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Home / Insurance / Managing college debt payments It’s a good lesson to learn – Blog about legal insurance – April 21, 2022

Managing college debt payments It’s a good lesson to learn – Blog about legal insurance – April 21, 2022



stockfresh_4971788_studentlån-debt-installment-payment-check-money-paid-back_sizeS-300x300Can we expect forgiveness of university debts this year? The Biden Administration has extended the break for federal student loan payments until May 1, 2022. It is a relief for many, but it is temporary. The Federal Student Aid Office estimates that federal student borrowers owe close to $ 1.6 trillion. So direct repayment of student loans is probably out of the question in the near future, and borrowers can hope for a continued extension. After that, however, the extensions may expire and the payment process, which has been waiting for almost two years, will start up again.

This creates a challenge for many young employees.

Time goes by

The break in payments has helped, but life does not stand still. Those who have university debt have adjusted their expenses to reflect existing obligations. Expenses such as loan payments on new cars or higher rents on new apartments that were once not included in the cash flow are now there. A person who is not ready at the end of debt extension of college loans can suffer a cruel shock.

Economic well-being is time-sensitive. We are experiencing inflation that has not been seen for over 40 years. Reintroducing college debt payments will make things extremely difficult for many people.

What to do

There is time to get ready for the end of the extensions. An individual should not panic but look clearly at different options.

  1. Refinance the current interest rate.

Do this while it is still possible in light of inflation. But a person must be careful, and high credit values ​​will be necessary.

  1. Make additional payments a monthly habit.

This means paying a little more than the minimum required to make payments, perhaps every two weeks instead of monthly. The smart idea is to schedule your debt payments when you receive your weekly salary. Be sure to notify the loan service that the extra payment goes to the principal balance.

  1. Explore loan forgiveness.

The Public Service Loan Transfer program and the Teacher Loan Transfer program are examples. You need to qualify for these in order to benefit from them.

  1. Take advantage of the services of a nationwide advisor.

Our Services

Nationwide prepaid legal services have a financial well-being benefit that uses a nationwide network of certified advisors who help plan members with common financial difficulties. University loan debt is one of our special areas. A plan member can contact a nationwide counselor in the community and get priority help.

Nationwide advisors are familiar with forgiveness programs and structure personal finances to better afford college debt. A budget analysis is one of our financial wellness services. The goal is to provide expert advice to those who need it. A nationwide advisor can point out various options that a plan member may not know exist. Applying for the right program can be tricky, and our advisors will explain what it takes to start the application process.

We work with our customers

We have several benefit options that promote an employee’s financial well-being. We ensure that our program benefits everyone in the organization by seeking input from decision makers. Countrywide will explain all our financial well-being benefits to a potential customer. We will answer every question and leave the final selections to the decision makers. The selected benefit options will be included in the final planning document. In addition, Countrywide provides administration and membership services.

The result is a benefit that provides high-quality financial assistance to employees. Our advisors can reduce the stress caused by college debt. The advice and guidance that employees receive is significant. A customer benefits from the fact that diligent employees appreciate the help. Retention and productivity are thus improved.

Are you interested in what we can offer? In that case, you are welcome to contact us as soon as possible. We want to be there to help your staff when they adapt to the payment requirements for college loans


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