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Paying Off College
358 Plays3 years ago
This week on the podcast we’re talking with Arron Cramer about paying off college debt. Sure, you have to do it, but how it gets done can make a world of difference (or, as a recent client of Arron’s found, a $100,000 difference. We’ll cover the importance of putting a plan together, finding people to help and hold you accountable, and the impact of student loans on retirement planning. Plus, we’ll help you discover and sort out all the repayment options that are out there, the impact of dependents on student loan payments, and how consolidation changes the landscape.
We love the topic of college, it’s a unique time early in life to take an uncommon approach. Check out the resources below for additional information:
Have questions on how to get started? Get ahold of Arron Cramer.
Other Uncommon Life Project podcasts:
Recommended
Transcript
Introduction to Uncommon Life Project
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
a life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey.
00:00:35
Speaker
Hello, everybody,
Managing Student Loans Unconventionally
00:00:36
Speaker
and welcome to another episode of the Uncommon Life Project, where I am your host, Phillip Ramsey. And I am Brian Dewhurst. Thank you for tuning in. We've got a fun episode for you today. We have the one and only Aaron Kramer with us, and we are going to talk about student loans, college planning, and how to do it uncommonly. Holy buckets. Hold on tight to your seat.
00:01:00
Speaker
Hold on, hold on to your bra straps as we say in our family. It's gonna get wild, it's gonna get crazy. Aaron, thanks for being here. Yeah, thanks guys. Yeah, we're gonna dive into something that is a huge problem. It might not feel like that because all these different
00:01:15
Speaker
ways that they're deferring the payments and interest. But what we really wanted to do is empower you with some education on there is some quirky ways, some uncommon ways that you can not only plan for your own student loans, but maybe save some money in the process, which sounds really exciting. Brian, first thought, when I say college, what is your first thought?
00:01:42
Speaker
Don't go into debt. I like it. Don't go into debt. OK. All right. And honestly, your story is a little different than my story. But you didn't go into debt in college, is that right?
00:01:55
Speaker
No,
Understanding College Financial Aid
00:01:56
Speaker
I definitely had student loan debt. My parents paid half for money they saved and then I had the other half. And so that half for me was student loans. So, okay. Nice. All right. Yeah. Uh, my family did it interesting. They said, Hey, Philip, we'll pay the interest while you're in college and then you pay it afterwards. I know that's what the deal was. Interesting.
00:02:22
Speaker
Yeah, so it wasn't accruing, but I owed everything that I was going through. It really helped me because I actually went to the classes. There was only one or two classes. I didn't go in college. That was basically how I graduated because all the teachers saw that I was there, attendance was great, tests were not. So got through. But here's the deal. At the end of the day, colleges are getting more and more expensive. And the planning that it takes
00:02:48
Speaker
for us, individual financial planners, to help families is beginning to get really interesting. Because the biggest thing that when you start doing college planning and started thinking of the FAFSA, there's a thing called the EFC, expected family contribution.
00:03:04
Speaker
Everybody, when you fill out the FAFSA, you're going to get your own EFC, and that is what they are saying you should be paying for your son or daughter to go to college. Okay? So the game is, let's try to get our EFC as low as possible so we don't have to pay as much, right? The mainly
Aaron Kramer's Student Loan Expertise
00:03:25
Speaker
one place that they start is your 529s. So the more money you have in your 529s,
00:03:31
Speaker
increases your EFC. So it's just a very interesting conundrum that we have as planners of like trying to help people plan for college, plan it well. And so they can take their son and daughter to college and everybody has their own kind of slant on what they should pay, what they not pay, all that stuff. But now we're talking about you are through college, you have student loan debt and it might be up to your eyeballs. Yeah.
00:03:57
Speaker
Doctors, lawyers, you name it, even like general studies. Shout out to my friends. Still will have a lot of student loans. And how do you now plan for it when you're going to need to go get a job? Probably need to go get a car. Would like to live somewhere other than your parents basement. What do you do?
