Helping clients plan and pay for a college education has never been more important. According to the Federal Reserve’s most recent report, the student loan debt balance in the U.S. has grown by 66% over the past decade to more than $1.73 trillion as of January 2024. And according to the College Board, more than half of four-year college grads in 2021 relied on student loans, carrying an average of $29,100.
Helping clients navigate the evolving student debt landscape can also create a competitive advantage, attracting younger, high-potential professionals into your practice and setting them on a faster track toward wealth building.
If you’re one of the thousands of financial professionals currently relying on homegrown, outdated spreadsheets to help federal student loan borrowers navigate their repayment, you know how time-consuming it can be to manually update these models. With an eye to simplifying the process and streamlining the possibilities for projected income-driven repayment, there’s an innovative new tool to help you simplify and improve your advice while saving time.
Developed by skilled professionals with a deep understanding of the ever-changing student debt landscape, Finology Software offers an easy-to-use platform that empowers advisors as they develop personalized recommendations for clients. Whether you’re helping soon-to-be students and their caregivers create college savings plans or advising graduates on debt repayment, Finology Software gives you a one-stop shop for accurate, up-to-date, and trustworthy tools and data that allow you to develop and deliver advice more quickly and more confidently.
For advisors who are just beginning to incorporate education planning into their practices, Finology Software has partnered with the American Institute of Certified College Financial Consultants to provide an easy on-ramp to a Certified College Financial Consultant (CCFC) designation.
Maximizing the Capabilities of Specialized Technology
With Finology Software, advisors can access an innovative set of tools to help streamline the client loan data onboarding process, create automated analytics, simulate federal income-driven repayment plans, and track progress towards completing unique programs like Public Service Loan Forgiveness (PSLF).
Among its many features, Finology Software provides:
- A centralized platform for viewing and analyzing clients’ student debt.
- Simple “drag and drop” functionality that allows advisors to process and download client-specific National Student Loan Data System (NSLDS) files.
- Federal student loan Income-Driven (IDR) Plan calculations, simulating the repayment lifecycle.
- Strategies to optimize private debt by reducing interest and accelerating payments.
- Version control, allowing financial professionals to store, easily access, and activate multiple versions of client loans, as needed.
- Compliant Technology that stores borrower federal loan information on a secure web application, allowing you to keep your clients’ data safe.
- Easy Onboarding through a risk-free, seven-day trial, and helpful tools and video-based training to quickly get you up to speed.
Finology Software delivers a competitive advantage, helping financial professionals attract new, younger clients and cement themselves as the primary trusted advisors while more effectively delivering on financial wellness initiatives.
If you’re ready to simplify and scale student loan planning while helping your clients take control of their debt, it’s time to try Finology Software.
See for yourself. To get started now, click here to sign up for a free seven-day trial and experience Finology Software’s client-centered solution today.
