During this constantly evolving situation, presented by the COVID-19 pandemic, we want to assure you that Countrywide Pre-Paid Legal Services is fully operational and well positioned to navigate this challenge and will continue providing the services you have come to count on from us. We are available by phone or email.

What Do You Know About Your College Loans?

Good Advice Helps Manage the Debt Loadwoman shouting into smartphone

The stories about college loan debt are downright frightening. College graduates are being confronted with debt that can amount to well over $50,000, with the payments to be done over a period of decades. This is not always a situation where students are being spendthrift. It can happen that a young person takes out a loan without realizing what the terms are, and start accruing debt without realizing what has happened

Problems Can Surface in Scheduling Classes

A prime example is the Stafford Loans, which happen to be one of the primary means of students funding their college tuition. Students who are eligible can receive a subsidized Stafford Loan, and the interest rate is very attractive. The problem that surfaces are the stipulations behind the subsidized Stafford Loan. A student is allowed so much time in order to complete his or her degree program. Moreover, the student cannot fall below half-time status Scheduling problems arise where a young person is closed out of a class, and has to schedule it at a later date. It also can be this student falls below half-time status. If because of scheduling this person goes beyond the deadline, or becomes a half-time student, the subsidy is lost and debt starts accruing immediately. It means what started out as a subsidized loan becomes a runaway train. Future financial wellness of this person is placed in jeopardy.

Guidance Is Important

This is just one instance where not understanding the loan provisions place an undergraduate on the road to massive debt. It helps to have somebody who is a professional give some guidance. Countrywide Pre-Paid Legal Services is very much concerned about the financial wellness of any college graduate. We know how it can impact on this person’s future, and we wish to help. We have a financial wellness program intended to be of service.

What we do is we have professional financial counselors available for plan members to consult. These experts in the field can help acquaint a plan member, who may still be undergraduate or graduate student, with the caveats that may be in the loan program. They can caution against scheduling problems and help a financial wellness plan member navigate the waters. The real tragedy be if a person sees the debt accumulate and does not know how to prevent it. It is why our counselors are experts in the area debt administration. They can help anybody have a better understanding of what those loan requirements happen to be.

 

Our Administration Is Meant to Assist

We do not want somebody to be stressed out about a rising tide of debt. Countrywide streamlines its administration so anyone who needs financial wellness advice can get help quickly. With the advice of whatever counseling professionals, any plan member can see light at the end of the tunnel. Best of all, the student has a clear understanding of how to avoid losing a subsidy on a loan. He or she is better able to administer what one looks like a hopeless situation.

Organizations benefit from this kind of help. Any employee who stressed out about student loans is going to be preoccupied with that worry. It is always better to have this individual more focused on work assignments. Countrywide works with organizations and we’ve been doing it successfully for 29 years. We can tailor the financial wellness program meet the requirements of the organization. We do that without sacrificing any quality of service. What we are able to provide will allow new employees particular focus more on their projects. Help with student debt is just one of the many options, and there are more that can be just as valuable. We encourage decision-makers to contact us about our program.

Posted in:
Updated:

Comments are closed.