SAN MATEO, Calif., June 12, 2020 /PRNewswire-PRWeb/ -- Freedom Debt Relief (FDR) announced that Emely Alcantara, from the Boston area, and Lynn Martalock of the Milwaukee area, will be the first recipients of student debt forgiveness as part of the company's initiative to assist its clients with their student loan debt. This effort, spearheaded by FDR, is assisting clients with student debt repayment to raise awareness of its impact on consumers and the economy at large, and the sparse options available to Americans facing financial hardship due to rising student loan debt.
Emblematic of the vastness of this problem, thousands of Freedom clients applied for the student loan forgiveness program, submitting an essay or video on what they would tell their younger selves before taking out student loans.
"We see the enormous impact student debt has on our client base with no clear solution in sight," said Freedom Financial Network co-CEO Andrew Housser. "This initiative is just one way we are doing our part to help our clients, and for the sake of Americans. As we face a historic challenge to repair the U.S. economy, industry and policymakers should reform the current system so federal student loan debt can be discharged during bankruptcy, saving the most vulnerable consumers from an overwhelming burden with no end in sight."
"For me, student loan debt was an anchor weighing down mine and my family's future," said Emely Alcantara. "This opportunity changed my life. For once I have a real opportunity, in staying ahead of my finances and not worrying about unpaid debt."
"At age 49, I made the decision to go back to school and finish my degree while continuing to work hard and put four children of my own through school," said Lynn Martalock. "The passing of my late husband after fighting cancer for more than seven years put us in financial stress, but this money will help ease the burden of my remaining student loans."
Recent company data found that 29% of clients enter their FDR programs with student debt at an average balance of more than $43,000 – far greater than $36,000, the average balance for student loan borrowers across the country. Of the FDR clients with student loan debt, 54% said they cannot save any money because of this debt, and 58% said it causes them to feel overwhelmed about their financial situation.
"Student loan debt is not an isolated part of finances for our clients or consumers across the country. It weighs on every financial decision they make, whether it is taking on additional debt, building savings, starting a business or buying a house," Housser continued. "With limited options to resolve student loan debt, many of our clients put off servicing other debts, including credit card bills, causing them to take on massive amounts of unsecured debt and get stuck in a seemingly never-ending cycle."
In the United States, consumers are largely restricted from discharging student loan debt in bankruptcy and from negotiating with their creditors to ease their student debt. This means millions of Americans remain trapped by a system that makes it far too easy to get into debt, and with no simple way out as things currently stand, explains Housser.
Freedom Debt Relief
Co-founded by Andrew Housser and Brad Stroh, Freedom Debt Relief part of Freedom Financial Network, LLC, a family of companies providing innovative solutions that empower people to live healthier financial lives. For people struggling with debt, the custom Freedom Debt Relief program offers the chance to significantly reduce and resolve what they owe more quickly than they could on their own. For more information about the company and its services, see http://www.freedomdebtrelief.com/faq.
Headquartered in San Mateo, California, Freedom Debt Relief also operates an office in Tempe, Arizona, and employs more than 2,200. The company has been voted one of the best places to work in both the San Francisco Bay area and the Phoenix area for several years.
Contact: Michael Micheletti, [email protected], 415-359-6985
SOURCE Freedom Financial Network
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