what every cfp should know about their clients with student loan debt
TRANSCRIPT
What every CFP should know about clients with Student Loan Debt…
Christopher T. LawsonChris@FinancialEvolutionGroup.comwww.FinancialEvolutionGroup.com
-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
-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
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