As college graduates move into their careers, they usually go through a process of aligning with various professionals such as physicians, attorneys, accountants, insurance agents, investment advisors, and others. These are some of the most trusted advisors who have the power to help or hurt the individual.
Imagine going to your physician with what you think is a fairly routine concern expecting the s/he would be able to help and then finding that they really don’t know much about your issue.
That is exactly what is happening with many financial professionals who deal with tax, insurance and investments. They don’t know much about the inner workings of student loan debt. The common assumption is to treat it like credit card or even mortgage debt. This is a major mistake and to advise clients as such without thoroughly analyzing the situation may negatively have negative impact.
Professionals in the capacity of advising clients must take precaution. They must ask if the client has student loans and take steps to make the proper recommendations. Our CSLA training program was designed to provide a comprehensive presentation of the loan programs, laws, calculations, qualifications and warnings associated with student debt. Failure to properly understand this information is a failure of the professional in their capacity of an advisor.