Author: Lisa Robertson

Parachute Services, Uncategorized

We’re Hiring a Financial Wellness Specialist!

We are excited to announce an opportunity to join the Parachute Team as a Financial Wellness Specialist. Please spread the word!

A Financial Wellness Specialist’s primary responsibility is to conduct counseling sessions with individuals and families regarding budgeting, debt and credit issues.  A Specialist will provide financial education and guidance while recommending various educational and community programs in order to improve clients’ financial situations.  Financial Wellness Specialist’s empower clients to take control of their financial lives, in an empathetic and compassionate manner, while always accounting for what will be in the client’s best interest based on the client’s unique situation. Financial Wellness Specialist’s also provide Counseling Intake support at the initial contact point for clients and all general incoming calls, requiring patience and positive energy.  Financial Wellness Specialists answer incoming calls, direct calls, greet clients and guests in-person at reception window.

Qualifications:

  • Strong teamwork skills essential
  • Knowledge of computer applications, with proficiency in Microsoft Word and Excel
  • Excellent oral and written communication skills
  • Ability to multi-task 
  • Must be able to work efficiently under strict deadlines/timeframes
  • Must attain educational certifications, as required
  • Position requires attention to detail and basic math/accounting skills
  • Prior case management and/or counseling experience helpful, or experience within Agency
  • Associate and/or Bachelor Degree preferred

About Parachute

Parachute is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and credit repayment assistance to consumers since 1965. Parachute helps consumers trim expenses, develop a spending plan and repay debts. Counseling is available at our Main Office in West Seneca, by telephone and online.

Hourly rate range for this position is $17.00 – $20.00. Individual compensation is based on various factors unique to each candidate, including skill set, experience, qualifications and other job-related reasons. We offer growth opportunities for professional development along with hourly pay increases. Other benefits include:

  • 401(k) Plan
  • Paid Holidays
  • Paid Personal Time Off (PTO)
  • Life and Disability Insurance
  • Health Insurance
  • Remote work availability one day a week with supplemental throughout the year

Please send resumes to:  robert.dunn@parachutecredit.org

Parachute Services, Uncategorized

We’re Hiring a Client Care Specialist!

We are excited to announce an opportunity to join the Parachute Team as a Client Care Specialist. Please spread the word!

Job Description

  Job Title: Client Care Specialist (full-time)  Supervisor: Executive Vice President

Summary

Client Care Specialists are the contact for most clients and creditors on a Debt Management Plan (DMP) with Parachute. A Specialist’s responsibilities include contact with clients and creditors, answering questions, addressing concerns, responding to proposals or other issues, assisting in the maintenance of other responsibilities and working proactively by collaborating with co-workers to better achieve successful completions of future active clients.

Qualifications

  • Strong teamwork skills essential
  • Knowledge of computer applications, with proficiency in Microsoft Word and Excel
  • Excellent oral and written communication skills
  • Ability to multi-task
  • Must be able to work efficiently under strict deadlines
  • Must attain educational certifications, as required
  • Position requires attention to detail and basic math/accounting skills
  • Prior case management and/or counseling experience helpful, or experience within Agency
  • Associate and/or bachelor’s degree preferred

About Parachute

Parachute is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and credit repayment assistance to consumers since 1965. Parachute helps consumers trim expenses, develop a spending plan and repay debts. Counseling is available at our Main Office in West Seneca, by telephone and online.

Hourly rate range for this position is $16.00 – $19.00. Individual compensation is based on various factors unique to each candidate, including skill set, experience, qualifications and other job-related reasons. Other benefits include:

  • 401(k) Plan
  • Paid Holidays
  • Paid Personal Time Off (PTO)
  • Life and Disability Insurance
  • Health Insurance
  • Remote work availability one day a week with supplemental throughout the year

Please send résumés to: scott.laughlin@parachutecredit.org

Parachute Services, Relief Programs, Student Loans

MORE Student Loan NEWS:

45% of 18-35 Year Old NYS Residents Have Student Loan Debt

Parachute Credit Counseling Offers FREE Assistance and Counseling

Bad News: Proposed Loan Forgiveness Program Struck Down by Supreme Court

Payments to Resume on October 1st

Good News:  804,000 Borrowers Will Have Their Loans Automatically Discharged via Income Driven Repayment (IDR) Plans—Program Extended; Parachute Can Help

NEW SAVE Repayment Plan Announced: Most Affordable Plan Ever Created

12 Month Grace Period: Borrowers Will Not Be Penalized for Missing Payments

Millions of Americans will soon resume paying their student loans, whether they want to or not. In their recent 6-3 decision, the Supreme Court rejected the much hoped for, yet controversial, student loan forgiveness proposal.

