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Student Loan Debt Client Instructions
We are excited and thankful that you have decided to partner with us to help you tackle your student loan debt! Before we can schedule our strategy session, we ask that you provide us with some more details regarding your student loan debt. By having this information, we can be sure we understand your situation and are able to create a personalized strategy that makes the most sense for you.
As always, if you have any questions please contact us via email at firstname.lastname@example.org or by phone at (904)419-3784. There are four things we ask of you before we schedule our online strategy session.
STEP 1: Gather all of your federal student loan information: First you will need to download your federal student loan .tx file. To do this go to studentaid.gov. This if the official government website for federal student loan borrowers. Once there click on "Create Account". You will be asked to verify your name, DOB, and SS# along with your email address and phone number. Once you have created your account, you will be brought to your dashboard. Here you want to click on "View Details".
- On the following page you want to click on "Download My Aid Data".
- The .txt file that downloads will look like a jumbled mess of information. Don't worry. We will sort it out and organize it for you. All you have to do is download the file and email it exactly as it. But don't email it yet. In the next step we ask that you email us your private loan information. So it's best to gather those details and send them along with your federal loan file in one email.
Step 2: Gather your private loan details (skip this if you don't have any): For your private loans, we need to know the following details:
- Lender Name
- Start Date
- Monthly Payment Amount
- Interest Rate
- Whether The Rate Is Fixed Or Variable
- Is There A Co-Signer
If you prefer, you can enter these details in this excel template and include that in your email to us. But we don't really care how you format this information as long as you get it to us.
- If you only have a few private loans, you can fairly easily get this information from your private loan servicers. Most will provide these details on their website when you log in. However, some lenders' websites lack some of this information. In this case, you have to contact them and request a copy of your promissory note. This is the legal document that contains all of the loan terms and it will definitely have all the details that we are asking for.
- PLEASE NOTE: If you have a lot of federal and private student loans, we know it can be easy to lose track of them but it is extremely important that we inventory ALL of your private loans. If you are not 100% sure you have obtained the details for ALL of your private loans, you should read the information below. If you are confident you have all the details we need you can skip on down to step 3.
Unfortunately, there is no single database for your private loans like there is for your federal loans. So how do we make sure we locate all of your private loans? Your credit report. Any education loan that shows up in your credit report, but isn't listed in your studentaid.gov dashboard is a private loan.
So the first thing you will want to do is go to annualcreditreport.com and click "Request Your Free Credit Reports". This is a federally authorized website that will let you request your credit report for free once per year from each of the major credit reporting bureaus.
- It will ask if you want all three reports or just one. Just pick one. It doesn't matter which one.
- Your report will list every type of loan or credit account you have ever had. To identify which ones are actually student loans you have to click on the drop down arrow next to any loan you think might be a student loan to view the details.
- If it is a student loan, next to account type it will say "education". If this loan is not listed in your federal loan dashboard, it is a private loan.
- Unfortunately, you will notice that your credit report doesn't always provide details such as your interest rate. For some loans it will and for some it won't. It just depends on the lender. In this case, you will still need to log into the lenders website or obtain the promissory notes to get the details.
- Basically, you can use your credit report to "find" all of your private loans. But the promissory notes are the best way to obtain all the details of those private loans.
Step 3: Email us your federal loan .txt file and all of your private loan details
Step 4: Create your RighCapital Client Profile: RightCapital is the financial planning software our firm utilizes when working with clients. We will use this during our strategy session so we can screen share our analysis in real time with you. We chose this company after extensively researching all of the planning software solutions out there because it utilizes top notch security features and has an easy to use client interface.
You can watch a video overview of the RightCapital Client Portal HERE.
If you need help completing your client profile, you can of course contact us or watch a video tutorial HERE.
- Please Note: Your RightCapital Client Profile contains 6 sections. For the purposes of student loan debt planning, you only need to fill out the first 3 sections: Family Profile, Income, and Savings. We will enter your student loan data for you under the Net Worth section.
- IMPORTANT: Even though you are only completing the first 3 sections, you still have to click on "Complete", after the 6th section of your profile which is "Goals". This is what triggers a notification to us that lets us know you have submitted all of the information we need and you are ready to schedule our strategy session. While it is by no means required, you are are welcome to fill out the rest of your profile and continue to use our RightCapital Client Portal free of charge for as long as you want. It's a great way to stay on top of your finances from anywhere and it even has a mobile app you can download.
So that is all the information we need from you in order to properly conduct an analysis of your student loan debt. We recognize this little bit of "homework" may take you a little time. But just like a physician wouldn't want to diagnose a patient without knowing ALL of the symptoms, we wouldn't want to recommend a strategy without first knowing your entire loan situation.
We look forward to receiving this information so we can get started as soon as possible. Once you have submitted your RightCapital Profile, keep an eye on your inbox for an email from us that invites you to book our strategy session on our calendar.