Student loan debt in the U.S. has been soaring and is a major concern to families in Minnesota and across the nation. Unlike other forms of debt, student loans generally cannot be discharged through bankruptcy and may take decades for borrowers to repay. Delinquent student loan repayment can also have a devastating impact on a borrower’s credit.
Starting in 2012 with a pilot program, LSS Financial Counseling began providing Student Loan Borrower Repayment Counseling to hundreds of borrowers. As of October 2015, the Minnesota state legislature began funding a program in partnership with the Office of Higher Education to provide guidance to Minnesota residents who are in repayment of their federal and private student loans, but have missed a payment or two.
There is no charge to borrowers who are counseled through this service, which is delivered via one-on-one counseling either in person, over the phone, or via Skype to borrowers throughout the state. Our certified financial counselors empower borrowers to take action and improve their overall finances, with a special focus on bringing student loan repayment current and preventing default. Borrowers work with their counselor to develop a personalized action plan with easy steps to improve their situation. This action plan includes budget, credit, and debt advice while also addressing any underlying issues that may stand as barriers to achieving financial and repayment goals.
The program provides an unbiased resource to help borrowers who are in repayment of their student loans in the following ways:
- To explore available repayment options and potential solutions. Many borrowers are simply unaware of available federal repayment options that may provide a more manageable monthly payment schedule than a borrower’s current repayment plan.
- To determine an individual borrower’s eligibility for these federal options.
- To provide assistance in establishing a budget to cover monthly expenses, including federal and private student loan repayment.
- To attempt to contact private lenders to determine possible repayment solutions.
- To help student loan borrowers in repayment avoid defaulting and suffering the related consequences.
Here’s what people are saying about LSS’ student loan repayment counseling:
“Amazing! My expectations were far surpassed at my appointment with Shannon. She was personable and easy to talk to, understanding, and wow – she really knew what she was talking about! Our discussion was in the exact manner that I was hoping for: everyday English instead of Federal Loan website jargon, and it helped me understand my loan repayment options so well that I could repeat everything I learned to my family when asked. She had the answer to every single question I had. We successfully accomplished my goal that I came in with of lowering my payments by $100. Overall a very smooth, enjoyable, and informative five star experience.”
“I would like to say what a wonderful financial counselor April was. Finances are a difficult topic to address. I feel extremely overwhelmed by all of it. Daily living and more so my two sons’ student loans. I know with April’s help I will be able to reach my goals of getting these loans consolidated, personal student loans at a manageable payment plan, and even get my mortgage at an affordable payment. I am for the first time feeling confident and positive at my financial debt. I am going to take advantage of my additional sessions available to me. Thank you for offering this program.”
For more information about this free and confidential counseling opportunity or to make an appointment with a trained Student Loan Borrower Repayment Counselor, please call LSS Financial Counseling at 1.888.577.2227. We’re here to help…call us today!