Parents do not want to see their children enter the business world saddled with heavy debt, which harms financial wellness. This is why they support their children in paying tuition, even though the cost is sometimes more than the parents make in a year. The PLUS program is a means by which parents can assist their offspring. Essentially, the parent pays back the loan.
Parent PLUS Program is Attractive
The PLUS program is a means by which parents can assume some of the debt. The annual cost of attendance for college is the base figure, and from this is subtracted any other financial aid the student may be receiving. The full out of pocket cost of the annual education can be borrowed under the PLUS program. Parents who are experiencing serious financial trouble will not get automatic approval, but for other parents this is a fairly simple process. It seems almost too good to be true. Parents do have to be careful because no one is throwing dollars at them.
You may be Faced with Mounting Debt
PLUS loans have a 10-year life to them and while the first year may seem to be tolerable, the more often you apply for a PLUS loan the more debt you take on. It is entirely possible that a parent can end up with debt obligations in the six figures before all the children are through school. The terms of the loan can pose a substantial burden on any family. All this means is that to safeguard the financial wellness of the home some good advice is needed. Countrywide Pre-Paid Legal Services has the kind of advice and support that parents need to better help their children.
Helpful Advice from Experts
Countrywide has a nationwide network of counselors whose goal is to better help people with their finances. They’re well aware of college debt and the PLUS program. They can help these people provide for their children’s education without the parents going bankrupt.
Parents are not babes in the woods; they have dealt with finances before. The PLUS program is something that is a little bit different and there are elements of it which aren’t always clear. Parents can better understand the program itself if they could use the help and experience of a financial wellness counselor.
Countrywide counselors respect their clients. They understand that parents do not need a stern lecture from anybody. What is important is to find solutions to problems, and explanations of what to do. That is all part and parcel of the countrywide financial wellness program.
We Work with Employers
Our years of experience working with different organizations has told us we need to allow employers to modify benefits. What we do is we provide a number of financial wellness options and let the employer decide which is best suited for its employees. Those employees who have children in college would deeply appreciate getting some solid advice. They might also appreciate getting advice on how to handle their credit card debt. Countrywide counselors will do this, provided the benefits are in the plan. No matter what is in the plan document, we will continue to provide effective and efficient service. Our administration is designed to respond immediately.
Parents will always be parents to matter how old their children become. These adults want to see to it that their young offspring into the working world with as little debt as possible. With the proper guidance they can develop payment plans and strategies for getting their child through college. Countrywide wishes to be there to help with that process.
It is a proud moment when the child walks down the aisle to receive the college diploma. The parents feel a great deal of satisfaction knowing their son or daughter has achieved that American Dream. We have a number of financial wellness benefits that can help employees and we are willing to answer any questions. Please do feel free to contact us at your earliest convenience