Student loans; the majority of college bound students can’t do without them, yet many don’t understand their options when it comes time to begin repayment.
The February 2015 Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York reports that student loan debt increased $77billion year over year, now standing at $1.16 trillion in outstanding debt (second only to outstanding mortgage debt). The 90 day delinquency rate on student loans was 11.3% at the end of Q4 2014, up from 11.1% at the end of Q4 2013. Outstanding student loan debt has sent ripple effects throughout our economy, most noticeably delaying individuals from purchasing their first homes.
It’s no wonder then that every day the credit counseling industry speaks with more and more student loan debtors. Individuals with student loan debt deserve to speak with someone skilled and educated about all repayment terms and options. They need someone knowledgeable and not someone to just help them fill out a consolidation form they can easily retrieve from the Department of Education website or someone just reading them a script looking to close a deal.
From the Consumer Financial Protection Bureau on down, there is no one who doesn’t want to help the student loan debtor. Ensuring counselors have all the information they need is paramount to helping the consumer. The Association of Credit Counseling Professionals (ACCPros) is ready to help agencies educate their counselors to make them most effective.
Industry stakeholders who attended the ACCPros Conference in Albuquerque New Mexico received a masters course in student loan counseling; Student Loan Counseling Boot Camp.
ACCPros is pleased to bring Student Loan Counseling Boot Camp directly to the credit counselor. Comprised of four videos, there is detailed information the counselor won’t get anyplace else.
ACCPros is confident that Student Loan Counseling Boot Camp will give you and your staff ALL the tools needed to knowledgeably start counseling students about their options when student loan payments come due. Please follow the links for more information about Student Loan Counseling Boot Camp.
Student loan repayment options are not one size fits all and student loan counseling needs to be geared towards every individual borrower’s financial circumstance.
The Association of Credit Counseling Professionals, ACCPros, is the credit counseling industry’s newest and fastest growing trade association. ACCPros hopes to distinguish itself from other associations by placing an emphasis on ethics and compliance and focusing on best practices, quality service, education, training, and professional ethics. ACCPros member agencies can be a great resource for consumers seeking help managing their debt. Call the toll-free ACCPros Locator Line at 800-635-0553 to speak with a certified credit counselor at an agency licensed/registered in your state.