The growth of student loan debt, delinquencies, and the majority of borrowers currently not making payments that reduce principle make comprehensive counseling and education a necessity.
Washington, D.C. (PRWEB) August 21, 2012
Today, the Student Loan Alliance (SLA), a nonprofit organization headquartered in Washington, D.C., launched with a national symposium at George Washington University. The Symposium expanded the dialogue among the regulatory and legislative community, trades, and lender/servicers on the role of comprehensive counseling in addressing student loan challenges. More than ten of the largest financial counseling organizations across the country participated.
SLA’s President, Larry Gilmore, stated, “The growth of student loan debt, delinquencies, and the majority of borrowers currently not making payments that reduce principle make comprehensive counseling and education a necessity. Comprehensive counseling and education for borrowers to understand their student loan debt and their full debt picture makes for a better informed borrower and increases loan performance.”
The Student Loan Alliance identifies, develops and provides solutions to mitigate challenges borrowers have with student loan debt by promoting:
- Partnership – Facilitating private, nonprofit, and public partnerships to develop best practices
- Borrower Outreach – Implementing robust borrower outreach campaigns to increase awareness
- Counseling and Education – Providing streamlined counseling and education that deliver sustainable solutions
Mark Kantrowitz, publisher of Fastweb.com and FinAid.org shared, “As grants fail to keep pace with increases in college costs, it is increasingly important for students and their families to receive financial counseling before, during and after college to help them make smarter borrowing and repayment decisions.”
“We receive requests from thousands of consumers across the country who experience all types of credit challenges - credit card, auto, budget management, mortgage, and student loans. We’re proud to work with our industry colleagues through the formation of the Student Loan Alliance to have a more coordinated role in assisting student loan borrowers,” said Aaron Horvath, President of Springboard Solutions.
More information about the Student Loan Alliance can be found at http://www.studentloanalliance.org
About the Student Loan Alliance
The Student Loan Alliance (SLA) is a nonprofit organization focused on developing long-term solutions to address the student loan crisis with a key focus on leveraging independent nonprofit counselors as “trusted advisors.” Alliance members deliver efficient counseling and timely assistance by implementing best in class systems and processes. The student loan crisis affects many households across the country and SLA is committed to addressing the crisis by promoting partnership, developing effective outreach and awareness campaigns, and providing streamlined education and counseling.