It is a new semester on college campuses and the last one for many seniors. College days are about over, and the monthly student debt bills will soon begin. Some seniors already have accepted job offers, but loan repayments might take a big portion of their paychecks. The cost can harm financial wellness.
College debt can be enormous with a person perhaps owing more than $100,000. New graduates have not faced the payment obligations the size of a house mortgage. Drastic steps such as forbearance and even declaring bankruptcy can appear to be the only options. However, desperate decisions are not necessary.
A strategy for paying college debt can be devised. There are payment options, but few young employees know about them. A professional who offers reliable guidance can make everything easier. Countrywide Pre-Paid Legal Services has a financial wellness plan that can reduce anxiety and stress.
Various Ways to Address College Debt
A strategy is an overall plan and uses tactics to reach the goal. There are many ways to constrain the college debt beast, and there are various tactics one can use.
Autopay, having the monthly bill automatically deducted from a bank account, can reduce interest by as much as one-quarter of a percent. Paying biweekly instead of monthly will also reduce the interest payments. A person who has a steady income could renegotiate the payment schedule and paying a little extra each month is also possible.
No one expects a newly minted college graduate to know any of this. Countrywide has a nationwide network of certified counselors to help financial wellness plan members. These professionals are familiar with college loan debt and have some ideas that make payments more affordable.
The counselor will use a budget analysis as an information-gathering tool. By analyzing the plan member’s cash flow, the counselor can discover ways to adjust current expenses to free some money for college debt payments.
The counselor can also share payment ideas that reduce interest costs. It is possible to restructure the debt or apply for loan forgiveness. The counselor knows how to do either. All options can be addressed in a face-to-face meeting between the counselor and a plan member.
Emotional Intelligence Matters
A sit-down meeting isn’t always comfortable. A financial wellness plan member is nervous and sensitive about debt issues. That person also wants to be treated as an adult and resents sermons.
Countrywide considers people skills when recruiting counselors. We want our professionals to have good people skills and demonstrate empathy. All plan members are given respect and courtesy. We are problem solvers. We will not preach sermons.
The Employer Plays a Role
Organizations need the skills of college graduates who have paid considerable tuitions to gain advanced technical knowledge. It is in the best interest of any employer to provide financial wellness that helps these young people get out of a debt swamp. Countrywide has other options to help people that could be a part of a plan. The services offered depend on the organization.
We ask clients to help us design their financial wellness plan — those options which an employer believes the workforce wants will be part of the program. We provide the counselor expertise and the administration. We can get needed assistance to plan members quickly because of our efficient administrative practices. Nobody is going to be waiting a long time to get the help required.
College debt can be traumatic. Life decisions are delayed many times because of the cost of paying the loans. Countrywide can make this less of a problem for plan members. Our counselors can show various alternatives that will allow a person to pay off the debt successfully. What we have to offer is worth considering.
If you have an interest in our benefits, please feel free to contact us at your convenience. We want to tell you how we can assist your employees with everyday financial issues.