Where does a person with student debt go for accurate advice?
Because there are so many graduates dealing with student debt, many companies have surfaced who are preying on this market with inaccurate and over priced pitches. Many make claims that they can get your loans forgiven or that you must consolidate your loans for a monthly fee to get relief. Unfortunately, many of the companies are filled with unskilled individuals who have no in depth knowledge about student loans and certainly no financial training.
Get Well Balanced Advice
Student loans need to be dealt with in conjunction with a person’s other financial situation. A trained financial analyst will evaluate present and future scenarios. They will understand the goals of the individual and what their future income and family situation is anticipated to be based on known factors.
Qualified financial advisors are interested in a long term relationship, not a one shot fee-based deal. As a person with student debt, you should be looking to review your repayment plans every year. Many loan options exist and its entirely realistic that the plan you start today won’t be appropriate in 1-2 years.
Costs will depend on the advisor but you should NOT pay for consolidation or modifications to your loan as these are free and can be completed online, by you. Keep in mind, if you DO ask a professional advisor to handle this, they do have the right to charge for their time. But mostly, you are paying for long term financial advisory services year after year. Companies that seek to charge you but deliver nothing must be obviously avoided.
When you speak to someone about student loan advisory service ask these questions:
- Where did you receive your financial training?
- Where did you receive your student loan training?
- What are your fees and what do I receive?
- What financial licenses do you have?
- Do you provide financial planning services?