Those with college loans recently got another breather from the Feds. President Biden has extended the college debt moratorium until August 31, 2022, and that is a welcome development for everyone wrestling with debt payments. There is still talk of loan forgiveness but be careful about banking on that. A better idea is to look at debt reduction and loan restructuring.
Hacking Down the Figures
Five and six-digit college debt amounts can be overwhelming, and a person may feel adrift in a sea of red ink. Fortunately, there are oars to help you get to calmer waters. Several programs that will assist those with large college debts are available.
- Income-Driven Repayment Forgiveness. These programs will offer Loan payments based on a percentage of monthly income.
- Nurse Student Loan Forgiveness. NURSE Corps loan repayment program will pay as much as 85% of qualified nurses’ unpaid college debt.
- Teacher Loan Forgiveness. To qualify, a teacher must work full-time for five years in a low-income public elementary or high school.
- Public Service Loan Forgiveness. This applies to federal student loans, and the program is for government and qualifying nonprofit employees. A minimum of 120 qualifying loan payments must be made before relief is provided.
Online tools and apps. Unbury.me is a loan calculator to allow a person to develop repayment plans. Mint is a budgeting tool to enable graduates to manage loan payments better. Other tools are available that can make college debts more manageable.
Beware of Scams
There are unethical companies that will exploit a person’s anxiety. Trusting people can be fooled into paying for poorly rendered services. As a result, an individual can end up worse off for all the time and money spent.
Management can lend a helping hand to employees wrestling with college loans. Getting help from an experienced professional is a greatly appreciated service. Countrywide Pre-Paid Legal Services has a financial wellness benefit that offers excellent advice and assistance.
Employees Will Get Professional Guidance
We have a national network of certified counselors who have proven financial wellness expertise. These professionals are readily available to help a plan member with college loan issues.
The Countrywide counselor will do a budget analysis to determine the current financial status of the plan member. Next, the counselor looks at the available college debt options to determine the best choice for that individual.
Counselors will give suggestions based on practical experience to make college debt more manageable. If there is a possibility for debt reduction or partial loan forgiveness, the counselor will explain how to apply for it successfully. The objective is to enhance a plan member’s financial wellness.
No one needs to worry about being shamed by a Countrywide counselor. We expect empathy and courtesy from everyone who works for us. Many shared ideas are notions that an employee knows little about. A session with a Countrywide counselor is very educational.
The Client Works Closely with Us
There is a Countrywide counselor in the community of all our clients. We create a rapport with an organization that influences all our activities. We start with designing a comprehensive financial wellness plan with the organization.
It involves explaining our benefits to the decision-makers and answering all the questions. We ask the prospective client to select what financial wellness benefits they want in their plan. Those choices are part of the final document. We will provide streamlined administration and superior member services. A benefit every employee can use is the result of all the efforts.
Unpaid college loans occupy a lot of rent-free space in the minds of many graduates. A good financial wellness program will help. Countrywide has one of the best in the industry. If you want to know more about what we can do for your employees, please feel free to contact us at your earliest convenience.