Student Loan Financial Advisor - who are they ? And do I really need one?

The Student Loan Financial Advisor is a helping hand in getting you out of a huge loan debt because its good in going to a college of your own choice but having a debt which is still to be paid is a not good for your future and it will also affect you in the long run.

Updated by Annany Sah on 17th July 2020

Loan Officers, also referred to as "Mortgage Loan Originators," are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval and participate in the front end of the mortgage origination process. Loan officers specialize in commercial, consumer and mortgage loans. Although they are employed by financial institutions, they can be seen as intermediaries between lending institutions and borrowers. They solicit loans, represent creditors to borrowers, and represent borrowers to creditors.

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Who is Student loan financial advisor?

Student Loan Financial advisors help people manage their money and reach their financial goals.They can provide a range of financial planning services, from investment management to budgeting guidance to estate planning. The financial advisor you choose will depend on your financial situation and your needs.If you’re looking for a financial advisor, it’s important to know that there are several types of student loan financial advisor is an umbrella term that includes a variety of services. 


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Steps for choosing a student loan financial advisor

Picking the right financial advisor for your situation is key doing so means you won’t end up paying for services you don’t need, or working with an advisor who isn’t a good fit for your financial goals. You also want to make sure you choose a financial advisor you can afford.

 1.Understand the types of financial advisors

You can receive financial guidance from a variety of services, ranging from online robo-advisors to local, in-person traditional advisors. Here’s a rundown of the major options:

1.Robo Advisors

A robo-advisor is a digital service offering simplified, low-cost investment management. You answer questions online, then computer algorithms build an investment portfolio according to your goals and risk tolerance.

  • Low cost, easy entry fees start as low as 0.25% of your balance, and many services have no or low account minimums, so you can start investing with a small amount of money.

Good when you need help investing for financial goals like retirement but don’t want or can’t afford a complete financial plan.

2.Traditional Financial Advisor

Traditional financial advisors include certified financial planners, stockbrokers, registered investment advisors and wealth managers. The same person can have more than one of these titles. For instance, a CFP may also be a registered investment advisor. You’ll typically meet your advisor in person in a local office.

  • Higher cost, higher minimums this is often the highest-cost option, and some advisors also require a high minimum balance, such as $250,000 in assets.

  • Good when you want specialized services, your situation is complex or you want to meet your financial advisor in person.

3.Choose which services you want

If you simply want help choosing and managing investments, a robo-advisor is a streamlined, cost-efficient choice. It’s also good for those just starting out, because robo-advisors often have low or no account minimums.

If you have a complicated financial situation or want holistic advice on topics like estate planning, insurance needs, etc., you might want to choose an online financial planning service or a human financial advisor in your area. If you don’t mind meeting with your advisor virtually, you may save money with an online service. These services also typically have lower account minimum requirements than a human advisor might.

4.Consider what cost level works for you

It’s important to understand a financial advisor’s costs and fees before you commit to services. Generally speaking, there are three cost levels you’re likely to encounter:

  • Robo-advisors 

often charge an annual fee that is a percentage of your account balance with the service. Robo-advisor fees frequently start at 0.25% of the assets they manage for you, with many top providers charging 0.50% or less. On a $50,000 account balance, 0.25% works out to $125 a year.

  • Online financial planning services 

typically charge either a flat subscription fee, a percentage of your assets or both. For example, Personal Capital charges 0.89% of assets under management per year. Facet Wealth charges an annual fee that starts at $600 a year and goes up based on the complexity of your financial situation. Both fees include portfolio management and financial planning.

5.Check out qualifications and standards

Always check out the record of the company or person you’re considering by looking up the firm’s Form ADV. Among other things, this form will outline how the firm or advisor charges for its service (and what the specific fees are), conflicts of interest and any past disciplinary actions.


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Types of Student Loan Advisors

Here are the following types of Student loans Advisors which are as follows:

Navigate

Physicians choose Navigate because they trust us to give them the data and advice they need to make a solid decision. Since 2009 we’ve helped thousands of physicians get on track to save over $150 million dollars on their student loans.

Consilium Tax Services

Consilium Tax Services was founded by Joshua Thompson. He has been featured in previous guest posts on comparing disability insurance and another on student loan repayment and is a frequent commenter on the WCI blog.

It offers the following services to WCI readers:

  • Student loan repayment strategies.

  • Tax Preparation and Student Loan Strategies.

  • Disability Insurance

  • Term Life Insurance

  • Resident/Fellowship Advocate Program

Student Loan Planner

Travis Hornsby founded Student Loan Planner in 2016 after discovering that bad student loan advice had cost his urogynecologist wife tens of thousands of dollars. Travis and his team have advised over $700 million of student debt, making Student Loan Planner the largest student loan consulting group in the country.Whether you’re trying to figure out how to get the most out of PSLF after a large increase in income, decide on your tax filing status as a married couple to minimize payments, or model the tax liability of seeking loan forgiveness in a non-PSLF eligible job.The more complex your situation, Student Loan Planner can help because it has seen it before with their more than 2,700 clients. 


What to do when you're almost bankrupt

If you’re in this category, you likely don’t have assets and are in or about to default on your student loans. Struthers said it may be time to get a lawyer involved if you find yourself here.Stay calm, get good representation and know it usually works out better than you thinkIt’s still about making the most out of what you have, including assets, liabilities, income and cash flow.


Conclusion

Going to college is challenging enough, but repaying the resulting student loan debt can be even more daunting. There are many financial advisors for your student loans and they help you guide in repaying your student loan.Going to the college is very good and that to in the choice of your own but paying for that and having a huge loan debt is not good for your future.

It is always to be well aware of all your student loan repayment option so,that you can take control of your repayment phase.