Graduation is a special time for any student. The long hours and the sacrifice paid off and the individual will walk down the aisle in front of a proud family towards the diploma. This needs to be a time of celebration but that is not always the case. Too many students walk out of the graduation ceremony into a world of debt.
We are talking about student loan debt which can be comparable to the cost of a house. It is a burden that many have a hard time carrying. The amount of the monthly obligation can harm financial wellness if there is no outside support available.
We Assist in Handling the New Expense
Graduates may be familiar with budgets, but loan payments can disrupt the normal process. The Countrywide counselor will take the time to work with the plan member over the new budget figures. This financial professional can see where some projections can be made in ongoing payments, so that the new expenses will not create alarm.
Student loans are structured in a way that they can be a mystery. It can all be very confusing. Countrywide certified counselors will look at the graduate’s loan obligations. They can point out requirements of the various loans and make suggestions on how to meet them. If there is an opportunity for a reduction in the interest rate or the amount of the loan, the counselor will note that.
More Financial Wellness Benefits
Once the loan repayments are set as an ongoing expense in the budget, there is a chance to look at other components of financial stability. Asset inventories will allow a recent graduate to know his or her full value. It can lead to plans for sizable future purchases, including buying a house. We have a program, “Make Your Move” that will help a plan member better understand how to buy a house and finance a mortgage. Following the budget created by a Countrywide counselor results in better financial planning and saving for that piece of the American Dream.
It is sad but some financial wellness plan members are in very serious financial trouble. Anxiety may lead to panicky decisions such as filing for bankruptcy or foreclosure, causing credit ratings to plummet. Countrywide has a debt management plan for those in a drastic situation. It costs a little more, but the ongoing counseling and advice will help the individual get out of trouble.
The Client Calls the Shots
We want our clients to have the best financial wellness program with benefits that serve all the employees. We allow clients to choose what benefit options they want to have in the plan. It allows the organization to better align the benefits to the needs of employees. We back this with some of the best service in the industry and the administration is streamlined to be highly effective.
Choice creates a win-win situation. The employer can craft a plan to meet the needs of the employees. Those hard-working people receive a financial wellness benefit they can use immediately. No one has to worry about being embarrassed. Countrywide selects counselors for having the best quality people skills. They provide service with empathy, making a person feel comfortable and respected. The Countrywide reputation for superior member service is well known. We do everything within reason to help our plan members, and current clients comment favorably on all we do for them.
Spring graduation should be a time of hope and happiness. Countrywide can help bring that about by offering the kind of outside assistance and guidance any graduate needs and appreciates. Our financial wellness plan includes other features. Any of these can help employees with financial difficulties. We encourage decision-makers to contact us and find out more about what Countrywide can provide.