What Is Student Loan Counseling?

by | Sep 19, 2018 | Loan

Few things are more confusing than trying to chip away at one’s student loan debt. There are so many factors to consider, such as how to factor your loans into your salary and budget, as well as trying to get your loans paid off within a reasonable amount of time. Thousands of former students find themselves overwhelmed by their loans each year. If you find yourself in your situation, know there are resources available to help. One of those resources is federal student loan repayment counseling.

How Does It Work?

Two types of federal student loan repayment counseling exist, depending upon the extent of your needs. One involves working with a professional to take a close look at your finances and overall debt. From there, you and the professional can work out how to best tackle paying your loans off in a way that properly aligns your circumstances. Once you and the professional have hashed out a plan, you can then tackle it independently. The second option is similar to the first, except for the fact the professional working with you will also assist you in kickstarting the process toward applying for a forgiveness or repayment plan.

Factors to Keep in Mind

Federal student loan repayment counseling is not free. However, the price depends on the extent of the help you want. The first plan costs $50.00, while the second may cost $50.00 for every professional you work with or a minimum, one-time price of $250.00.

When you get the chance to work with federal student loan repayment counseling, your full appointment will unfold via phone call. You should have all of your necessary documentation prepared and on hand throughout the appointment for both yours and the professional’s convenience. Naturally, discussing your student loans will involve ample discussion about your financial circumstances so you should only seek professional services if you are comfortable talking openly about your finances.

To learn more about federal student loan repayment counseling, get in touch with Optimum Doc Prep by calling 877-207-8086 or visiting their website.

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