00:04:14
Speaker
I don't know how else I could set this up, but there's a huge problem. So there totally is. And so our one and only Aaron Kramer has had a designation for this exact thing. When you come out of college, you have a whole bunch of student loans. How do you do this? How in the world did you start this? And why was it such a passion of yours first going into the accreditation for that? Yeah. Well,
Complexities of Student Loans
00:04:39
Speaker
go into like the passion portion of it. It's funny.
00:04:43
Speaker
I always, it's complicated. I'm not like one of those people like, Oh my gosh, super passionate about student loans. It's, I'm just really want to help my clients and I'm a millennial. So guess what? You're really concerned about student loans. And I didn't really know a whole lot about them. I only left, I was blessed. I played sports. So I didn't come out with like a ton of student loans. Um,
00:05:07
Speaker
but I found a designation. I was like, Oh, I can learn about this and help people. So then with that and the power of it, it's kind of where the passion came. Yeah. There's just, there's so many ways to go about it. And I know like for us, it's interesting. We have to take a lot of exams to get into, you know, our business and they're not exactly easy exams. They sure aren't. This exam was like, I think,
00:05:32
Speaker
was right up there with it. Really? And it's purely because it is so complicated and intricate. And then like I tip my hat off to the two Heather and Jan's that put on the certification because to get through the test, it's just, you have to solve problems. It's not actually like facts and stuff like you're doing to solve the scenarios, but it is intricate, complicated. And I do believe, man, I'm a little biased, but I do believe, and I can prove it that
00:06:00
Speaker
planners need to have this knowledge because it's complicated and it goes into your finances. Huge. Right.
Identifying Beneficial Student Loan Clients
00:06:07
Speaker
Okay. So I'm just going to paint the picture, paint it done here. And at the end of the day, we just did a plan for two. He was a chiropractor and she was a physical therapist and we got all the information and then Aaron just presented a plan for them. And at the end, I know this because I was pretty keen on it. They were going to not pay $407,000. I thought, was it not?
00:06:30
Speaker
That number? Yeah, between the two of them. Between the two of them, they were going to forgive, quote unquote. I don't know if that's the right.
00:06:37
Speaker
word, $407,000. I'm sorry, what? Pretty big deal. Saves them $170,000 in payments. It's over $100,000 because the interest occurred. And so the amount that was getting forgiven was the $400,000. But the payment difference of what they'd have to pay if they just did your standard 10-year payment to then going on a good program that fits them best.
00:07:05
Speaker
And then going out to 20 years, they're going to say over a hundred grand. It wasn't 400. It was a hundred. Well, it's how much is getting forgiven in student loans. But the payment of what's going to come out of their pocket over a 20 year span to a 10 year span, um, is going to be over six figures.
00:07:23
Speaker
Okay. So
Income-Based Repayment Plans Explained
00:07:24
Speaker
that does plan. And so there is reasons to really think about this in a different light. So like, let me start by saying this so people can like say this is either me or this is not me. How much money do you... Should you be thinking I have this amount in my student loans, I should go talk to Aaron Kramer. Yeah. So this is a good rule of thumb here. It's very intricate and like, but when you're just thinking about it,
00:07:50
Speaker
One, it has to be federal student loans. Private student loans are just like any kind of other loan. There's a few things in there you can do, but they're there and we'll get into that. But for federal loans, look at how much you make a year and then put it up against your student loans. If what you make is equal to or less than of your student loans, then it's time to talk. Okay, so Brian, what did you just hear Aaron say, just so I can clarify?
00:08:21
Speaker
I heard that if your monthly payment is high relative to your income, you need to talk to Aaron.
00:08:29
Speaker
Okay. Is that, yeah. Yeah. So let's just hypothetically, if I make $60,000 a year and if I have $60,000 in student loans, that's when we start looking at like finding ways to make it more affordable. Gotcha. If it's like to me, sorry. Yeah, there it is. But if I make $60,000 and I have $30,000 in student loans, I hate to tell you, this isn't going to like this road for you.
00:08:58
Speaker
Okay. All right. So that paints the picture of the patient type or client type that we're talking about. And it also does it, and then it goes to like, okay, then how do you do this? And like, what kind of quirks do you know that I don't know that could save me over a hundred thousand dollars of not paying these student loans back? Yeah. So this gets really fun. So like, so this is a big thing. Like there is one, two, three, four, five, five programs for income based payment plans.
