to $2k a month. After finding the best route this couple’s projected savings is around $300k-$400k.
- Who is your success role model? His grandfather
- What is your biggest success? Having the courage to pivot from the corporate world to do something different.
- What does a typical day look like for you? He spends his Fridays consulting. The rest of the week is quality control and making sure the business is going well. Along with this, somedays he works 15 hours some other days 5.
- What’s your favorite quote? “The grass withers and the flowers fade, but the word of our God stands forever.” – Isaiah 40:8
- What are your hobbies? He likes teaching people, swing dancing, hiking, camping, and playing video games.
- What is the best business book you’ve read? Charles Ellis – Winning the Loser’s Game
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? Aim for the 1 to 5 rule and then take a risk. This means you need 1 to 5 times of your annual spending in accessible funds. Once you have that make a bet on yourself and take a risk on what you really want to do.
About our Guest, Travis Hornsby
Travis Hornsby founded Student Loan Planner after helping his physician wife navigate ridiculously complex student loan repayment decisions. To date, he’s consulted on over $520 million in student debt personally, more than anyone else in the country. Also he is a Chartered Financial Analyst and brings his background as a former bond trader trading billions of dollars.
He brings that same intensity to analyzing the best repayment paths for graduate degree professionals with six figures of student debt. Travis and his team have helped over 3,300 clients save $156 million on their student loans.
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