Student Loan Counseling
Student loan debt is increasing at an alarming rate. The loans are easy to get, but much harder to pay back. It’s more important than ever to be well-informed so you can make smart financial decisions.
A professional NBP advisor will work with you free of charge to review your individual situation. Most student loan borrowers don’t fully understand their student loan repayment options. We can help you make an informed decision on strategies to postpone payment, reduce payments, consolidate loans and pay off credit card debt.
Strategies to Postpone Payments
NBP can help you evaluate short-term strategies to postpone payments, such as deferment and forbearance. Use these options with caution because interest usually continues to accrue and your debt balances grow.
Strategies to Reduce Payments
We can explain longer term strategies that reduce payments. These include graduated and extended payment plans, loan consolidation and federal programs such as Income Based Repayment (IBR), Pay As You Earn (PAYE) and Public Service Loan Forgiveness (PSLF).
We can help you decide when and if it makes sense to consolidate your loans. Consolidating loans is similar to refinancing a mortgage. You must consider origination fees, prepayment penalties and new interest rates. You can only consolidate a loan once, so make an informed decision before doing so.
Strategies to Pay Off Credit Card Debt
If you have credit card debt, we can help you with that too. We can also review your credit report and help you understand how to manage your credit score.
We will help you:
- Develop a customized budget for managing your money and expenses.
- Find out if you qualify for a student loan repayment program to lower your monthly payment.
- Help you understand the pros and cons of your student loan repayment options.
- Develop a customized action plan for your future success.