00:09:22
Speaker
You got to look at every single one of them. You got to see when your first loan was taken out, the date, and then your last loan to see what you qualify for. And then do you have graduate loans? Do you have just undergrad loans? These also play a part. And then are you a public servant? That plays a part. But when we divide all, like, you know, dig on to all that, see what it is.
00:09:47
Speaker
then we'll get you on an income based payment plan. Okay. Okay. Let's talk about that income based payment plan. What in the world? So we're going to base this off your income. So we, whatever your income is, and that's where a lot of things get final, put that to the next subject, but like topic that we go over, but like, so if you make 60,000, okay. All right. So we take that and now we can take the poverty line.
00:10:11
Speaker
Okay. You know, whatever that is and then depending on how many dependents you have, you take that time as one and a half depending on what program you're in. The ICR program, you just take it by one. Okay. That doesn't make as much difference. You subtract that and then from that gives you your income and now depending on what program you're in, if like you're in the page you earn or revised page you earn or
00:10:37
Speaker
IBR or no, the new IBR. Wow. That's 10%. So, there's like different ways that you can pay back your student loans and that's what you're commenting on which... What program do you want to get into? What does program mean? Like what program or what? So, you got income-based payment plan, right? Okay. That's the big shell that from there, we got branches of... Programs. Programs. So, we do the income-based repayment or do we do the new
00:11:02
Speaker
Can we qualify for the new income-based repayment? And is this from the government? Brings these things out? Yeah, the government created all these. Ah, okay. If you know anything about the government, nothing's easy. Brian knows more than I do. Yeah.
00:11:16
Speaker
So,
Challenges of Loan Forgiveness Programs
00:11:17
Speaker
uh, I think that's a great point just to start to intersect that, uh, you know, a lot of this stuff now, like when Philip and I were going through, you know, you were, you had private student loans with an actual bank and now it's like you're on the hook with the IRS.
00:11:32
Speaker
Um, and so it's just, you know, it's just, it seems like the stakes are higher now with student loans and then the amounts are just way bigger. When they can garnish your wages. Yeah. Garnishing your wages does seem like the stakes are higher. Yeah. If you don't pay on your federal student loans, they will take your wages. Like they can get after you. I want to say this because it's usually something that Brian would say, but I feel like I should say it just makes you think that I'm smart.
00:11:59
Speaker
Uh, the biggest asset that the federal government owns is what? Student loans. Student loans. What? Yeah. So for all of our listeners out there, this is not political at all, but it's just think about it as a business standpoint. If we have printed a lot of money because we've needed to, we had to give people money during the pandemic and things like that, but we're in a lot of debt.
00:12:23
Speaker
Like we, America cannot afford to forgive much of this when it's their number one income. That's the biggest asset in their portfolio.
00:12:33
Speaker
So, man, I mean, it's just bananas, bananas. So I'm not going to say what they're going to do. I mean, I'm clear. I don't think politicians are the smartest people in the world. So like, maybe they'll do it, but hopefully they will. They'll help make a lot of people happy. But then sometimes here's what I would say. Sometimes if you, I mean, depending on how you fall in this of like, I think they're going to forgive it. I think they're not.
00:12:55
Speaker
For me and my personality, having the control of being able to have a plan to pay them off feels better than I'm just going to sit back and wait. I'm just not that guy. Now, there are people that have that personality, you know, to each their own. But for me, I'd rather have a plan, give me the plan, let me see what program I'm in, and then rock and roll. So you're talking about these different programs, you're kind of getting in the weeds, which
00:13:20
Speaker
That's great. Yeah. But can you change programs or once you start with that program by golly, you finish it. Yeah. Be careful with changing it. Cause like sometimes changing it can cause like your timeline to change. So if we're going down this route, so if we decide like, you know what, I have a hundred thousand dollars to loans. I make $40,000 a year. Like I can't afford this. It's like fine. Government has done good programs. So with that sense, you know, even you guys were in college,
00:13:47
Speaker
So, give it to Obama. Obama's party put in some good ones.
