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.

Managing a Massive Debt Keeping Things Under Control

stockfresh_4665102_student-loan_sizeS-300x300There is a lot of positive chatter about student debt loan forgiveness these days. Some are predicting as much as $50,000 per student and everyone is eagerly awaiting more news. We hope things happen that will benefit students; they deserve a break! However, we remain a little skeptical. Politicians often promise too much and deliver too little.

Employers often help financially beleaguered employees. They offer tuition reimbursement and those employees who are still in school much appreciate that. This generosity does not impact existing debt. An organization can add to its help by offering a financial wellness plan. This is a form of pre-paid assistance that does not have to cost the employer anything. Countrywide Pre-Paid Legal Services has one of the best programs in the industry. Our financial wellness options include help with college debt.

College Debt Hell

A person may have over $100,000 in loan debt by the time he or she finishes college. The grace period is absurdly short. Your employees might get smacked with a mortgage sized monthly payment and might not have a clue about what to do. The anxiety can lead to panic, which will, in turn, cause horrible decisions.

Countrywide uses certified financial wellness counselors. These money professionals help people with common financial wellness problems and are in every community where there is a Countrywide client organization. Our counselor works with the plan member to resolve any money problems.

Many young employees do not understand budgets. They are not sure how to balance checkbooks or spend their money sensibly. A Countrywide counselor will do a budget analysis for a financial wellness plan member. The counselor looks closely at a person’s cash flow to identify any problems. Plan member then receives advice from the counselor about realistic budget adjustments. The revisions that are made will release extra money for college debt payments.

 

Making Better Financial Wellness Decisions

We mentioned earlier how panic leads to bad decisions. The size of the college debt can overwhelm a young employee. That person might seek an easy solution, such as relying on forbearance or filing for bankruptcy. Either is a mistake that can be avoided. Countrywide counselors deal with college debt problems every day. They can advise a plan member on how to escape debt quicksand.

The advice might be renegotiating interest payments or exploring debt forgiveness options. Every stone is overturned to look for an answer to major finance questions. A plan member begins to feel more confident as the Countrywide counselor’s advice shows the path to better managing college debt.

We Ask the Client

Our primary goal is to provide a plan that every employee can use. It is not easy to do that because Countrywide has no idea of a client’s workforce’s needs. We ask decision makers to help us. Countrywide will explain all the plan options to a prospective client without pushing one benefit over another. We stand back and let the client choose the options that will be in the plan document. What the client wants is what the client will get. The final choices will all be in the final plan. Countrywide provides streamlined administration and world-class member service to the plan members. No one is forced to wait for needed help.

College debt is a significant roadblock to life decisions. Employees welcome the help that a Countrywide plan can give and respect the employer who provides such worthwhile benefits. We can help in other financial areas, such as dealing with medical bills or saving for a home. If you have any questions about our services, please feel free to contact us at your convenience. We welcome any opportunity to explain how Countrywide can help you help good employees end personal finance troubles.