The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
How to Help Clients Cope With Student Loan Debt
October 26, 2018
$1.52 trillion — total student loan debt in America.3
2nd largest category of consumer debt is student loans — trailing only mortgages at $9 million.3
58% of graduates from the Class of 2017 had student loan debt.3
$28,288 — average debt per borrower for Class of 2017 graduates.3
$190,000 — median debt for medical school graduates.4
A new trivia game show called “Paid Off” showcases the hold that student loan debt has on Americans. Contestants compete for the chance to get their debt paid off.1
With total student loan debt topping $1.52 trillion in 2018, there's a lot to worry about. For people who've invested in higher degrees and have higher debt, the risk to their future income is big. Even physicians face challenges repaying debt.2
Lead With Our Student Loan Rider
If debt is on your clients' minds, offer some relief. Tell them about the Student Loan Rider available with Platinum Advantage.
The Standard expanded this rider in June 2018 to cover non-medical occupations. We also expanded the range of coverage. The minimum benefit is now $100. That makes it easier for your clients to buy protection to help cover their student loan payments if they become totally disabled.
Here's how it works:
Social Media Toolkit
Connect With Clients Who Have Student Loans
It's easy with these ready-to-share posts.
- The Student Loan Rider pays a monthly benefit, in addition to the basic monthly benefit, to reimburse student loan payments. It’s based on the amount of coverage purchased and monthly student loan bills.
- Available to occupation classes 5A, 5P, 4A, 4P, 4S, 3A, 3P or 3D.
- Coverage period can be 10 or 15 years.
- Minimum benefit allowed is $100.
- Maximum benefit varies by occupation:
- Medical occupations (P/S/D occupation classes): $2,500
- Non-medical occupations: $1,500
You can help your clients match their coverage to their budgets. Even a $200 Student Loan Rider benefit can provide an extra cushion to ease their minds.
Another advantage: The Student Loan Rider benefit is in addition to issue and participation limits.
Ready to start a conversation? Share ready-made posts from our Social Media Toolkit and our Student Loan Rider flyer.
1 New York Times, The New Toll of Student Loan Debt in 3 Charts, July 11, 2018, nytimes.com/2018/07/11/your-money/student-loan-debt-parents.html
2 New York Times, I’m a Doctor and Even I Can’t Afford My Student Loans, nytimes.com/2018/08/20/opinion/medical-school-student-loans-tuition-debt-doctor.html
3 LendEDU, Student Loan Debt by School by State 2018, Aug. 8, 2018, lendedu.com/blog/average-student-loan-debt-statistics
4 Association of American Medical Colleges, 2017 Education Debt Manager, Jan. 2018, members.aamc.org/eweb/upload/Education%20Debt%20Manager%20for%20Graduating%20Medical%20School%20Students--2017.pdf
Categories:
Platinum Advantage / Sales Insights