A lot of excitement has been generated by the latest news. The US Department of Education suspended nearly $ 5.8 billion in outstanding student loans, affecting more than 500,000 indebted people. It’s a great development but look again before you celebrate.
The cancellations affected former students at Corinthian Colleges. This was a large for-profit training company that applied for Chapter 11 bankruptcy in 2015 and was sued for false advertising and recruitment. The students who attended Corinthian Colleges are the only ones who have so far forgiven all debts.
Still, this gives hope to a lot of people. We agree that the whole thing is exciting, but we suggest that no one holds their breath about it. Forgiveness of student loans is a topic of discussion, but many people oppose it. We believe that it will be a while before significant amounts of debt are obliterated. Meanwhile, many people are confronted with having to pay a substantial student loan amount.
Employers can help
Many organizations appreciate the high level of education that their new employees have achieved. They know that the high-tech skills and other business-related knowledge acquired help with the result. But a compassionate management understands that the same employees took on a lot of debt to achieve their college degree. The importance of repaying these loans makes many people think about big decisions and perhaps postpone the purchase of housing or start families.
Employers want to help, and there is a way. Many companies have training assistance programs that generously help with ongoing training, but an employer can help those who already have debts by extending the benefit. Having a companion service that promotes financial well-being will help those struggling with loan payments. Nationwide prepaid legal services have an advantage that management should consider.
The right kind of help
Nationwide has an economic wellness benefit which connects plan members with certified advisors who are experts in financial matters such as college loan debt. We have an advisor working in each nationwide client community, and members of our financial health plans are given priority attention.
The advisers can give advice on how to renegotiate the loan terms and get lower interest rates. In addition, there are specific programs that a plan member may qualify for, and the counselor would point them out in meetings with that person. An advisor can also help develop a budget that makes it easier to meet college loan payments and still save for large purchases like a house. Although we can not erase the amount of college debt, Countrywide can certainly alleviate the anxiety and stress that many feel.
We work with the customer
Countrywide has several financial wellness services that all employees of a customer can use, depending on what the customer wants. We strongly believe in elections because the management knows the workforce better than we do. We explain our benefits to decision makers and point out how each position benefits an employee. We then stand back and let the potential customer choose the financial well-being options that will be included in the final plan. Countrywide provides administration and membership services. We have close contact with the customer and encourage communication.
One benefit we always offer is empathy. Our advisors are experienced veterans, but we want more of them than just expertise. We expect our counselors to have high levels of emotional intelligence. Every plan member is given careful attention and their concerns are respected.
We offer a financial wellness benefit that everyone can use. In addition, some services help with medical bills, house purchases and bankruptcy management. If you are interested in our services, you are welcome to contact us as soon as possible. We welcome the opportunity to talk to you about what Countrywide can do and how we can help your workforce.