Too many college graduates are facing the real world with a major burden pressing them down. The cost of college has soared over the years, forcing many young people to take out sizable loans to pay for the education. There comes a reckoning after graduation. The young person is confronted with a mortgage-sized obligation.
That will affect financial wellness. The monthly payment can be hundreds of dollars; money some people do not have. Not quite knowing what to do, a recent graduate will make some poor decisions such as forbearance or filing for bankruptcy. These choices are brought on by panic and can be avoided. There is a way to manage the college loan debt, but it takes knowing what precisely to do. Countrywide Pre-Paid Legal Services offers professional assistance in handling the loan monster.
Financial Wellness Does Not Have to Be in Danger
There certainly are options available to anyone facing college loan payments. There are payment plans that are income based and allow the debtor to reasonably afford repaying the loan. It is possible to get a reduction in interest rates through an auto-debit plan. There is even the ability to get loan forgiveness depending on the circumstances.
The options can frustrate someone who does not know about college debt. Countrywide has a nationwide network of certified counselors who have experience in advising people about how to handle college debt. These professionals can help a person better understand the loans that financed his or her education.
A common piece of advice is for a person to use the grace period to research the various loans he or she must pay. The Countrywide counselor can help in the process. That financial professional can look at the terms and requirements of the loan and point out where there might be interest reductions or affordable payment plans.
Some experts will suggest that the recent graduate continue to live like a college student. It means sticking to a very tight budget. The difficulty here is that many graduates never worked with a budget before. They don’t know how to balance loan repayments with utility bills and groceries. The Countrywide counselor can do a budget analysis to investigate a financial wellness plan member’s existing income and expenses. Budgets can be designed that allow for loan repayment while not asking the person to live hand to mouth. It is the expertise and knowledge of the Countrywide counselor which helps create a blueprint for handling the loans.
The Employer Helps Develop the Plan
Good employers understand the importance of helping an employee who has college loan debt. There are other problems a person may have in maintaining good financial wellness. Countrywide has several benefit options within our financial wellness plan. We ask that organizations select those benefits which decision-makers want as part of the plan.
We know that some of our benefits will be accepted while others are not. That is fine with us, because we know that an effective benefit plan must fit the needs of the plan members. We guarantee high-quality member services from all our people. The counselors give priority to Countrywide plan members and are willing to have face-to-face meetings. Our administration is designed to provide competent service as soon as possible. We do everything to help a plan member resolve a problem.
The morale of an employee improves dramatically as he or she discovers ways to deal with a college loan debt. There is also a deep sense of appreciation for what the employer is doing and that translates into productive loyalty. We want to help employees with their financial situation and lighten the anxiety load they might be carrying.
If you have any questions about our services, please feel free to contact us at your earliest convenience. Countrywide wants to create positive relationships with clients and give the assistance people need with common financial wellness concerns.