Dealing with Financial Depression- College Debt Creates Anxiety


Millennials know better than anyone the anguish caused by college loan debt. It takes away from the happiness that surrounds graduation. A recent graduate within six months faces payments on a loan obligation that can be five or six figures. The hit to financial wellness can be demoralizing.

There is no question Millennials are highly intelligent. They are some of the most technically savvy people in the workforce. Unfortunately, no one spends a lot of time teaching them how to budget and deal with debt. The size of the payments can cause a young employee to make some very bad decisions. Forbearance can be a trap, but what is worse is if the new graduate decides to default on the loan. That can have long-term negative consequences and ruin an individual’s credit rating. Countrywide Pre-Paid Legal Services offers the kind of employee benefits people can use to solve major problems. Our financial wellness program is available to assist an employee.

Where There Is a Plan There Is a Way

Countrywide will use a nationwide network of certified counselors to help plan members caught in financial quicksand. A Millennial needs to know what his or her options are in paying back the college debt. Our counselors can show a plan of action which allows an individual to pay the college bill and meet other expenses at the same time.

A budget analysis is conducted to identify where the money is coming from and what bills are outstanding. The Countrywide counselor can point out where minimum payments can be made in cash to finance the college loan debt. Not everyone knows about some of the programs that can reduce the interest and will provide some debt forgiveness. Our counselors are aware of those avenues and guide a financial wellness plan member down the road.

There are some extreme cases where a person is losing any sense of perspective. The debt is just too great. We have a Debt Management Plan that can help. The counselor will provide ongoing assistance and help the person in trouble develop a plan to present to the college creditors. It is very possible to have the debt refinanced and some fees waived. This service is a little bit extra and costs a little bit more than the standard financial wellness options. Nevertheless, it has helped many people in the past and is a viable tool.

Organizations Can Use Financial Wellness

Employers will benefit from offering this plan. Young employees with large college debts are often stressed out. The anxiety can prevent concentration and that person is less productive. Countrywide has the kind of assistance this new graduate can use.

One of the best qualities of our benefit program is that employers can choose the options. It means that the demographics of the organization are better served, and people get exactly the right kind of service. We can help a person plan for buying a house, meeting medical bills, and finding out exactly how much they are worth. Our counselors are experts when it comes to finding solutions.

Our Counselors Can Sympathize

The counselors are also people sensitive and that is what we expect of them. Financial expertise is important but being able to work with the stressed-out employee is even more essential. Our counselors have high levels of emotional intelligence and can work with anyone. Our services have administration geared towards aiding as soon as possible. We do not want anyone to wait and no one, regardless of their job title, is going to be placed at the back of the line. Our counselors give the Countrywide financial wellness plan members priority.

It is a sad development that college debt is now a part of life. However, it does not have to be a heavy weight on anyone’s back. Countrywide is here to assist in developing an affordable payment plan. If you have any questions about what we offer, please feel free to contact us at your earliest convenience. We want to be able to help your employees.