Do you have considerable student loan debt? We asked financial advisors specializing in student loans to offer their tips to help you tackle and repay your debt.
The financial health of millions of Americans suffers from the burden of significant student loan debt. According to EducationData.org, more than 43 million Americans collectively owe $1.7 trillion in federal student loans. This equates to nearly $40,000 in federal student loan debt on average.
Especially for individuals and couples early in their careers, this debt overhang can hinder their ability to purchase a house, afford to start a family, and sufficiently save the money needed to retire at an ideal age. For many people, this debt load can also cause stress and take an emotional toll on their mental health as well.
A financial advisor specializing in student loans can help turn feelings of fear and uncertainty into confidence by designing a personalized repayment plan that offers a light at the end of the tunnel.
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor specializing in student loans.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live. This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with clients who have significant student loan debt is a better fit to help with your unique financial planning needs.
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How Much Does a Financial Advisor Cost?
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Smart Tips for Finding a Financial Advisor
Before hiring a financial advisor, here are a few quick tips to help you find the best advisor for you.
1. Decide Which Services You Need
Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.
Though most people use a financial planner primarily to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:
- Budgeting and money management
- Debt management
- Insurance planning
- Retirement planning
- Other investment planning
- Inheritance planning
- Estate planning
- Tax planning
As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.
Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.
2. Consider Your Budget and Payment Preferences
Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.
If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.
3. Interview Multiple Financial Advisors
Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:
- What services do you provide?
- What are all the ways you get paid? (fee transparency)
- What is your investment strategy?
- How do you measure investment performance?
- How do we communicate about my plan?
Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.
4. Review Financial Advisor Credentials
Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website.
You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.
As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.
For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.
Get to Know Financial Advisors for Student Loans
📍 Click on a pin in the map view below for a preview of financial advisors who specialize in helping their clients repay their student loans and can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.
📍Double-click or pinch pins to view more.
🙋♀️ Have Questions About Your Student Loan Debt?
🙋♀️ Do you have questions not answered below? Use the form on this page to submit your questions, and we’ll update this article with answers from the financial professionals and educators in the Wealthtender community. You can also contact the financial advisors featured in this article directly to set up an introductory call or ask your questions by email.
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Resources to Help You Choose a Financial Advisor
✅ Top Questions to Ask a Financial Advisor
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About the Author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.