Student Loan Planner Review: Is It Worth the Fee?
If you're deciding whether or not to get a student loan planner, this article will help you through your decision process.
When it comes to student loans, you’re probably wondering how much debt you’ll accrue. Of course, it depends on where you go to college and the type of degree you’re pursuing. No matter what, having any amount of debt — especially for those with high amounts of debt from graduate, medical, or law school — can feel overwhelming.
Whether it’s tens of thousands or hundreds of thousands, your student loan debt payoff journey may not be the same as others. For instance, do you want to negotiate an income-driven repayment plan? How can you figure out the best way to tackle a $250,000 balance? Or how will you pay it down aggressively even if you don’t earn a high income right away?
That’s where some personalized advice can come in handy. A company called the Student Loan Planner is an option for those looking to get help figuring out a plan to pay off their loans in the best possible way. Their consulting service aims to get people out of debt in a shorter amount of time.
Student Loan Planner’s services aren’t exactly what we’d call cheap, so before committing, keep reading to see whether this is the right fit for you.
- Work with student loan debt experts who have CFP© (Certified Financial Planner) Certified Student Loan Professional (CSLP) and CFA (Chartered Financial Analyst) designations
- Pricing from $395 to $595 based on student loan debt
- Helps clients to create a plan to pay off student loan debt
About Student Loan Planner and Reviews
Founded by CFA former bond trader Travis Hornsby in 2016, he and his team of professionals have worked with over thousands of clients to pay down their student loans. According to their website, the company has helped their clients save an estimated $280 million.
Student Loan Planner offers two types of consultation services: one for those who haven’t taken on debt yet, and one for those who are looking to pay theirs back. Both services charge a flat fee for a one-on-one consultation and you’ll leave the call with a thorough and personalized plan on how to pay down your debt.
How Much Does It Cost?
Student Loan Planner charges a one-time flat rate for their consultation services. You’ll be able to book a time right away and the call will last for an hour and leave with a customized plan.
The exact amount you’ll pay will depend on the type of call:
- Pre-debt consult: $395
- Student loan debt up to $200,000: $395
- Student loan debt over $200,000 and up to $400,000: $495
- Student loan debt over $400,000: $595
Once you complete your consultation call, you’ll receive an email with an invoice for the amount due.
Here at Juno, we offer the same type of services but we don’t charge a penny (more on this later).
Who Is This Service For?
Student Loan Planner is best for students who plan on pursuing a degree and know they’ll accumulate a significant amount of debt. That, or someone who already has a large chunk of student loan debt — the company consults anyone who owes at least $20,000.
If you have a complicated situation such as figuring out multiple repayment plan options, Student Loan Planner could be for you. For the service to be worth it however, it’s best for those who owe a large amount, enough to recuperate the consulting fees and then some.
Let’s say you’re pursuing a degree in law, medicine, pharmacy or equally expensive professional degree, it’s a good idea to see how you can pay less overall. Plus, the professionals can walk you through different programs or options that help you to reduce the amount of loans you take out, no matter your income level.
For high income earners, sorting through what you may qualify for and look at potentially conflicting information can be very overwhelming. It’s also hard if you’re working a busy job (or looking for one which can take as much time) and don’t have a lot of time to devote to research.
Considering Student Loan Planner has worked with thousands of professionals, the chances of them working with someone that had a scenario similar to yours is pretty high. What this means is that they probably have the experience to help you come up with the best way to tackle the would-be (or existing) student loan debt.
This is where Student Loan Planner comes in handy. Because they’ve worked with so many people who have situations similar to yours, you can work with them to come up with the best plan for taking care of your debt. The company also has connections with private lenders should you choose to refinance, which could help reduce the interest you pay overall.
Is Student Loan Planner The Best Choice?
Student Loan Planner is a legitimate service and has experienced professionals helping you figure out a customized plan to pay down your debt, or plan on how you’ll do it after graduation.
If you want someone on your side to create a repayment strategy, it’s a good idea to look into Student Loan Planner. This is especially so if you’re not interested in going the DIY route or fear missing out on opportunities to save.
However, there are two potential downsides. One, you’re on your own after the one-time consultation. So if you want help with things like negotiating for a better rate with a private lender, you’ll have to do so.
Second, Student Loan Planner’s services come with a hefty price tag. The more debt you have, the more you’ll need to pay — do you want to pay up to $595 for a one hour call?
Instead, Juno offers these services for free (yes, you read that right). By chatting with Juno, you’ll receive a customized plan of how to pay for college, including scholarship and grant options — this is much like Student Loan Planner’s pre-debt consultation.
Also, by the time to end your call with Juno, you’ll understand your loan options and won’t be fed a sales pitch. Also, you’ll know what your expected student debt and monthly payments are when you graduate (separated by what you and your parents might owe) and due dates to ensure you’re staying on top of your loans. That way, you’ll know exactly what you need to do to lower the amount you’ll pay overall.
Juno can also help you with getting the best rates with private lenders due to their collective bargaining power with a student loan negotiation group. Whether you’re refinancing an existing loan or taking out a new one, you can receive significant savings this way.
Intrigued? Click here to book a free 30 minute consultation so you can be on the right financial foot when it comes to your student loans.
Join Juno today to find out more about your options for affordable private student loans to help fund your degree.
Sarah Li Cain
Sarah Li Cain is a finance writer and a candidate for the Accredited Financial Counselor designation whose work has appeared in places like Bankrate, Business Insider, Financial Planning Association, Investopedia, Kiplinger, and Redbook. She’s the host of Beyond The Dollar, where she and her guests have deep and honest conversations about money affects their well-being.
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