STUDENT LOAN BORROWER
STUDENT LOAN BORROWER
In support of the mission of the organization, and its certification and training programs, the Board is committed to informing the public, specifically student loan borrowers, of the importance of using qualified professionals to advise about their student loan repayment plans.
We provide student loan borrowers with a variety of resources so they can make smarter repayment decisions on their own or through a qualified financial advisor.
Borrowers should be aware that the consolidation process is essentially free and can be completed online in a few minutes.
Warning: Consolidations may NOT be in your best interest and could have lasting, negative financial effects. Before taking this advice, be sure your advisor has reviewed your entire financial picture and goals.
Creating your optimal repayment strategy requires more thoughtfulness than a quick consolidation. For that reason, borrowers are encourage to seek qualified professionals with a practice in personal financial matters such as a CPA or Certified Financial Planner. Just like in medicine, getting the best, most qualified help should be your goal.
Knowledge of student loan programs AND personal financial counseling is critical. One option is to look for advisors who have the CSLP designation (Certified Student Loan Professional). These individuals are typically providing advising services as part of their daily business activities such as financial planning, tax advice, investment services, and insurance.
Using a CSLP can provide an additional measure of safety that the advice you receive is based on advanced knowledge about student loan advising and personal finance. A CSLP will have completed a rigorous curriculum of coursework, and should have years of experience as a financial professional, with a committment to a high set of ethical standards in their practice.
StudentAid.gov is the official source of information from the U.S. Department of Education about federal student aid. Use it to research your options and:
National Student Loan Data System to inventory federal loans.
AnnualCreditReport.com to inventory private student loans.
The Institute for College Access and Success publishes state-by-state borrowing data, research, and policy analysis.
Student Loan Borrower Assistance.org from the National Consumer Law Center provides free about borrower-focused information about repayment options, avoiding and getting out of default, and dealing with collections agencies.
The student loan decision tree from the Consumer Financial Protection Bureau guides borrowers through basic student loan options.
US Department of Education Student Loan Ombudsman may help resolve issues with loan servicing.