Recommended Student Loan Consulting
While we advocate for DIY student loan management through simple budgeting and debt strategies, not every optometrist’s situation is simple - often, many have complicated moving parts. If you are confused about federal repayment programs (IBR, ICR, PAYE, RePAYE), have a massive student debt load over $300,000, a debt to income ratio of greater than 3:1, or are simply wondering whether a forgiveness program is right for you - then it’s worth paying a small one-time fee to have a financial planner expert specialized in this field to do a full analysis. These trusted services are heavily vetted by Dat and Aaron and we cannot recommend them enough for our ODsonFinance members.
Disclosure: Some of the links below are paid sponsors of this website. These recommended resources are heavily vetted and researched by us. We are extremely selective on who we want as sponsors because your trust in us is so vital for ODsonFinance to succeed. If you have feedback or concerns, please don't hesitate to contact us.
Travis Hornsby, CFA, founded Student Loan Planner which is the country's top experts in figuring out exactly what to do with monster student loan debt. If you owe $20,000 to $1 million in student loans, we can help you in one of two ways.
-We create a custom student loan plan made just for you that details the path to debt freedom.
-If you owe more than double your income, might be using the Public Service Loan Forgiveness plan, or are unsure if refinancing or forgiveness is the right path for you, book the consultation.
-We're not trying to sell $10,000 financial plans around here. In fact, many fiduciary financial planners refer their clients to us because all we do is specialize in complex student loan analysis.
Our one time flat fee works like this:
- If you owe less than $200,000 as a household, the rate is $395.
- If you owe between $200,000 and $400,000 as a household, the rate is $495.
- If you owe more than $400,000, the rate is $595.
We normally include 6 months of follow up questions via email at no additional cost. That way you can ask questions and not feel like you're on the clock. We offer follow up consults after this period at an additional cost on an as needed basis.
Location Requirements: Eligible in all States
8 Financial Mistakes that New Optometrists Make
The average new optometrist graduates at an average age of 28 year old (significantly behind non-OD peers in terms of income generation), with an average student loan debt of over $220,000+, with little or no retirement investments. Often new grad optometrists find themselves practicing in oversaturated cities and most importantly without any formal financial education. This is the perfect storm that often leaves many doctors mentally overwhelmed and prone to devastating financial mistakes. In this article, we will address 8 common financial mistakes that new OD graduates make and how you can avoid them to be financially successful.
America Rescue Plan Stimulus Bill: Five Student Loan Updates
KEY POINTS: (1) No $10,000 Student Loan Forgiveness (2) Temporary Tax Relief for Student Loans Forgiveness until January 1, 2026 (3) Biden hasn’t extended the 0% payment and interest CARES student loan freeze, so the bill is still set to expire by the end of September 30, 2021. (4) Small Business Relief For Business Owners…
Annual Report: 2020
Well 2020 has surely been a year! Let’s be honest, we all went into the year 2020 with big expectations – but the so-called Year of the Optometrist had some nasty surprises up its sleeve. Despite the trials and tribulations that 2020 brought, it also brought important lessons, and the looming importance of financial education…
8 New Year’s Financial Resolutions
KEY POINTS: (1) Max out Your Roth IRA Early (2) Automate Your Savings (3) Make Sure You Have an Adequate 3-6 months Emergency Fund (4) Create a Budget…or a Spending Plan (5) Set an End of the Year Net Worth Goal (6) Re-evaluate Your Insurances (7) Plan for Expenses, and Fun! (8) Get Professional Help…
10 Practical Tips on How to Pay Off $221K+ Optometry Student Loans in 5 years
Like many optometrists, I graduated from Southern California College of Optometry (SCCO) with over $221,245 in student loans back in June 2015. It was a combination of both federal loans ($198,303) and high interest private loans ($22,942) that I took out for other living expenses during my 4th year rotations. In early October 2020, during the COVID-19 pandemic, I made my final and last student loan payment, roughly 5 years later.
6 Lessons That Dave Ramsey Get Right, and 6 Lessons That Are Completely Wrong
We have quite a few ODs on Finance members who are big Dave Ramsey fans, and quite a few who are Dave Ramsey Haters. Here are 6 Lessons That Dave Ramsey Get Right, and 6 Lessons That Are Completely Wrong and how each OD can optimize them to be even more successful!
How Dr. Justin Jackman Eliminated $220K Through Practice Ownership in 7 years #InspirationalStudentLoansSuccess
Editor’s Note: Becoming debt free is one of the most rewarding and positive things one can do on their quest to financial freedom. Eliminating student loans comes in many shapes and forms, and many paths can be taken to metaphorically eliminate that weight on one’s back. Dr. Justin Jackman is a 2013 graduate of Southern…
8 Financial Lessons that I Learned during COVID-19
As we approach the end of August, we have experienced the worst market down-spiral in mid-March since the 2008 housing recession, with a -20% stock market crash. Luckily, year to date (YTD), the S&P 500 index has recovered nicely to roughly baseline. While we are not out of the woods yet, I have learned some important financial lessons, both as an investor and as an individual during this once-in-a lifetime catastrophe. Here are 8 things the pandemic has taught me.
The New Normal – Should Optometry School Tuition be Reduced in Light of Virtual Classes and Reduced Clinic Time?
The coronavirus pandemic has turned our world upside down. Face coverings and hand sanitizer, once foreign objects only wielded by the most righteous germaphobes, have now become a reality and requirement for nearly everyone. In the SF Bay Area, where ODs on Finance’s physical headquarters are located, many large tech companies have adopted a permanent work from home policy – which has lightened morning traffic, allowed many workers to move out of the area into more affordable areas and has undoubtedly reduced overhead cost for these large companies in terms of commercial real estate needs.