How Does Student Loan Guidance Work?
Our approach to Student Loan Guidance involves a top-to-bottom look at your individual financial situation. We see how your monthly budget is impacted by your student loan payments.
From there, Counselors employ a three-step process to help you. S/he will help you determine the best course of action to pay
down your student loans responsibly, try to get your payment under control and help you learn the effects of student loan debt
on your credit.
The three steps are:
-
Analysis – Figure out who and what you owe;
-
Evaluation – Figure out how much you can afford to pay;
-
Implementation –Devise a plan for repayment.
1
Analysis
The first step in our Student Loan Guidance Program is to more fully understand your particular situation. Your Counselor look at your budget, expenses, and spending patterns. From there, s/he can usually make recommendations that can improve how you utilize your income while reducing your expenses and liabilities. This allows you to free up income that can be directed toward paying down your loans.
Then, s/he reviews information that may impact eligibility for student loan programs, such as adjusted gross income, family size, tax-filing status, and type of employment. S/he’ll also gather loan-specific information such as the types of Student Loans, balances, monthly loan payments, repayment plan, loan status, and whether there is tax offset or wage garnishment.
Evaluation
For the next step in our Student Loan Guidance Program, your Counselor will use the information gathered to evaluate what repayment
options are available for you. Then, she’ll help detail what steps need to be taken to implement the option that best fits your situation. Once
s/he has identified the options, s/he’ll communicate the specifics of each option so you will understand both the pros and the cons, and the
necessary steps to ensure continued success with the chosen solution.
2
3
Implementation
Finally, s/he will guide you through the process of filling out the necessary paperwork to enroll in the chosen repayment option, along with assisting you in any follow up calls needed to your loan servicer.
Some of the Federal student loan repayment options may include:
Income-driven repayment plans
Student loan forgiveness programs
Loan rehabilitation programs
Student loan consolidation