This means that interest will once again begin accruing on outstanding loan balances this September. Then, on October 1st, payments resume and 44 million Americans will be paying an average of $210 to $314 each month toward their loan balances (according to Wells Fargo).

However, there is hope that there may be other methods to facilitate student loan forgiveness and the U.S. Department of Education is hard at work on various strategies. 

Late last week, the Department of Education announced a few positive steps, beginning with the news that 804,000 borrowers will have $39 billion in Federal loans automatically discharged due to Income Driven Repayment (IDR) Plan/IDR Account Adjustment. This program had disappointed many until very recently when great effort was put into fixing it. More info coming later in this release: many people could benefit so it is suggested that everyone look into it.

The Department of Education also announced the SAVE Plan (Saving on a Valuable Education) which they have called “the most affordable repayment plan ever created.” This new plan will cut monthly payments to $0 for millions of borrowers making $32,800 or less ($67,500 for a family of four) and save all other borrowers at least $1,000 per year. Additionally, it will stop runaway interest that leaves borrowers owing more than their initial loan.

And in a final announcement, in an effort to ease the transition to monthly payments, President Biden and the U.S. Department of Education stated that there will be a 12-month “on-ramp” period starting in October where “missed, partial, or late payments will not lead to negative credit reporting, default, or loans being sent to collection agencies.” Additionally, missed payments will not count toward loan forgiveness under any of the income-driven repayment plans or Public Service Loan Forgiveness.

We are currently facing a unique, unprecedented situation that will significantly impact millions—along with the entire economy–over the next few years.

Since March 2020, borrowers have had a pause in their student loan payments—with no interest accruing–due to the pandemic. This break let those with loans stay current on other bills and obligations, pay down other debt, or for some, build up their savings.  The resumption of loan payments is expected to have an adverse economic impact with a slow down in overall spending and an increase in defaults and forbearances. Never in the history of the federal student loan system have over 40 million borrowers simultaneously resumed repayment after a three-year hiatus.

According to the Consumer Financial Protection Bureau (CFPB), about 20% of student loan borrowers have risk factors that indicate they could struggle when payments resume. More than 1 in 13 student loan borrowers are currently behind on other payment obligations, a rate higher than before the student loan pause started in March 2020 during the pandemic.

Student loan borrowers owe more in other debts now as well. The CFPB found that median scheduled payments on other debt obligations have increased by 24% for borrowers whose student loans will soon become due. In percentage terms, those increases are especially notable for younger borrowers—a whopping 252% increase from $65 to $229.

Income Driven Repayment (IDR) Plan/IDR Account Adjustment

As mentioned earlier, there are positive options available for student loan borrowers. One of these is the the Income Driven Repayment (IDR) Plan/IDR Account Adjustment which was recently extended until December 31, 2023. Income Driven Repayment (IDR) Plans allow borrowers to make payments on their federal student loans according to a formula based on their income and family size—the payments are deliberately meant to be smaller. Ostensibly this program had been in place prior to the pandemic but there were major issues with it, resulting in few people actually receiving the proper help to enroll in this program.

Last year, the U.S. Department of Education implemented IDR Account Adjustment to help student loan borrowers benefit from the program as it was initially intended. The Department worked to remove the confusion surrounding the program, making it more accessible and available to student loan borrowers. It also conducted a one-time adjustment of IDR payments to address past inaccuracies and improved their previous subpar tracking procedures.

On July 14th, the Department of Education began notifying 804,000 borrowers that they  have a total of $39 billion in federal student loans that will be discharged in coming weeks. In total, more than $116.6 billion in student loan forgiveness for more than 3.4 million borrowers has been approved.

In final good news, there is no application required for the IDR Account Adjustment. Borrowers will automatically receive the benefits. A critical element, however, is that borrowers with non-Direct and non-government-held federal student loans need to consolidate those loans into the federal Direct consolidation program in order to benefit from the IDR Account Adjustment.

