Tuesday, September 22, 2015

Help for Struggling Student Loan Borrowers!

Since the launch of CCCS of Buffalo’s Student Loan Counseling program in 2012, the need for borrowers to obtain guidance with their student loans continues to grow. With student loan debt reaching $1.2 trillion, second only to mortgages in regards to total consumer debt, and 5 million borrowers of the 43 million federal student borrowers in default, it is easy to see why. Once a federal borrower is in default, they can face garnishment of their wages (known as Administrative Wage Garnishment) by the federal government, which places an additional burden on an already struggling borrower. At this point in default, it can be extremely daunting and difficult to initiate the steps needed to bring the student loan accounts back to a current status, and many borrowers become discouraged, and give up. At this point, the borrower could face years of negative payment history, and poor credit scores, limiting their ability to build assets.

CCCS of Buffalo has been expanding our Student Loan Counseling program, and is now able to assist in these difficult situations. Counselors help the borrower identify the next steps, communicate with the servicer/collection agency, and develop an action plan to bring the borrower’s student loans out of garnishment, and back to a current payment status. Not only will this help the borrower re-establish positive payment history, but it also puts them back on the path to benefit from income-driven repayment plans, and possibly even forgiveness programs.

If you or someone you know is struggling with student loan debt, whether the student loans are current, delinquent, or in default, CCCS of Buffalo can assist. 
Contact 712-2060 for more information.


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