Watch the video below to learn how we can help you take control of your student loan debt
The Student Loan Planning Experience:
1. Complimentary Chat: We'll schedule a call so we can get to know you a little better and understand more about what your goals are for your loans (reduce monthly payment amounts, pay as little as possible in total, etc). We will discuss your work and family situation as those factors play a big role in helping us determine the best strategy. This is also your opportunity to ask any questions and decide if our services are a good fit.
2. Get Organized: Many student loan borrowers have multiple federal and private student loans and it can be hard to keep track of all of them. So we begin the process by helping you get organized so we can create a complete inventory of your loans.
3. Load Info Into Client Portal: Once we have gathered all your student loan data, we take care of uploading it for you into your own personalized client portal. Anybody who signs up for our student loan planning service gets FREE access to our state of the art financial portal that lets you track your entire financial life through our mobile app 24/7 (It's like a better version of Mint without the ads). This is the same portal our comprehensive financial planning clients are given access to. You can check it out below.
4. Strategy Session: Once we have all of your student loan info loaded into your client portal, we conduct our online strategy session. We will use video conferencing and screen sharing to walk you through the various strategies that are available to you based on your circumstances. We will recommend a specific, actionable strategy and explain why it makes the most sense for you personally. There is absolutely no such thing as a one size fits all solution when it comes to student loan planning.
Why You Shouldn't Just Rely On Your Loan Servicers For Advice
Federal Loan Servicers have a financial incentive to keep servicing as many loans as possible. This presents a conflict of interest if you ask them what you should do with your loans because some potential strategies involve your loans moving to a different servicer. Their reps get paid to take as many calls as possible which means they usually just recommend whichever plan gives you the lowest current monthly payment. This could be a very costly mistake because future changes to your income, family size, and employment could have a hugely negative impact on your monthly payments.
Not All Financial Advisors Have Student Loan Expertise
And not all "student loan experts" have comprehensive financial planning expertise. Many of them also receive compensation from private lenders for referral links. This means they may be more likely to promote refinancing as the best strategy when that may be the worst strategy for many borrowers. At HCP Wealth Planning, you get the best of both worlds. You get to collaborate with a longtime Certified Financial Planner™ and a Certified Student Loan Professional™. We believe your repayment strategy should ALWAYS be analyzed based on long term scenarios and it should include the consideration of tax strategies that could reduce your payments. Because we are experienced financial planners, we are able to look at the big picture and make sure we analyze ALL the levers that can be pulled in order to determine the best strategy.
We charge a one time fee of $299 for households with one borrower and $499 for households with two borrowers. Please note, our services do NOT including the filing of any paperwork or forms on your behalf. You are responsible for acting on the recommendations we provide you.