What Is It?
A repayment plan is a means of paying off college debt without using traditional methods. If a person qualifies, there are several excellent features to a repayment plan.
- Low Monthly Payments
Income-driven repayment plans allow borrowers to make lower monthly payments based on income and family size.
- Lower Interest Rates
Some programs will offer lower interest rates, and that helps borrowers save money over time.
- Extended repayment periods
These will extend repayment periods and lower monthly payments in the process, making the overall debt more manageable.
- Reducing financial strain
Financial wellness is always a concern for a young person. Repayment plans that lower monthly payments and offer forgiveness options can reduce the strain of college debt and make it easier for a person to maintain financial wellness.
You Must Qualify First
Federal student loans such as Stafford and PLUS loans have repayment options. It sounds like a dream come true, but a person must qualify for a repayment plan program. It is necessary to research and understand the terms and conditions of any repayment plan before enrolling in one. Much depends on a plan’s guidelines.
Ordinarily, a borrower must be current on loan payments or make several payments on time. A repayment plan option might be income–driven, meaning that the borrower’s monthly payments will be based on income and family size. It is an effort to have the loans paid without jeopardizing financial wellness. An income–driven plan might require evidence of partial financial hardship determined by comparing a borrower’s income to debt. Repayment plans may require that an applicant work in a specific profession or type of employer.
This may seem confusing, but if a person has the proper guidance and advice, enrolling in a repayment plan is easy. Countywide Pre-Paid Legal Services offers an employee benefit that includes helping borrowers control their college debt.
We Have the Counselors
Getting great advice makes the entire application process more manageable. Countrywide has a nationwide network of certified counselors who deal with everyday financial issues, and college debt repayment is one of them.
A Countrywide counselor is located in the community of every one of our client organizations. These professionals are concerned with a plan member’s financial wellness and provide excellent advice.
The counselor will explain what is necessary to qualify for a repayment plan and how to apply successfully. The counselor identifies essential information and helps a plan member compile the needed data. As a result, a person has a better idea of what repayment plans they qualify for and is better prepared than if they tried to do everything themselves. Countrywide gives the needed assistance for success.
Some Great Financial Wellness Options
Our counselors deal with other financial areas, such as medical expenses and creating personal budgets. We let our prospective clients choose what options they want in their financial wellness plans. Those selections are included in the final plan document. In addition, we will provide superior member services and administration.
We want to assure every prospective client that their employees are important to us. They have superior people skills and prioritize a Countrywide plan member. Many problems that initially appear overwhelming are resolved with our counselors’ advice.
If you are interested in what we offer, please contact us at your earliest convenience. We can do quite a few things for your employees and would welcome a chance to explain all of them to you.