Student loan repayment resumed on October 1st. We are just beginning to see the confusion with borrowers needing advice to begin this process. In addition after three plus years of non-payment , the loan servicers are overwhelmed with calls. At PayForED we believe financial advisors and tax preparers have a great opportunity to help current clients and attract new business. As a result, PayForED is announcing a Student Loan Repayment Bootcamp to help financial professionals get ready for this opportunity.
Due to the National Forbearance of 3.5 years, the loan servicers do not have the trained staff to manage the volume. With new increased complexities, they legally cannot provide all the answers that borrowers need to make the right repayment and forgiveness decisions.
Limited Advice from Loan Servicers
Most borrowers expect to get the proper repayment and forgiveness advice from their student loan servicers. Due to a variety of laws and the increased use of Income-Driven Repayment (IDR) methods, the information that the servicers can legally provide is not complete.
Approximately 54% of student debt dollars are repaid using an IDR method. With this repayment trend change, the proper advice needs to include the best way to manage the borrowers’ Adjusted Gross Income (AGI), tax filing methods, and employee benefit decisions. The loan servicer legally cannot provide any tax or personal financial advice. Here is where the opportunity exists for financial advisors, tax professionals, and CPAs.
This opportunity is amplified for advisors who work in the corporate benefits space. Due to this lack of loan servicer available support and new laws, both employers and employees will be looking for this advice. Many will be considering adding a Student Loan Assistance Benefit. Advisors will need to understand the various options that the employer will need to consider.
SLRA Designation Bootcamp Program
The PayForEd Student Loan Repayment Training Bootcamp will use the Student Loan Repayment Advisor course as its foundation. This is a course that has been approved for 13 CFP CEs and at completion the advisor receives a FINRA-listed designation called the Student Loan Repayment Advisor (SLRA). The SLRA Designation Bootcamp enhances the advisor’s learning by structuring the course to also have daily advisor meetings to explain the 3-4 chapters that should be studied for that day.
The meeting will include a brief review section and a case studies based on the day’s content. This will minimize the risk of it being a total self-study course and help the advisor understand the content better within a reasonable time.
The other goal is to help the financial professional feel more comfortable with doing the analysis and adding student loan repayment and forgiveness to their services.
Here is the Student Loan Repayment Advisor (SLRA) Training Bootcamp Program Chart.
After passing the cumulative exam, the advisor will get listed on the website, have access to the SLRA resource library, be invited to the monthly meetings, use the SLRA designation, and other benefits.
Current SLRA Bootcamp Schedule and Discount Code
- December 4, 5, 6th, 2023 (Mon-Wed 3 PM EST)
To get a $50.00 discount on the course, use the code Restart at the time of payment. The final cost with the discount is $945.00 for both the course and the boot camp.