How to Bring CEFC’s Proven Approach to Student Loan Debt Repayment Counseling To Your Community
CEFC welcomes the interest of client-focused, community-service nonprofit organizations that are committed to providing quality financial counseling or coaching to their constituents.
Historically, nonprofit organizations have trained their financial counselors to direct clients who needed guidance repaying student loans to the loan servicers. However, the current student debt repayment crisis suggests that this approach often fails to help clients understand their options, achieve the best outcomes, and avoid default or delinquency.
In contrast, financial counselors at nonprofit organizations participating in CEFC’s Student Loan Debt Repayment Counseling program have been trained to directly and impartially counsel clients who are struggling with student loan debt. In addition, counselors are taught communication skills and behavior change techniques. The results, as discussed here, have been extremely positive.
Key Findings from CEFC’s Pilot Program
- Financial counselors must become knowledgeable in federal and private student loan debt repayment in order to adequately assist consumers in improving their credit scores and credit histories and access to financial services and products such as home mortgages and saving for retirement.
- To implement an effective student loan borrower repayment counseling program clearly requires more than training counselors in student loan repayment. Counselors must also learn to use effective communication skills to motivate borrowers to change their behavior in order to attain their financial goals and develop effective action plans with scheduled follow-up to check borrower progress.
What CEFC Provides Partner Nonprofit Counseling Organizations
If your nonprofit organization is qualified and selected as a partner, CEFC will provide the following:
- Student loan borrower repayment and effective counseling communication skills training.
- Program protocol implementation support and monitoring.
- Feedback and coaching on counselor performance in adherence to program protocol.
- Formal third-party evaluation of program impact and borrower outcomes.
If your organization is interested in providing a quality, outcome-focused, comprehensive student loan borrower repayment counseling service to your constituents, please contact CEFC to learn more details.