Comprehensive Financial Planning Importance
00:13:52
Speaker
So, you pay on it for 20 years, they go away. So, whatever's left, it's like that case that we're talking about. They don't have $400,000 in student loans right now. By the time they get done, they will because of interest and things like that, they'll go away. After the end of 20 years,
00:14:11
Speaker
It all goes away. So 240 payments. Yep. 240 months. If you're not a public servant, yes. Okay. So if your public servant changes the deal. 120 payments. 10 years. Yep. Now, if you're a public server, the beauty of that is like what all that money goes away, it's not taxed.
00:14:31
Speaker
So, if you're doing a 20-year, 25-year, those are the two timelines, when it gets forgiven... You'll get taxed on that. Yeah. The forgiven part. The forgiven part. It's going to be looked at as 1099 income. Whoa, baby. So, you got to save up for that. Yeah, you do. Okay, keep going. Sorry, I have all these questions and I just... Oh, yeah. So, my biggest thing is like, hopefully this helps, but like,
00:14:55
Speaker
I mean, this is the thing that there's a lot of programs out there. You gotta make sure you're on it. Like, you know, you gotta be careful about things because this is how intricate it is. Like, you know, maybe your wife or your spouse makes a lot more money than you do. And so now if we're going off your household income, well, dang, maybe we need to file separate as a household.
00:15:16
Speaker
But this is where it becomes very important to work with a financial planner in this because yes, it may look on paper for your payment to look a lot smaller file separate. But how do taxes look? I mean, what do you lose on your taxes?
Business Owners and Student Loans
00:15:30
Speaker
Then you got to compare that. Right. You can't just compare apples to apples. There's like so many other variables that can really change. I had a case where the wife makes a lot more money than the husband. The husband has all the student loans. It's like, oh, if we file separate,
00:15:45
Speaker
then his payment would be about two to three hundred dollars cheaper a month. Okay. I was like, sweet. Right. Let's do this. Hold on. Like we're going to go talk to the tax expert. So talk to the tax expert. Hey, how much would they save on this?
00:16:00
Speaker
or lose on tax credits and things like that and pay that much more in taxes by filing separate. It came out to be like $270 a month. So, it's like you're only saving $20 for all the, like, it didn't come out to be a savings plus you had to pay the accountant's fee in there. Oh, yeah, twice. And so, it's like, okay, well, now it doesn't work. Go back to the married file jointly. Yeah. So, like, so there's that nuance, but also, let's say it does work out for you though. It does make sense.
00:16:30
Speaker
Okay, now you can't contribute to a Roth IRA. If you do joint or if you do singling. You get penalized on everything you contributed at that point. So you also need to look at that factor. So there's some variables that really impact. Yeah, they got to look into solution.
00:16:48
Speaker
Okay. Yeah. And then the one make sure I want to make sure we talk about before you do the other stuff is if you want to start a business. Yeah. I like that. Okay. Like this is like, since we're on common here, we kind of like that. If you are one of those people, you have my attention. If you are like, Oh, I gotta get my student loans knocked out first. Like I got too much student loan to like, hold on. Who can play with their income the most than business owners?
00:17:17
Speaker
Yeah. Yeah. Okay. I get what you're saying. You picking up what we're throwing down over there, Brian? I am picking it up. Reminds me of, um, one of the podcasts we did with Stacy and Ian, uh, Nelson Johnson. And, um, that was kind of their mentality too. And we met them of like in 10 years, once I get through all these student loans, then I'll, then I'll go out on my own. And we flipped that script.
00:17:47
Speaker
And it's had a, you know, really transformational impact on their life and their patients and their business. And so, yeah. Yeah. Totally. It was a Ian and Christina actually. What did I say? Stacy. I get why you would say that. Cause we have clients, Ian and Stacy, we just hung out with Stacy. So anyway. Yeah. Cause I mean, then like, so people don't realize that you just have to give yourself a reasonable salary, you know, as a business owner.
00:18:14
Speaker
but then you can give yourself your little bonuses, things like that.