The U.S. Department of Education advises: “Borrowers who have commercially managed FFEL, Perkins, or Health Education Assistance Loan Program loans should apply for a Direct Consolidation Loan by the end of 2023 to get the full benefits of the one-time account adjustment.” Additional info available here: https://studentaid.gov/announcements-events/idr-account-adjustment

Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)— recently announced that they are now offering free Student Loan Counseling—including assistance with the IDR Account Adjustment process and loan consolidation–throughout the eight counties of Western New York along with expert strategies for attaining financial stability.

The experienced, certified financial counselors at Parachute will help WNY residents consolidate their loans and review other potential relief options and changes to existing programs available to help borrowers reduce or eliminate their debt. Now is the time for borrowers to seek free and unbiased counseling. Call 716-712-2060 for more information on our Student Loan Counseling Program and other financial counseling services we provide.

Parachute Services, Student Loans

Student Loan Update

45% of 18-35 Year Old NYS Residents Have Student Loan Debt

Bad News: Proposed Loan Forgiveness Program Struck Down by Supreme Court

Payments to Resume on October 1st

Good News: 12 Month Grace Period: Borrowers Will Not Be Penalized for Missing Payments

Income Driven Repayment (IDR) Plan Adjustment Extended BUT Help May Be Needed

Parachute Credit Counseling Offers FREE Assistance and Counseling, can help with IDR

Millions of Americans will soon resume paying their student loans, whether they want to or not. In a 6-3 decision on June 30th, the Supreme Court rejected the much hoped for, yet controversial, student loan forgiveness proposal.

There is hope that there may be other methods to facilitate student loan forgiveness but for now, there is much disappointment as interest will once again begin accruing on loan outstanding balances this September. Then, on October 1st, payments resume and 44 million Americans will be paying an average of $210 to $314 each month toward their loan balances (according to Wells Fargo).

In an effort to ease the transition to monthly payments, President Biden and the U.S. Department of Education stated that there will be a 12-month “on-ramp” period starting in October where “missed, partial, or late payments will not lead to negative credit reporting, default, or loans being sent to collection agencies.”

For the past three years, borrowers have had a pause in their student loan payments—with no interest accruing–due to the pandemic. This break let those with loans stay current on other bills and obligations, pay down other debt, or for some, build up their savings.  The resumption of loan payments is expected to have an adverse economic impact with a slow down in overall spending and an increase in defaults and forebearances. Never in the history of the federal student loan system have over 40 million borrowers simultaneously resumed repayment after a three-year hiatus.

According to the Consumer Financial Protection Bureau (CFPB), about 20% of student loan borrowers have risk factors that indicate they could struggle when payments resume. More than 1 in 13 student loan borrowers are currently behind on other payment obligations, a rate higher than before the student loan pause started in March 2020 during the pandemic.

Student loan borrowers owe more in other debts now as well. The CFPB found that median scheduled payments on other debt obligations have increased by 24% for borrowers whose student loans will soon become due. In percentage terms, those increases are especially notable for younger borrowers—a whopping 252% increase from $65 to $229.

Income Driven Repayment (IDR) Plan/IDR Account Adjustment

Although student loan forgiveness is not imminent, there are positive options available for student loan borrowers. One of these is the the Income Driven Repayment (IDR) Plan/IDR Account Adjustment which was recently extended until December 31, 2023. Income Driven Repayment (IDR) Plans allow borrowers to make payments on their federal student loans according to a formula based on their income and family size—the payments are deliberately meant to be smaller. Ostensibly this program had been in place prior to the pandemic but there were major issues with it, resulting in few people actually receiving the proper help to enroll in this program.

Last year, the U.S. Department of Education implemented IDR Account Adjustment to help student loan borrowers benefit from the program as it was initially intended. The Department worked to remove the confusion surrounding the program, making it more accessible and available to student loan borrowers. It also conducted a one-time adjustment of IDR payments to address past inaccuracies and improved their previous subpar tracking procedures.

In final good news, there is no application required for the IDR Account Adjustment. Borrowers will automatically receive the benefits. A critical element, however, is that borrowers with non-Direct and non-government-held federal student loans need to consolidate those loans into the federal Direct consolidation program in order to benefit from the IDR Account Adjustment.

The U.S. Department of Education advises: “Borrowers who have commercially managed FFEL, Perkins, or Health Education Assistance Loan Program loans should apply for a Direct Consolidation Loan by the end of 2023 to get the full benefits of the one-time account adjustment.” Additional info available here: https://studentaid.gov/announcements-events/idr-account-adjustment

Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)— recently announced that they are now offering free Student Loan Counseling throughout the eight counties of Western New York along with expert strategies for attaining financial stability.

