CCCS was early initiator of student loan counseling services
Editorial by Consumer Credit Counseling Service
Last month, the National Foundation for Credit Counseling announced the launch of its national student loan-counseling program. This service will help deliver relief to the millions of borrowers throughout America who have been struggling to repay the money they borrowed to finance a college education. Consumer Credit Counseling Service joined with the NFCC in the development and launch of this initiative.
The NFCC praised CCCS for the student loan-counseling program it created and implemented in 2012. It was one of the nation's first—and is the only local program of its kind.
Student loan debt continued to grow without abatement in 2015 and has already eclipsed total credit card debt. Some estimates show the rate of growth to be nearly $3,000 per second, propelling the national student loan debt total above $1.3 trillion. Among the 43 million total student borrowers, 7.3 million are at least 90 days delinquent on their loans, 5 million are in default and millions more are in negatively amortizing income-driven repayment plans. These figures indicate student debt is likely to drive the next major financial crisis affecting millions of Americans, with spillover effects already impacting the market for homes, cars and basic consumer goods and services.
Struggling borrowers in today's market often do not know where to turn. Many borrowers receive misleading information from servicers and debt collectors. Until the NFCC's new program, there was no established student loan-counseling provider on a national level.
CCCS wants student loan borrowers to know they are here to help. CCCS can help student loan borrowers while they work with a certified credit counselor to create a plan for financial security.
CCCS initiated the region's only student loan-counseling program four years ago, after seeing a sharp increase in new clients struggling with student loan debt. Certified credit counselors work with a broad cross-section of the community saddled with student loans. The complexity of the student loan market and options available during repayment cause many individuals with student loans to feel overwhelmed. CCCS Buffalo designed its program to meet the needs of this growing population segment.
All CCCS student loan counselors are experienced National Foundation for Credit Counseling-certified credit counselors and have completed specialized training that covers the full inventory of student loan programs associated with repayment, forbearance or other loan modification options. In addition to the training requirement, all CCCS and NFCC student loan counselors have earned specialized certification. Along with the credit and housing counseling certification already recognized for setting the highest standards, the NFCC student loan-counselor certification is regarded as the most thorough and comprehensive certification process for student loan counselors in the country.
Those who receive counseling will benefit from a thorough financial review that will identify options based on unique circumstances and individual needs. This holistic approach, already a standard among CCCS- and NFCC-certified counselors, will empower borrowers to make informed decisions about their student loan repayment options and take charge of their financial lives.
Those currently seeking assistance with student loan debt are encouraged to reach out for counseling by contacting CCCS at 716-712-2060 or online at www.consumercreditbuffalo.org.
Founded in 1951, the NFCC is the nation's first and largest nonprofit dedicated to improving people's financial well-being. For expert guidance and advice, call 800-388-2227 or visit nfcc.org today.
Since 1965, CCCS, a nonprofit, full-service credit-counseling agency, has provided confidential financial guidance, financial education, counseling and credit repayment assistance to consumers. Counseling is available at its main office in West Seneca, in one of its satellite offices, by telephone and via Internet. Visit www.consumercreditbuffalo.org for more information.
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