00:18:19
Speaker
Does dividends play a factor in your calculation over there? Dividends. Like dividends from your business? Like S-corp distributions or? Distributions, yeah. I think distribution is probably the better word, but yeah. Yeah, not on S-corp, no, like it's your salary. Oh, wow. Oh, wow. So that's what I'm saying. And then like, and we had a case study in our coursework, you know, when I took the course, like there was a husband and a wife. Yeah.
00:18:47
Speaker
business owners and well, the husband had taken out the student loans for their children. Okay. Well, so then through like this is where it gets tricky. Parents that have student loans for their children, it's a whole different case. It gets really messy. We can get into that. But like, well, what they ended up doing is filing separate. It made more sense to file separate. Okay. Just them. Well, then they only paid him like
00:19:11
Speaker
$30,000 a year, but then they just really bumped up hers. And God, he's paying very little. And it really changed their retirement plan. Oh yeah, I bet. Less money out, changes your retirement plan. I'll tell you that right now. So not rocket science. Yeah. Cause I mean, they start to save for retirement, but it's like, Oh my gosh, we got these like couple thousand dollar a month payment. Nope. Not anymore. Good. Okay. Keep going. This is interesting. But
00:19:36
Speaker
I mean, yes. I don't know what questions you guys have like this. Okay. Let's do this because at this point, if you have student loans, you are leaning in. Let's say you make 70 grand and you have over $400,000 of student loans. Yeah. So tell us how they would engage with you. Like what's, how much are we charging at Uncomable for this actual strategy? Yeah.
00:19:59
Speaker
If you just come to us or just come to me, just all you want from me is student loans. Great. I usually charge 1500 bucks. Yep. To
Navigating Student Loans with Professionals
00:20:08
Speaker
do the plan on how do you get in the right program? What are you dealing with? Hold your hand through that process and
00:20:14
Speaker
set you up to like be able to succeed going forward. So, $1500 to do that. Now, please note like I look at your situation prior. So, if they come to me and like show me your stuff, I look at it's like, hey, this actually probably isn't a good route for you to go. I'm not charging you. So, I'm only charging if it's a good idea.
00:20:35
Speaker
But then... And then every year you'll meet with them to make sure that that's good, right? If they want to. Right. If they... You want to... Well, then we'll talk about the yearly, like just like one hour meeting or whatever it is. Also to make sure, because this is the big thing, guys, your listeners out here, you have to sign up, reapply every year.
00:20:53
Speaker
Oh, Yahtzee, that's 20 years friends or 10. Let's, we all kind of, if you've experienced through loans, these carriers are not put together. Hot mess express. Yes. So you got to apply early because you do not want to miss that date because you do not want to miss a year. Right. If you miss a year. So complicated. Like how, like, and I'm not trying to like oversell your services, but like, how does the average American like just negotiate this?
00:21:23
Speaker
It just seems nearly impossible, you know. I've seen, I have two friends that have done a pretty good job doing it themselves but it's still like they've missed a few things like big things but they're on track but yeah, it's... Is it kind of set up like that? Like complicated so people don't take advantage of this or like what's the reason it's so complicated? You'd think it would be a little bit easier.
00:21:46
Speaker
I'm a little bit of a, like my guess or not guess, my theory is because the government has their hands on it. Okay. The government did it. It's a little harder. It's just the unintended consequences of people thinking, oh, this could be a good idea. And then we got to help those people. And then we got to help those people. And it's like, well, how do people know what camp they're in? You know? Yeah. Yeah. So that's,
00:22:12
Speaker
student loans are complicated. And I would say just from the cases we worked on together, Aaron, like the layers of this puzzle, like you look at a couple just starting out, getting married, whether they own a business or not, and just trying to build wealth. When you weave in six figures of
Specialized Tools for Loan Planning
00:22:30
Speaker
debt, like the complexity of these decisions is so much more amplified, in my opinion, because like once you jump into one of these programs, which you're pretty much forced to, or you're gonna,
00:22:42
Speaker
pay just a ton of money. There's just so many factors you have to manage. Yeah. You know, it's kind of like when I remember we were playing, you know, like you play Mario and you see those memes now, you know, where it's like, Mario's got to get through the one level where there's like 40 of those little fireball things coming at him, you know, on the wheels. It is like that. I feel like, you know,
00:23:07
Speaker
Down, up, back, double back, up, jump. Like, how are you going to do this without a software, without a professional holding your hand? You know? Right. So that kind of goes to me of like, you have a software that you put your stuff into. It's just not you, like with a pen. It's all, you know. Yeah. We had to learn it that way to get our designation. They didn't let us use, they just gave us no calculators. Once you graduate and pass the exam, then you get the software, which is nice.
