Strategic planning turns college debt into savings.
David and Susan Johnson, both in their early forties and with a combined income of $450,000, are feeling the pressure of impending college expenses for their three children, ages 8, 12, and 15. With $2.1 million already saved for retirement, they are hesitant to significantly draw from these funds but worried about the potential burden of student loan debt.
Golden Door Asset used the Loan Calculator to assess various borrowing scenarios for the Johnsons, analyzing interest rates, loan terms, and repayment options. By comparing potential federal and private loan options, and factoring in potential refinance options down the road, they were able to identify a strategy that minimized total interest paid, estimating savings of over $65,000 in interest over the life of the loans.
The Loan Calculator allowed for quick comparison of different loan amounts, interest rates, and repayment periods, enabling the advisor to present clear and actionable data. They also used the Student Loan Calculator to estimate future monthly payments.
$65,000 in interest savings over the projected lifespan of their children's student loans.
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