seeking a financial advisor for student debt - or details on how to seek
August 18, 2018 8:00 PM   Subscribe

- or your own experience with a student debt counselor! If anyone can recommend a financial advisor for a student debt situation in the Cleveland (OH) area, I'll take it! Otherwise, looking for ideas on how to sniff out a good one.

I have a friend up to her ears in student debt with a complicated postgrad situation. She's doing a lot of research on her own about how to handle her debt, but everywhere she has reached out to help so far has been disappointing. I would like to give her a few sessions with a financial advisor as a Christmas/birthday gift to help get her situated and on the right path to paying back while still, you know, eating.

The back-and-forth, q+a nature of this is really important to her. She needs help specific to her situation (which I am not entirely privy to), so the counseling is better than a link tsunami.

Mefi, how do I find some solid help for my friend?

(I'm not local to CLE, so I'm researching online and it all looks incredibly shady. I can't tell if anything's reputable or not. A local recommendation would be great.)
posted by snerson to Work & Money (3 answers total) 2 users marked this as a favorite
 
There is a fantastic reddit forum on student loan debt and their first piece of advice is to not pay anyone to help you with such stuff.
Financial advisors know little about how student loans debt works. Moreover, it is a constantly changing set of rules.
posted by k8t at 8:45 PM on August 18, 2018 [3 favorites]


Seconding k8t's advice above. A financial advisor isn't what is needed here. Your friend can do this on their own. Paying off debt feels like such a slog but it's a mindset. Without having income/budget/other debt information for your friend, it's nearly impossible to assess the situation, so I'll keep my advice general.

I was never someone who lived beyond their means, but I did have student loans when I graduated. It wasn't until I started budgeting and tracking all my expenses (yes, all of them) that I could properly decide how much to allocate to my student loan payments each month and come up with a plan and timeline to pay them off. Budgeting forced me to be accountable for my disposable income. When it was feeling like it was never going to end, I'd find a repayment calculator online and remind myself how much I was going to save in interest by paying the loans off early.

Early on, I used an Excel spreadsheet and eventually graduated to YNAB. Perhaps you could get your friend a year's subscription?
posted by futureisunwritten at 4:26 AM on August 19, 2018 [1 favorite]


Thank you both for the advice! I'll re-think my strategy.
posted by snerson at 6:30 PM on August 19, 2018


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