00:23:34
Speaker
Yeah, for sure. But yeah, it's, there's a lot of things there. I think that like, if you have the time, you can go on to like the government's website, see the loans and you can start reading all of it, but there's little things like, I mean, do you want to spend, I don't know, 30 hours learning everything and staying on top of it, but also like little nuances of double consolidation, like I said, for when parents have it. If you have three or more loans out there,
00:24:00
Speaker
you can do a double consolidation that opens an entire like five more programs you get on. Otherwise, you're stuck with the ICR, the worst one possible. So, there's that. But also on the little things like, you know, if you're a young family, you want to have a child, well, you get pregnant, you know, the wife gets pregnant, at six months, you get to count that child as a dependent.
00:24:22
Speaker
So, that lowers your payment. So, let's do that and reapply there. Also, the nice thing there is too is if parents out there, we all know like nurses, advisors, once that baby is born, you ain't getting a whole lot done.
00:24:35
Speaker
because you're just, your life is turned over and you're busy. So hopefully we get done, get that done. But also it gives you some window cause you've already reapplied cause you had to reapply for your new payment. Right. This is in your budget is going up when the baby is born, you know. Exactly.
00:24:53
Speaker
Aaron, could you walk our listeners through like, let's just prototype like, I don't know, two or three, you know, senior in college, whether it's a parent or the student listening, you got a senior in college, there's a bill coming due.
00:25:07
Speaker
you know, can you walk our listeners through like, Hey, when should you really start? Like what are the sun setting dates? You kind of just alluded to that with the pregnancy example and then vice versa. Like maybe somebody who's been graduated for six months to a year and then maybe like three to five years, you know, out of college. Yeah. So, I mean, it's sort of the better, right? You do have your suit. You have a few months, six months before, after you graduate, before you have to start making payments.
00:25:35
Speaker
Now, knowing
Advice for Medical Professionals with Loans
00:25:37
Speaker
that plan and getting on there as soon as possible if this is the best route for you is always great because like it's a time clock, right? Like you have to make those payments, 240 payments or 120 payments. So, sooner the better always. Now, with that, you have to have an income. So, if you just graduated and you don't have a job yet, it's really hard to like kind of play that off because maybe you have
00:26:00
Speaker
you know, $60,000 in student loans and you're just graduating and it's like, okay, well, if you go into a job making $70,000, this isn't going to work. Yes. So, but on the same point, it also depends on your career, right? Like doctors, man, you're in your practicum, you know, like making very little money, like to compare to what you're going to make it, get that program going right now as you're in your practicum, get that clock running while you're not making as much. And so then,
00:26:30
Speaker
you're saving a lot more money there. Instead of getting on a program once, you know, you're done, you graduated, you're a surgeon and now you're making all kinds of money. It's like... Get on this as soon as possible. Yeah. Cause you were telling me before you even get into like postgraduate school or you start doing your practice, whatever you're doing, like that might be the time to do it because you don't have that much income. So start the clock now. Yeah. For the doctors and like those people that had like,
00:26:55
Speaker
And I'm not an expert on like doctors or all these people. I know like doctors have to go do their practice. If you're a surgeon, you have to practice for a while before you actually get fully licensed and you're free to go. That's when it's time to get on. So, it really saves you a ton more money that way. And like most of these surgeons, unless you're like
00:27:15
Speaker
you know, it's a family trait or a family thing to do is become a doctor and you're just getting paid for. You're gonna come out with a ton of student loans, you know? And if you can get the clock going
Uncommon Wealth's Loan Services
00:27:26
Speaker
and you can stick with a state hospital, you know, for the rest of the time, for the next how many of the payments you have left, you know, then you're down to 120 payments instead of 240 or more. That's great.
