If bank employees can sell life insurance and annuities, maybe financial professionals with roots in the life insurance industry can market student loans.
The National Association of Insurance and Financial Advisors recently set up a marketing relationship with Sallie Mae, the private student loan giant, that could ease NAIFA members into the college planning market.
NAIFA’s members will get access to a wide range of free college planning tools from Sallie Mae, such as a scholarship search bot, tips on completing the Free Application for Federal Student Aid, and a guide to analyzing college financial aid letters.
Sallie Mae will also provide options for filling in college financing gaps, “including private student loans for students and parents,” according to Sallie Mae.
Sallie Mae and NAIFA do not say whether life insurance agents or brokers can get paid to solicit student loan applications. Sallie Mae’s website says the organization can offer at least some types of distribution partners “additional revenue generation without capital investment.”
Kevin Mayeux, NAIFA’s chief executive officer, says in a statement that NAIFA members already offer clients a wide range of services.
“Many NAIFA members have incorporated college planning into their practices,” Mayeux says.
— Read More Scholarships, Fewer Loans Financing College: Survey on ThinkAdvisor.