The academic year is now in full swing. Students are filling up the classrooms in colleges and universities and they are acquiring the knowledge they need for their future careers. They’re also acquiring debt which will affect career decisions.
College Debt Harms Financial Wellness
Tuition and living expenses are burdens to a college student, and graduates must bear the brunt of the weight. The final cost of a four-year college degree can be close to six figures and a graduate degree adds to the bill. A person might be committed to paying the loan balances for decades.
The application can influence career decisions. Employers will notice highly talented staff leaving for other jobs after only a few months. College debt payments can force a person to change jobs, not for career enrichment, but to make more money to pay the loan balances. It is in the best interest of organizations to help an employee manage those education bills. Countrywide Pre-Paid Legal Services has a Financial Wellness Plan that provides needed assistance.
The Right Decisions
Many employees with college debt have no experience with handling large payments. Not knowing what to do will lead to bad decisions such as relying on forbearance or just ignoring the debt. The latter has severe consequences, including a bankruptcy filing. Countrywide can step in and help.
We have a network of certified counselors in our Financial Wellness Program. These professionals give advice based on years of experience. Countrywide counselors deal with college loan issues. These financial experts are aware of programs to lower debt interest or reduce the principle. They advise plan members of these opportunities and can help with the application process.
Employees fresh out of school might have little experience with a personal budget. Countrywide performs a budget analysis to show a plan member where cash is coming and going. The study reveals where a little fine-tuning will make debt payments affordable.
The Employer is the Decision-Maker
We want employees to use our Financial Wellness benefit. Even though Countrywide deals with all kinds of organizations, we don’t know the needs of employees. The organization’s management does. We ask the employers to tell us what they want in the plan. Clients will then choose better options; they know what their staff needs.
We have Superior Benefits
It is sad, but a college graduate can get into severe trouble thanks to college loan debt. Countrywide has a Debt Management Plan to help people take better control of their finances. We also can help in extreme cases where bankruptcy is the only alternative. We are here to assist anyone who must go through that difficult time. Our help has allowed many plan members to weather the storm of bankruptcy.
One of our best services is personal. A recent college graduate expects to be treated as an adult and is very sensitive to any slight. It can be embarrassing to be confronted with budget problems or an inability to pay a debt. Countrywide understands the frustration a plan member might have.
We are concerned about the feelings of other people. We want our Financial Wellness Plan members to be treated with understanding and respect. Countrywide recruits its counselors based on financial expertise and emotional intelligence. We want the counselors to provide excellent service and not lectures. Every person who receives a Countrywide benefit will be treated as an adult. Our counselors look to find answers to various problems. The solutions are the primary goal.
This attention to the dignity of others is something our clients greatly appreciate. They comment favorably on what we do for their employees and like the way we treat these people. The attention to personal detail is why we are one of the best in the industry.
We want to tell you more about our Financial Wellness benefits. We believe you will find options that your employees can use, and we are willing to explain each of our benefits in detail. Please feel free to contact us at your convenience.