PayForED has added a new student loan repayment advisor training program. It is a FINRA-listed designation and explicitly focuses on student loan repayment and forgiveness. Due to recent legislation regarding student loan repayment and forgiveness, financial professionals and tax preparers will need this information. After completing the CFP CE-approved courses, the advisor will be able to use the new Student Loan Repayment Advisor (SLRA) designation.
This designation will complement the PayForED comprehensive College Funding and Student Loan Advisor (CFSLA) designation. PayForED has offered CFP CE courses and has been a Quality Partner since 2018. In addition, PayForED has the most approved CFP courses on student loan repayment, forgiveness, and college funding.
The SLRA designation program has three sections: Student Loan Repayment, Student Loan Forgiveness, and a Cumulative Examination. The program earns the advisors 13 CFP CEs. Upon completing the SLRA training, the advisor will get additional access to other CFP-approved CE programs. These resources will help them stay current and get better insights on implementing it into their business. The SLRA Resource Center includes PowerPoint presentations and a monthly discussion forum.
Student Loan Repayment Section (7 CFP CEs)
- Repayment Trends and Business Model
- Student Loan Repayment Methods
- Grad School, Data Sources, and Approach
- Student Loan Repayment and Taxes
- Parent PLUS, Refinancing, and Planning Stages
- Introduction to Student Loan Forgiveness
Student Loan Forgiveness (6 CFP CEs)
- Loan Repayment and Data Review
- Public Service Loan Forgiveness (PSLF)
- PSLF Limited Waiver, Temporary Expansion of PSLF (TEPSLF), and Case Study
- Other Loan Forgiveness and Tax Impact
- Lump Sum Forgiveness and Student Loan Assistance Benefit
- Upon passing, the advisor will have access to additional resources and CE programs.
Each chapter listed above has the following items:
- Chapter description overview
- Key Term definitions
- Slides to download for note taking
- Chapter test
The two sections have an introduction chapter and reference videos that can be used as a reference throughout the learning experience. These topics are referenced multiple times during the training and allow the student to reference them quickly for a better learning experience.
Each course is available as an individual learning program and is approved for CFP CEs. This structure allows the financial professional to learn only a section that they are interested in or have potential clients. The CEs will be reported to the CFP directly if, at enrollment, the advisor provides their CFP number and the last four digits of their Social Security number.
For financial professionals who are allowed to use the CFP CEs approved course, there is a certificate of completion after each course. If additional verification is needed, the advisor can contact us for the other documentation required to earn the CEs.
Extending Your Business Offering
The most significant advantage is this new FINRA-listed designation complements the current solutions in the PayForED Platform. PayForED has tried to make it easy by having software, training, and outsourcing available to financial professionals who want to offer student loan repayment and college funding solutions to their clients.
The new SLRA designation is a subset of the existing College Funding and Student Loan Advisor (CFSLA) designation. This training allows the financial advisor to focus on a specific area of the student loan crisis facing more families. With this expertise, advisors will be able to attract new clients, grow revenue, and retain assets better.
To learn more about the Student Loan Repayment Advisor training, click here.