The Financial Planning Association is making a commitment to help advisors tackle America's massive student loan problem.

Student loan debt hit $1.52 trillion in 2018, increasing more than 500 percent in the past 10 years, according to Joe Messinger, founder and CEO of Capstone College Partners, and seven out of 10 graduates will have student loans averaging $37,000. The reality is that more than 44 million people now have student loans, and many are having trouble paying them off.

The numbers are scathing, and that’s why Capstone College Partners is partnering with the Financial Planning Association to launch a self-study online course that helps financial planners advise college-bound families on how to pay for college as well as build a college planning niche in their practice, according to a news release.

Capstone is a leading provider of education, resources and software for financial advisors who want to raise the bar in college funding advice.

“Our mission is to end the student loan crisis one family at a time,” said Messinger. “This partnership with FPA is a tremendous opportunity to empower more financial planners with our College Pre-Approval process and raise the bar in college funding advice across the country.”

The Financial Planners Guide to College Funding Advice is an eight-model course, which is part of the FPA Professional Development Learning Center. “This comprehensive guide explains the scope and extent of the student loan crisis, demystifies financial aid, provides a repeatable end-to-end process, uncovers tax strategies for college-bound families, and more,’’ the release said.

Lauren M. Schadle, FPA executive director and CEO, said, “College education can be one of the most important investments a family can make. FPA’s partnership with Capstone College Partners helps financial planners build their expertise in this area so they can provide families the advice they need to save and plan for the rising costs of higher education.”

Certified Financial Planners can earn up to 11 CFP CE credits for completing of The Financial Planner’s Guide to College Funding Advice, the release said. The course covers a variety of college strategies including:

  • Introducing the College Pre-Approval Process: Provides an overview of why the cost of college continues to rise, the basics of financial aid policy, and an introduction to the College Pre-Approval™ process to guide families toward better college outcomes and help students avoid taking on unnecessary and inappropriate student loans.
  • Demystifying Financial Aid, Scholarships and Admissions: Educates planners  how to properly plan and pay college tuition bills and analyze financial aid policies at institutions. It includes detailed education on both the federal and institutional formulas used to determine a family’s expected family contribution by the FAFSA as well as the CSS Profile.
  • College Lending Strategies and Special Circumstances: Provides a  comprehensive review of different types of student loans available for undergraduate, graduate, and professional degree programs. It includes a discussion of loan-repayment options and loan-forgiveness programs, including options for military veterans and other populations.
  • Scholarships, Financial Aid Awards and Choosing the Right School: Describes the process and strategy around the College Pre-Approval process, identifying the component steps of the client journey in college funding from setting a budget and determining a maximum student loan amount, to reviewing and appealing financial aid offers, and coordinating specific payments to the institution.
  • Tax Strategies and Advanced Options to Cover the Shortfall: Outlines tax strategies that mass-affluent and business-owner clients can implement to increase their college funding budget and widen the list of schools that students can attend without robbing clients’ retirement or taking on inappropriate levels of student debt.
  • Practical Applications of College Funding Concepts: Describes how  to implement the concepts taught in the Financial Planner’s Guide to College Funding, providing real-case scenarios that identify how to strategically manage assets, cash flow, and tax opportunities to maximize financial aid and/or students’ College Pre-Approval amount.
  • Tax Cuts and Jobs Act of 2018 Update: Provides an update on the topics taught in the Financial Planner’s Guide to College Funding in terms of how it is impacted by the new tax laws passed in 2018, including a close assessment of how new regulation impacts the tax-saving strategies and tactics.
  • 5 Keys to Serving Gen X Clients with College Planning: Shows planners how they can effectively serve college-bound families with more impactful and meaningful late-stage college funding advice.