Student Loan Counseling Can Put Money Back in Your Pocket

  • July 21, 2016
  • By: Greenpath Financial Wellness
  • GreenPath Financial Wellness is a trusted national nonprofit with more than 60-years of helping people build financial health and resiliency. Our NFCC-certified counselors give you options to manage credit card debt, student loans and homeownership.

Many fresh college graduates and young professionals find themselves in low-paying jobs when they are starting out on their own. They struggle with their student loan debt, sometimes for years. That mountain of debt can feel insurmountable.  However, there is help out there to guide you in the right direction. Student loan counseling can put money back in your pocket. Consider talking to a student loan expert.

How it Works

When you contact a non-profit, student loan counseling expert, you’ll get connected to a professional who will take time to learn about your situation. They’ll empower you to make informed decisions and build a path forward. They will review your repayment options with you and help you choose the best one for your situation. They can even advocate for you with your lenders and help you manage all of the necessary paperwork.

How Student Loan Counseling Saves You Money

You can get more money back in your pocket through student loan counseling. Here are three ways:

  1. Lower your monthly payments. There are many repayment options available to you. A student loan counselor will explain the different plans you are eligible for and the pros and cons of each one. If you cannot afford your current payments under a standard plan, your counselor can help you choose a plan that will have much lower payments at the beginning. These options can free up dollars in your monthly budget so you can pay for necessary expenses.
  2. Pay less interest. Your student loan counselor will help you evaluate your situation and your budget to choose the best repayment plan. Depending on which plan you select, you could save thousands of dollars in interest over the life of your loan.
  3. Take advantage of loan forgiveness programs.  Depending on your employer, you may be eligible for a student loan forgiveness program. If you work for certain types of public service jobs, including jobs in government, education or non-profit organizations, you may qualify to have your loans forgiven after making 120 consecutive monthly payments. Your student loan counselor will walk you through the process, from determining eligibility to filing the paperwork to make sure you are on track to have the loans forgiven. If you qualify, thousands of dollars in debt can be wiped out.

Before choosing a repayment plan or consolidating your loans, it can be helpful to speak with a student loan expert about your options. It’s important to understand how your finances will be affected and what it means for your future.  You deserve to have peace of mind, knowing that you are making the best choice in managing your loans and your money.