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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