The ultimate student loan checklist for financial advisorsBlog added by Heather Jarvis on January 27, 2014

Heather Jarvis

Wilmington, NC

Joined: January 08, 2014

Education is expensive. Graduates and professionals routinely owe mortgaged-sized student loan balances upon graduation. According to the Federal Reserve Bank of New York, between 2004 and 2012, there was a 70 percent increase in the number of student loan borrowers and a 70 percent increase in the average balance per person.

Interested in helping student loan borrowers develop smart student debt management strategies?

Flexible repayment options and forgiveness provisions exist, but the details are complicated and difficult to navigate. One way to ensure that you think through all the options is to use a checklist. In case you aren't a student loan junkie like me, here's my ultimate student loan checklist.

1. Analyze your client’s circumstances
  • Inventory the federal loans
  • Inventory the private loans
2. Identify the needs of your client
  • Evaluate where his or her student loans fit into the bigger financial picture
  • Establish an affordable monthly payment
  • Minimize the total cost of debt over time
  • Restore eligibility for federal student aid
  • Improve credit record
3. Determine and explain your client’s options
  • Discharge and cancellation
  • Consolidation
  • Repayment options
  • Curing default (if necessary)
  • Potential for forgiveness
  • Tax considerations
4. Develop an appropriate strategy and establish next steps

Feel free to try this checklist in your practice, and let me know your thoughts.

See also:

College checklist: textbooks, meal plan, tuition insurance...

Student loans: another smart reason for disability insurance
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