Many business and finance graduates are finding it hard to find an appropriate niche where to work. With so many students opting for these courses, the competition in the industry has never been higher. While all industries require financial expertise, there is also flooding in the job market and finding an appropriate job can be tricky.
In such an environment, it is important to think outside the box. Instead of waiting for that big opening as a banking executive, why not start as a student debt consolidation consultant? Yes, it is an idea not many graduates think about, but you will be surprised by the opportunities to be tapped in this area. In fact, old hands in the financial sector are opting for consultancy as a side job as more people are looking for ways to get out of the debt hole.
Understanding Loan Consolidation
Many people are deep in debt and the main loan repayment especially for those in their first job is a student loan. This takes up more than other bills and if a person doesn’t have astable job, this can be frustrating. The Consumer Financial Protection Bureau says over 7 million people are in default. This is where debt consolidation comes in. This involves talking to a lender who will pay all your existing student loans and offer a new private loan at a lower interest rate.
Loan consolidation can also be offered by the government. This is called Federal loan consolidation but only applies to loans offered by the government. As a financial consultant, you will join a growing industry that offers tailored financial solutions to people looking to ease their debts. You will be a financial management expert linking debtors with service providers. Most people are confused on whether to go for federal or private loan consolidation and this is where your skills will come in handy.
As a specialist on student loans, you will explain the following benefits of consolidation student debt:
- Lower interest rates: By combining student debt, the debtor will be paying one monthly installment and the interest rate is lower. This means more money in the pocket and if your client is in their first job, it will go a long way to make life comfortable.
- Lower monthly payments: By extending the repayment term, the borrower will be paying lower monthly payments. This provides some breathing room especially when the debtor is on a tight budget.
- Easier financial management: As a financial consultant, you want to help your clients to improve their finances. By recommending debt consolidation, you will be helping them to have better control of their income. It also becomes easier to recommend budgetary changes.
- Releasing a co-signer: Most students use a co-signer in order to qualify for a loan. With loan consolidation, the co-signer will effectively be released and the borrower will have more financial independence.
There are many other benefits of consolidating student debt. As the financial specialist in this area you will advise your clients on how best to go about this and in the process carve out a niche in the financial industry.
Morgan Trull is a loan expert working in Miami. He has worked in the industry for over 15 years and is an authority on loan products. He also writes on important financial issues such as student debt consolidation.
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Daniel & David
Making a Career Out of the Student Debt Consolidation Industry
Special Post Published: 12/31/16