00:27:39
Speaker
Okay. So here's another thing too. Like you do usually charge $1,500 to do the college planning, but we do have a different way that they can pay and it's cheaper and we think it's probably a little bit better win-win for everybody. Talk about it. So if you're just a client, if you're going to be a client of ours, the firms, then it's going to be the normal $1,000 or you pay monthly, you know, on that and the student loans is included because now we're looking at your entire financial life.
00:28:10
Speaker
and we're gonna help you all the way through. You've jumped on the bandwagon and you're gonna be an uncommon client for the next, hopefully we can help serve you your entire life. So, that's where it's cheaper just because we're gonna be working with you ongoing and multiple works. So, yes, it's cheaper but then we're also helping you build wealth and live your dreams and things like that.
00:28:35
Speaker
It's not cheaper in the long run, but it's cheaper just for a financial. Right. And then to be able to have that annual meeting to make sure you're still in the right program, you're filing and what you need to be filing. Yeah. It's a huge benefit. So anyway, if this is resonating with you or you are like, Oh man, that sounds like me or sounds like a friend of mine. Like I do think this is a huge value and potential, a great investment for not only, you know, you, but maybe a friend of yours and, and,
00:29:03
Speaker
if you can wipe out a hundred thousand dollars of the student loan that you thought you were going to be paying with, like, sign me up. Yeah. So that's what I think is really neat about one, uncommon wealth is like, we don't really care what your goals are, your dreams are for your finances. We just want to help you expedite those and get those done faster. So that's what we do. Brian, your closing thoughts. I would love to hear your thoughts.
00:29:27
Speaker
I think is just from the, you know, the couples that I've seen Aaron work with and, um, thinking back to that age, you know, I had my daughter when I was like 26, my first child and just the weight of being married, the weight of having, you know, you want to buy a house, you want to, um, you know, maybe have children and you know, we're both spouses coming out with a literal financial noose around your neck with
00:29:57
Speaker
you know, 50, 150, 250. I mean, we've seen couples up to $800,000 in student loan debt coming out of college, married couples. Like the weight of that trying to start a family in this day and age. And so I just, I can't help but think like this is one of the healthiest things you could do. I mean, whether you're married or not, but especially if you're married and you both have student loan debt, like getting this,
00:30:25
Speaker
you know, shored up and having a plan that you're unified in. I can't think of a better investment in your marriage and your relationship than figuring this out if that's your situation. Right. 100%.
00:30:40
Speaker
So we always say we have come a tagline. We actually wrote a book about it. Uh, you are your best asset. And sometimes it means that like your college can be planned for paying it off differently, but like you are still your best asset. The education that you got in your college, like don't beat yourself up for it, but having a plan we've seen, whether you have student loans, whether you're going to start a business, whether you're going to want to plan for amazing retirement, like having a plan, it starts with that. It's just the whole thing starts with the
00:31:10
Speaker
plan. Now, then it also helps to have advisors or people to hold you accountable to the plan or people to help you navigate when you hit a rough patch. But we really do feel like you're your best asset and whatever things you have in front of you, we'd love to talk to you. Aaron, great job at one passing the test because you and me are not the best test takers.
00:31:30
Speaker
But you stayed disciplined, you got through it, and I think it is a huge value to other people. Again, if you have any questions for Aaron Kramer, you can get ahold of him at uncomawealth.com. And what else do I want to say? I mean, if you just want coffee, I'll buy coffee.
00:31:48
Speaker
I love coffee. So like we can talk about it. It's good. We're here for you guys. For sure. All right, Brian, close us out, big dog. Well, this has been an uncommon life project podcast. I've been your host. I was about to say Philip Ramsey. I've been your host Brian Dewhurst and I've been Philip Ramsey.
00:32:08
Speaker
I thought Aaron was going to go, man. I thought I was doing the guessing. I was like, so good. Okay. And Aaron Kramer. There it is. All right. Thank you for listening everybody. Go be uncommon. Goodbye.
00:32:22
Speaker
That's all for this episode of The Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.