People with college debt are worried with good reason. They are dealing with a debt load that will take years to pay off. Life decisions such as buying a house or starting a family can be delayed for years. There seems to be no easy way out.
Nationwide Prepaid Legal Services understands the frustration. College debt makes it difficult to pay the rent and buying certain luxury items may be out of the question. People who have such obligations need help and not stern lectures. We have a financial health plan that is a significant employee benefit. It provides support to those who may be giving up hope.
Experienced professionals provide support
Countrywide has a nationwide network of certified advisors who provide financial wellness services to our plan members. These professionals help people with everyday money problems, and there’s an advisor in every client’s nationwide community. As a result, our plan members receive priority status and superior services.
The advisor will begin by examining a plan member’s current situation. A personal budget analysis reveals the impact college debt has on a person’s finances. Then the advisor can suggest where to reallocate funds so that there is enough money left over to meet any monthly college debt payments.
Our advisors have many years of understanding an individual situation and provide the type of advice that a Financial Health Plan member really needs. Some of these can be cautionary tales of what not to do when dealing with college debt such as:
- Relies too much on patience. It’s a common strategy, but it only delays the inevitable. Those in debt discovered that it takes even more time to finally be free of the college debt burden.
- Use a credit card to pay off debt. Some people do, and it’s a bizarre habit. Credit card debt is usually tied to double-digit interest rates. So an individual can sink into debt problem by using plastic.
The counselor can also recommend programs that will reduce college debt. Not everyone knows them, but our experts do. College debt assistance is not the only financial wellness service. We have a debt management program that costs a little more but will help someone facing bankruptcy or foreclosure. In the event of a bankruptcy, we can assist a person in negotiating the troubled waters.
The customer is our partner
We produce a benefit that all employees can use. We guarantee this by working directly with the customer to design the employee benefit. First, Countrywide explains each of the financial wellness options we will provide. We then ask potential customer decision makers to decide which options would be included in their program.
We understand that not all of our services will be chosen by a customer, which is perfectly fine with us. It is more important that every employee benefits from what Countrywide offers. The choices made by management will be included in the final plan document. In addition, Countrywide provides streamlined administration and superior member services to complete the picture.
College debt is a monster that won’t go away. Yet, despite all the rhetoric from politicians, the idea of comprehensive debt relief or deep debt reduction is a matter of debate and not yet a path to action. Until that happens, many hard-working employees struggle with the payments.
Nationwide wants to help. We believe that our counselors can come to the rescue of many people who are stuck in debt. What we offer is better than a fixed amount of money; it is advisable to help rearrange an individual’s financial well-being. Plan members feel better about the help we provide.
If you have any questions about our benefits, please contact us. We would welcome the chance to share how Countrywide can provide meaningful support to your employees.