$18 million in student loan forgiveness for teachers. Former teacher who now specializes in financial planning and student loan planning for other educators.
Check out my links page
Joined January 2022
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David Gourley, EA, M.Ed retweeted
When I see a student loan question come up over and over, I know a blog post needs to be written on the topic.
Here is what I see every single day in the student loan forums:
"Why does my statement show a large payment increase in one year?"
Here is your answer:
k-12planning.com/post/why-do…
David Gourley, EA, M.Ed retweeted
The fastest way to spot a useless financial advisor?
“I can’t give tax advice”
“Ask your CPA”
Tax planning 𝘪𝘴 financial planning
David Gourley, EA, M.Ed retweeted
Fees get a lot of attention in financial planning...
But what about the hidden fees?
• The fee to the IRS if you don't optimize your taxes (think Roth conversions, pre-tax vs post tax, credits/deductions)
• The fee to the Department of Education if you don't understand student loans
• The fee your family pays if you don't have proper life insurance
• The fees to your creditors if you have outstanding debts
• The fee of time you'll pay to yourself if you don't have enough saved up for retirement
• The fee to inflation if your investments are sitting in cash
The real cost isn't just what you're being charged by a financial planner.
David Gourley, EA, M.Ed retweeted
Teachers in Missouri, California, and other states without Social Security:
A federal law passed this year could add thousands more to your retirement income!
Learn how the 2025 Social Security Fairness Act impacts you
👇
k-12planning.com/post/social…
David Gourley, EA, M.Ed retweeted
I used the secret Reddit hack to find long-term IDR forgiveness payment counts today during a student loan consult:
1. Log in at studentaid.gov
2. Once logged in, paste this link: studentaid.gov/app/api/nslds…
3. Click "pretty print" (I'm not joking) at the top of the page
4. Find the IDR plan that you qualify for
This will tell you how many payments you have made and how many more you need before you are eligible for forgiveness!
David Gourley, EA, M.Ed retweeted
Student loan rules are constantly changing.
Here is an update on where we are today and what changes are likely going to take place in the future.
Link in the comments:
David Gourley, EA, M.Ed retweeted
🎓MS4s, This One’s for You!🎓
Student loans? Totally confusing
Making mistakes? Expensive
And no one teaches you how to navigate them...
That’s why I created The Debt-Free Prescription: Everything MS4s Need to Know About Student Loan Repayment
A FREE, no-fluff guide to help you avoid costly mistakes, lock in $0 payments (for most), and maximize forgiveness.
💡Think of this like Flat Stanley, something you’ll want to share with every MS4 in your circle!
🫶The choices you make now don’t just impact your future... they can help your classmates too.
📩Download it. Read it. Share it. Let’s make sure every MS4 gets this before graduation.
🥰Consider liking and sharing this post to help it travel far and wide — just like Flat Stanley!
👇Grab your free copy in the comments!
David Gourley, EA, M.Ed retweeted
Teacher: "I have an Equitable 403(b)"
Me: "Is it an Equivest Series 201?"
Teacher: "Yes"
Me: "Have you ever been told how much you are paying?"
Teacher: "My salesperson told me I don't pay any fees!"
Me: "You're likely paying 2.0% -2.2% annually"
Teacher: 🤯🤯
David Gourley, EA, M.Ed retweeted
"Hey, can we book a call to chat about the student loan consultation process?"
No man! That is exactly why I started charging for the consultation to begin with...
I was sick of having my time/energy wasted.
Book the consult or don't!
David Gourley, EA, M.Ed retweeted
PSLF is not going anywhere (as of now)...
But could the new administration pull the plug on non-profit hospitals in order to tax them as for-profit hospitals?
That is certainly something that is being discussed.
I don't even want to consider the ramifications for the staff.
David Gourley, EA, M.Ed retweeted
Dept. of Ed. released new guidance today (1/15/24) on the SAVE plan. Here's what you need to know:
1. SAVE Extended Forbearance
First payments likely due no earlier than Dec. 2025.
Likely to be put into repayment status starting in September.
They need time to update systems
David Gourley, EA, M.Ed retweeted
SAVE is dead. It will likely turn back to the old REPAYE (when I don't know exactly).
Will the buy back last past 1/20? We will find out.
For people who have low income now that expect higher future income, I think it makes sense. Or if you have a retirement date that is based on PSLF.
For those who will have income that will stay consistent, I could see waiting out to see what happens with everything and enjoying the $0 payment.
David Gourley, EA, M.Ed retweeted
Y’all - @DavidG_CSLP is the go to for student loan updates. He’s a former educator so everything comes from a lens of educating. Highly recommend following.
David Gourley, EA, M.Ed retweeted
And if you have clients who have SLs, you should be following @DavidG_CSLP @StudentLoanAdv and @olsonplanner as well. You're going to get a lot of great nuggets about the world of student loans that you've probably never thought about that will make you a much smarter tax pro.
David Gourley, EA, M.Ed retweeted
I think few policymakers understand how drastically borrowers' payments are about to soar. SAVE repeal + first IDR recertification in 5 years
David Gourley, EA, M.Ed retweeted
Just did some tax-gain harvesting in brokerage accounts on Altruist...
My customer service rep was awesome!!!
But the process was NOT.
Anyone want to add their vote to the "easily trade specific tax lots" in the Altruist ideas section?
Feels like a massive drain of resources to have the customer service reps doing that work.