The financial wellness of recent graduates is now a national concern. Young people are saddled with debt in the five and six figures. The college debt crisis not a good situation but the problem is going to be addressed, now the election is over. There will be a lot of possibilities discussed in 2017.
A Number of Possibilities
Income-driven repayment is one possibility, and there is talk of capping repayment at around 12.5% of a graduate’s discretionary income. The possibility of forgiveness happening in 15 years, instead of 20 is also being considered. Colleges are going to be asked to help and loan default will impact the ability for these schools to participate in individual government programs.
Employers are going to have to be involved as well for the sake of financial wellness of their young employees. The first step in any organizational program is to assist with advice. Being able to understand how to get out of the financial wellness crisis requires guidance from professionals. Countrywide Pre-Paid Legal Services can provide this kind of support.
Large college debt is not just stressful; it is depressing. It makes a young person feel bad and seems to be endless. Countrywide has a nationwide network of certified counselors who are here to help. These people have worked with college debt situations in the past and know how to resolve the problem.
A Step by Step Approach
The first activity is a budget analysis. The counselor will go over with the financial wellness plan member both income and current expenses. With this information, the counselor will then look at the various options for credit card debt repayment. The possibilities will be explained to the college graduate. These discussions help the plan member realize there is a way out besides forbearance and bankruptcy.
Courtesy and respect are two primary qualities of our counselors. Countrywide expects every plan member to be treated well and the counselors are not there to preach sermons, or give parental advice to a young person. Solutions are the objective and the counselor concentrates on those.
Organizations need to be aware of the need to help with college debt. Millennials are expecting some type of support as part of the employment package. An excellent way to begin a comprehensive program is to start with the advice to countrywide counselors offer. It lets the new college graduates know that management cares about their problems.
The Full Package
Help with college loan debt is not the only financial wellness benefit in the overall program. Countrywide provides several opportunities which may be part of a plan. These include help with credit card debt, information on how to buy a house, and several other benefits to help the workforce. We allow clients to choose what they want to have in the final plan document. It permits decision-makers to tailor the benefit to meet the demographics of their staff. Countrywide streamlines its administration so that any benefits will be provided to the plan member as quickly as practicable. No matter what is in the final document, a high level of client service is given by Countrywide. It is the commitment to the individual which makes countrywide one of the best service providers in the industry.
College debt has blown out of proportion in American society. Far too many young people are starting their business careers with enormous debt loads that may take years to pay off. Countrywide provides the kind of financial wellness help that shows the way out of a terrible mess. Thanks to our advice fewer drastic decisions are made by these recent college graduates. The Countrywide benefit also proves that management cares about employees and their general well-being. Our other benefit options may be of interest, and we encourage inquiries. Please do feel free to contact us at your convenience to further discuss our program.