45 min
Joseph Reinke: Student Loan Debt Solutions Healthy Wealthy & Smart
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- Medicine
On this episode of the Healthy, Wealthy and Smart Podcast, I welcome Joseph Reinke on the show to discuss student loan debt solutions. Joseph Reinke is the CEO and founder of FitBUX, Inc which is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists.
In this episode, we discuss:
-How family, work and financial goals effect your loan repayment options
-Why refinancing public loans may not be an optimal strategy
-Practical examples of loan forgiveness strategies
-The personal and societal importance of financial literacy
-And so much more!
Resources:
FitBUX Website
FitBUX Courses
A big thank you to Net Health for sponsoring this episode!
Check out Optima’s Top Trends For Outpatient Therapy In 2020!
For more information on Joe:
Joseph Reinke is the CEO and founder of Fitbux, Inc. FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. Thus far in FitBUX’s beta test, they have helped PTs develop financial strategies on over $11mn in student loans. Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders). He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.
Read the full transcript below:
Karen Litzy: 00:01 Hey Joe, welcome back to the podcast. I am happy to have you back.
Joe Reinke: 00:07 Glad to be here. It's been a few years. I know that we see each other at different conclaves and different events and stuff, but it's been a few years since I've been on the podcast.
Karen Litzy: 00:16 It has. I know, I'm happy to have you. And, we'll talk a little bit about what a difference a couple of years make in a second. But the first thing I want to get to is student loans. So let's talk about first, cause I know you have a lot of data on this. You have a huge data set within fit box. So what is the average debt? And we'll stick with physical therapists. We don't have to go across the board, but the average debt for physical therapists loan debt.
Joe Reinke: 00:45 Yeah. So PTs or student loan debt. So we now have about 7,400 students and our platform, it comes out to about $900 million of student loan debt. The average is about $144,000 for PTs. We have some other graduate students that we also work with too. Before PTs, it's about $144,000 in debt. And like you just said too, it's like a moral, I know when we first came on the podcast years ago, we had like $30 million or something like that on the platform. And when I tell people we have like 850 $900 million down there, like, you know, congratulations like you know all the growth that you've had. And I look at it, I'm like, that's disgusting. Like the fact that there's graduates and it's like, okay, $900 million of debt, that must be a lot of people. It's like, no, that's only 7,400 people.
Karen Litzy: 01:35 Yeah, it's criminal, it's criminal. So let's say you've got 900 million in loans, the average of $144,000 which is mind blowing. So what are the options for these students coming out to help repay that loan?
Joe Reinke: 01:54 And the first challenge is trying to figure out how these things even play a role in the bigger picture. But then the government doesn't do us any favors
On this episode of the Healthy, Wealthy and Smart Podcast, I welcome Joseph Reinke on the show to discuss student loan debt solutions. Joseph Reinke is the CEO and founder of FitBUX, Inc which is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists.
In this episode, we discuss:
-How family, work and financial goals effect your loan repayment options
-Why refinancing public loans may not be an optimal strategy
-Practical examples of loan forgiveness strategies
-The personal and societal importance of financial literacy
-And so much more!
Resources:
FitBUX Website
FitBUX Courses
A big thank you to Net Health for sponsoring this episode!
Check out Optima’s Top Trends For Outpatient Therapy In 2020!
For more information on Joe:
Joseph Reinke is the CEO and founder of Fitbux, Inc. FitBUX is introducing innovative finance products and technology to the student lending industry with a specific focus on physical therapists. Thus far in FitBUX’s beta test, they have helped PTs develop financial strategies on over $11mn in student loans. Joe has been in the finance industry for over a decade and is one of the few CFA Charterholders in the world who has experience in both wealth management and business valuation (globally, there are only 120,000 CFA Charterholders). He has hosted numerous live chats about student loans with SPTs across the country, presented at the California Student Conclave, appeared on podcasts, and written numerous financial blogs.
Read the full transcript below:
Karen Litzy: 00:01 Hey Joe, welcome back to the podcast. I am happy to have you back.
Joe Reinke: 00:07 Glad to be here. It's been a few years. I know that we see each other at different conclaves and different events and stuff, but it's been a few years since I've been on the podcast.
Karen Litzy: 00:16 It has. I know, I'm happy to have you. And, we'll talk a little bit about what a difference a couple of years make in a second. But the first thing I want to get to is student loans. So let's talk about first, cause I know you have a lot of data on this. You have a huge data set within fit box. So what is the average debt? And we'll stick with physical therapists. We don't have to go across the board, but the average debt for physical therapists loan debt.
Joe Reinke: 00:45 Yeah. So PTs or student loan debt. So we now have about 7,400 students and our platform, it comes out to about $900 million of student loan debt. The average is about $144,000 for PTs. We have some other graduate students that we also work with too. Before PTs, it's about $144,000 in debt. And like you just said too, it's like a moral, I know when we first came on the podcast years ago, we had like $30 million or something like that on the platform. And when I tell people we have like 850 $900 million down there, like, you know, congratulations like you know all the growth that you've had. And I look at it, I'm like, that's disgusting. Like the fact that there's graduates and it's like, okay, $900 million of debt, that must be a lot of people. It's like, no, that's only 7,400 people.
Karen Litzy: 01:35 Yeah, it's criminal, it's criminal. So let's say you've got 900 million in loans, the average of $144,000 which is mind blowing. So what are the options for these students coming out to help repay that loan?
Joe Reinke: 01:54 And the first challenge is trying to figure out how these things even play a role in the bigger picture. But then the government doesn't do us any favors
45 min