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Choosing the best Income Based Repayment plan

Certified student loan advisors for clients with student loans

Choosing an income-based repayment program can create a lot of confusion. Consumers are more frightened than ever about how to repay their student loans. When working with the Federal Gov’t web site to setup their plan they often are confused and more often than not make an inappropriate decision unwittingly.

As a financial professional, you have a unique opportunity to help clients with a smarter repayment plan that is a better match with their financial situation and longer-term goals. 

The CSLP program is specifically designed to help advisors prepare a customized loan repayment plan that works with their financial goals. The program provides the advisor additional insights and information on how to advise clients about the management and configuration of their student loans. Considering that 1 in 4 household members have student loans, there is a considerable opportunity to help existing and new clients.

When a client begins repaying their loans, they are perhaps the most financially challenged. The plan they select at this time will in many cases not be the plan they need later in the life of the loan. Incomes increase, family members are added, even physical locations change. All of these have an impact on their student loan and the method of repayment.

What do you have to gain from investing in the CSLP program?

A financial advisor who has completed the CSLP program has unique capabilities that might not exist otherwise because of the details available about loan programs, guidelines, strategies, etc. which can benefit the consumer client. Actually, the CSLP makes obtaining this information much easier. You have all of the resources available at your fingertips to help with your client advising sessions.

Using the CSLP program provides a solid foundation for advising clients and an ongoing stream of useful content, presentations, etc to help you develop helpful client strategies that give them peace of mind.

About the Author

Jantz Hoffman

Jantz is the executive director and co-instructor at the CSLA Institute who administers and oversees the ethical and professional standards of the Certified Student Loan Professional (CSLP®) designation.

He received his masters in business with a certificate in finance from Colorado State University in 2014 and his bachelors degree in education from Humboldt State University in 2002.

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