What Every CFP Should Know About Their Clients With Student Loan Debt

What every CFP should know about clients with Student Loan Debt…

Christopher T. LawsonChris@FinancialEvolutionGroup.comwww.FinancialEvolutionGroup.com

Who are they?

What do they want?

How to deliver?

Resources Q&A

-37.1 million borrowers currently (FRB -NY)

- 14 million under 30

-10.6 million from 30 – 39

-5.7 million from 40 – 49

-4.6 million from 50 – 59

-2.2 million over 60

-Survey results

-Hope / a breath of fresh air

-Other negative effects of student loan debt

-Shrink brain

-Add fat to the belly

-Unravel chromosomes

-Depress immune system

“Chronic Stress can do something as unsubtle and grotesque as kill some of your brain cells.”

-Dr. Robert Sapolsky, Stanford neuroscientist

How can you deliver value for clients with student loan debt?

Generally my job is to:-Lower payments as far as possible (consolidate / IBR / Forgive Defer / Forbearance)-Find extra $ for a financial freedom payment (Exercises $200)-Rank debt pay off order (manually or spreadsheet)-Instruct client to pay minimums on all debt EXCEPT FOR-The #1 pay off priority debt– hammer that one down

Progress = Happiness (momentum!)

Behavior modification

Prioritize and schedule completion of competing wants

Resources…

Download a free copy at: www.FinancialEvolutionGroup.com