It is the 800-pound gorilla in the living room. College debt has ballooned in the last few years, and it is a fact of life for many young employees. These tech-savvy workers paid for their education with loans that were in the figures and more. The repayment schedule will be a part of their lives for many years and will influence the timing of significant life decisions.
The college debtor feels caught in a trap. He or she may feel there is no way out and might make decisions that will harm them financially (e.g., reliance on forbearance, declaring bankruptcy, etc.). They need help, and an intelligent employer recognizes this. Stepping in to assist an employee with college debt is something a frustrated person will appreciate.
Countrywide Pre-Paid Legal Services offers help with financial wellness. We have a nationwide network of certified counselors who deal with money problems that the average employee faces. College debt is one of our counselors’ specialties.
Considering the College Debt
A Countrywide counselor looks at a person’s cash flow and suggests strategies that can help that employee manage the debt. There are several ways.
- Automatic Payments (there might be an interest rate discount for doing this)
- Graduated Payments that increase the monthly amount over the years.
- Paying as You Earn. If a person qualifies, the monthly payments are capped at 10% of monthly income for as long as 20 years.
- Knowing the Terms of the Loan. The loan itself may offer ways to reduce either the interest rate or the balance.
Most people are not aware of the options, and this makes a Countrywide counselor a valuable resource. The counselor will review the loan(s) conditions to see if negotiating the terms might help a plan member. It often happens that loan officers are willing to be accommodating if specific paperwork is filled out correctly. Countrywide will help a financial wellness plan member present his or her case. There are government programs that will reduce the interest rate or forgive portions of the debt. A Countrywide counselor will alert an individual to such opportunities.
The best benefit is creating a sense of confidence in a plan member. Countrywide counselors coach people on how to afford the college debt and what are the best ways to pay off the obligation. Financial wellness plan members appreciate the attention and the consideration our counselors show.
The Client Will Decide
Countrywide has several financial wellness services to help employees solve problems. However, they are not worthwhile if they are never used. We want every employee of a client’s organization to be able to use our benefits. The only way to guarantee that is to shape a plan that will fit all demographics.
Countrywide relies on a client’s opinion. We describe all our benefit options to a prospective client’s decision-makers and answer all questions. We then ask these corporate leaders to deliver what benefits will be in their financial wellness plan. Countrywide includes these selections in the plan document. We furnish administration of these benefits and supply member services.
College graduates may be young, but they are adults. They insist on being treated as adults. Those newly hired people can expect the respect they want when dealing with Countrywide.
Our counselors are seasoned professionals who are well versed in financial wellness. Countrywide expects more. We want our counselors to display empathy and emotional intelligence. Counselors listen carefully before working on a problem. They are not condescending elites. An employee gets essential assistance without being treated like a child.
You may have some questions about our services. We would like to hear them and answer all your inquiries. If you want to know more about us, please feel free to contact us at your convenience. Countrywide welcomes the chance to serve you and your hardworking employees.