Does your advisor look like a deer in headlights when you ask them about what to do with your student loans? Just like with anything, find a subject matter expert to help with your specific concerns. You wouldn't go to an eye doctor for an ankle sprain would you? Or a family law attorney for your personal injury claim? Or a pizza joint for authentic ramen?
CSLP®️ (Certified Student Loan Professional) is the only designation designed specifically for financial professionals who have demonstrated that they have obtained the minimum level of subject matter competency in order to effectively provide student loan repayment advice within the context of general personal finances.
As debt balances have increased and become a more significant part of ones financial situation, student loan repayment will need to be an integral part of financial planning for current and future generations.
A CSLP®️’s specialized education around student loans allow them to help borrowers make informed repayment decisions taking into account their full financial situation and financial goals, including the impacts on tax preparation, retirement planning, home purchases, starting a business, etc.
Student loan repayment programs can be directly affected by numerous factors beyond a borrower's income. A CSLP® understands how changes in income, life-style, and other personal factors affect the various repayment plans, and can help the borrower to implement a suitable financial strategy to lessen their impact. Furthermore, a CSLP® can ensure a borrower understands the risks associated with various repayment options.
What a Comprehensive Student Loan Repayment Analysis with a CSLP® entails:
A full debt reduction plan based on the repayment options available, current financial situation, income trajectory, and financial goals.
...So what does that mean exactly?? - I’d be able to help you:
🔹navigate through which repayment plan is best for you and why
🔹review the pros and cons of alternative repayment plans
🔹determine if consolidation is needed and the implications
🔹provide you with the monthly payment projection for each repayment plan available to you
🔹provide you with a projected pay-off date and the overall cost of that chosen repayment plan (and the overall savings you’d bank by not being in the wrong plan)
🔹provide you with a savings strategy for if there is a future tax implication of any forgiven debt
🔹strategize on how to reduce your AGI (what your IDR payment would be based off of)
🔹help you with all necessary applications/paperwork
🔹and answer any questions you have in regards to your student loans and the impact on your financial situation
Borrowers working with financial professionals who hold a CSLP® designation can trust that their advisor has the knowledge to help them make informed repayment decisions that fit into the context of their changing life.
Meagan Landress, CSLP®
Certified Student Loan Professional™
Financial Coach Meagan