American Financial Solutions Launches Student Loan Counseling Program
Seattle, WA – American Financial Solutions (AFS) is pleased to announce the launch of their student loan counseling program. This service will help deliver relief to borrowers in Washington State and across the nation, who have been struggling to repay the money they borrowed to finance a college education.
“We are launching a best-in-class program that delivers to the highest standards when serving the needs of Americans with student loan debt,” said Becky House, Education and Communication Director for AFS. “We have seen how the growing student loan debt crisis affects our clients: collections, garnishments, extra stress and worry. Our NFCC certified counselors are uniquely qualified to address these issues and the full range of financial challenges consumers’ face every day.”
In the United States, there are over 40 million student loan borrowers, and of those borrowers, 6.9 million have not made a loan payment in over a year and 7.3 million are at least 90 days past due. The ramifications of non-payment and student loan indebtedness have a significant impact on the borrower and the community. Non-payment impacts a person’s ability to obtain employment, access traditional banking options, receive income tax refunds, establish credit or purchase homes. It also damages the individual’s credit report.
There are deeper economic consequences as well. According to Rohit Chopra of the Consumer Financial Protection Bureau, student loan debt can negatively impact the economy by delaying family formation and homeownership. It can reduce household spending and suppress entrepreneurship and small business growth.
These figures indicate that 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.
We know people may be confused by the numerous websites and programs available to student loan borrowers. There is no established student loan counseling provider and many borrowers receive incorrect or misleading information from servicers and debt collectors. According to a 2015 report by the Consumer Financial Protection Bureau (CFPB), student loan debt collection is among the five highlighted areas where the Bureau’s examiners have uncovered legal violations.
AFS counselors are experienced in assisting people with numerous types of debt to put their financial lives back on track. They have all completed a special student loan training through the NFCC. This specialized training covers the full inventory of student loan programs associated with repayment, forbearance or other loan modification options. In addition to the training requirement, 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.
American Financial Solutions encourages everyone currently seeking assistance with student loan debt to reach out to an NFCC® Certified Student Loan Counselor. Take the first step by calling 800-895-4795, or visiting americanfinancialsolutions.org.
About American Financial Solutions
AFS is a non-profit 501(c)3 financial education and credit counseling agency that helps people find solutions for managing their money and improving their financial lives. Since 1999, AFS has helped individuals across the United States through one-on-one counseling, classes and the use of debt management plans. AFS is a member of the National Foundation for Credit Counseling (NFCC) as well as the Financial Counseling Association of America (FCAA). AFS is accredited by the Council on Accreditation (COA) and has an A+ rating by the Better Business Bureau. Visit us on americanfinancialsolutions.org and on Facebook and Twitter.
About the National Foundation for Credit Counseling
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With 600 member offices serving 50 states and Puerto Rico, our NFCC® Certified Consumer Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life.
Published Jan 19, 2016.