With student loan debt in the United States now exceeding a trillion dollars and delinquency rates increasing, the need for assistance has never been greater.
Lighthouse Point, FL (PRWEB) August 29, 2012
Debt Management Credit Counseling Corp (http://www.dmcconline.org), a nonprofit organization (DMCC), announced today a new program to assist student loan borrowers with the repayment of their outstanding loans. The program is designed to help borrowers who are struggling to repay their student loans by first providing them their available options for relief, and then helping them implement the option they choose. Assistance is available for borrowers with either federal or private loans, and even if the loans are already in default.
The options available for relief to a particular individual will depend on many factors, including the type of loans they have, their current finances, their student loan history, and even their employment. Available options may consist of a deferment or forbearance, loan consolidation, income based or contingent repayment plan, or the settlement, discharge or forgiveness of debt. After an initial assessment of a borrower's credit report, DMCC counselors will review all options available to the borrower and recommend the option that best meets their personal financial situation and goals. Borrowers may then choose to implement the required action themselves or retain DMCC to assist them. If the borrower elects to do it themselves, DMCC will provide them implementation information and any application forms they may need at no charge. If the borrower elects to retain DMCC to assist them, DMCC will prepare and submit the required documents to the borrower's lenders to achieve the desired outcome. Program fees for this service vary depending on the relief option selected, and are not based on the amount of the borrower's student loan indebtedness.
"With student loan debt in the United States now exceeding a trillion dollars and delinquency rates increasing, the need for assistance has never been greater", said Phil Heinemann, DMCC Executive Director. "We are very pleased to be able to help student loan borrowers get the relief that is available to them through both the federal government and private lenders".
DMCC provides its student loan assistance program along with free personal budget counseling and other financial education. Debt management plans to assist consumers with the repayment of credit card accounts are also available. Lower credit card payments obtainable through debt management plans, combined with budgeting, is an option that may provide sufficient relief for student loan borrowers to enable them to afford their monthly loan payments.
Individuals needing help repaying their student loans should contact DMCC at 866-618-3328, Monday through Thursday 9:00am to 5:00pm ET or Friday 9:00am to 3:00pm ET, or submit an online application for help at http://www.dmcccorp.org/studentloans/.
About Debt Management Credit Counseling Corp.
DMCC is a 501c(3) nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers overextended with debt. Education is provided free of charge to consumers via seminars, workshops, a proprietary financial literacy program, and a vast array of online and printed materials. Free personal counseling is provided to consumers to identify the best options for the repayment of their debt. DMCC is a HUD Approved Housing Counseling Agency, is approved by the U.S. Trustee to provide bankruptcy counseling and education, and has an A+ rating with the Better Business Bureau.