The experienced, certified financial counselors at Parachute will help WNY residents consolidate their loans and review other potential relief options and changes to existing programs available to help borrowers reduce or eliminate their debt. Now is the time for borrowers to seek free and unbiased counseling.

Call 716-712-2060 or visit https://parachutecreditcounseling.org/services/ for more information on our Student Loan Counseling Program and other financial counseling services we provide.

Credit, Debt, Parachute Services

How to Improve Your Credit Score

Your credit score is a number that lenders use to assess your creditworthiness. It is based on a variety of factors, including your payment history, the amount of debt you have, and the length of your credit history. A good credit score can help you get approved for loans and credit cards with lower interest rates, which can save you money in the long run.

There are a few things you can do to improve your credit score:

  • Pay your bills on time. This is the most important factor in determining your credit score. Make sure to pay your bills in full and on time each month.
  • Keep your credit utilization low. Credit utilization is the amount of debt you have compared to your total available credit. Aim to keep your credit utilization below 30%.
  • Avoid opening too many new accounts. Hard inquiries, which are requests for new credit, can temporarily lower your credit score. Try to limit the number of new accounts you open each year.
  • Get a copy of your credit report and dispute any errors. Review your credit report for any errors, such as accounts that are not yours or late payments that you did not make. Dispute any errors with the credit bureaus.

Improving your credit score takes time and effort, but it is worth it in the long run. By following these tips, you can improve your credit score and get the best possible terms on loans and credit cards.

Here are some additional tips to help you improve your credit score:

  • Get a secured credit card. A secured credit card is a good option for people with bad credit. With a secured credit card, you will need to make a deposit, which will be your credit limit. Using a secured credit card responsibly can help you build your credit history and improve your credit score.
  • Pay down debt. The less debt you have, the better your credit score will be. Make a plan to pay down your debt as quickly as possible.
  • Be patient. It takes time to improve your credit score. Don’t get discouraged if you don’t see results immediately. Just keep working at it and you will eventually reach your goal.
  • Contact Parachute! Here at Parachute, we offer one-on-one Credit Report Review, and Financial Counseling sessions to review your specific credit situation and can offer individualized results that align with your goals.

www.parachutecreditcounseling.org 716-712-2060

Budget, Parachute Services

How to Budget Your Money: A Beginner’s Guide

Budgeting is a key part of financial management, but it can be difficult to know where to start. This blog post will provide you with a step-by-step guide on how to budget your money, so you can take control of your finances and reach your financial goals.

Step 1: Track Your Spending

The first step to budgeting is to track your spending. This will help you see where your money is going and identify areas where you can cut back. There are a number of ways to track your spending, including using a budgeting app, keeping a spreadsheet, or simply writing down your expenses in a notebook.

Step 2: Create a Budget

Once you have tracked your spending, you can create a budget. A budget is simply a plan for how you will spend your money each month. There are a number of different budgeting methods, so find one that works for you. Some popular budgeting methods include the 50/30/20 rule, the envelope method, and zero-based budgeting.

Step 3: Stick to Your Budget

The most important step in budgeting is to stick to your budget. This can be difficult, but there are a number of things you can do to make it easier. First, make sure you have a realistic budget. Don’t try to cut back too much too soon, or you’re likely to give up. Second, automate your budget. This means setting up automatic transfers from your checking account to your savings account. This will help you save money without even thinking about it. Third, track your progress. This will help you stay motivated and see how you’re doing.

Step 4: Review Your Budget Regularly

Your budget should be a living document. That means you should review it regularly and make changes as needed. Your income and expenses may change over time, so your budget should change too.

Step 5: Make a Plan for Overspending

Everyone overspends from time to time. It’s important to have a plan for what you’ll do if you overspend. One option is to have an emergency fund for unexpected expenses. Another option is to transfer money from your savings account to cover the overspending.

Step 6: Reward Yourself

When you reach a financial goal, be sure to reward yourself. This will help you stay motivated and keep working towards your goals.

Budgeting can be a challenge, but it’s worth it. By following the steps in this post, you can take control of your finances and reach your financial goals.

If you’d like more detailed, individualized assistance, contact Parachute Credit Counseling at 716-712-2060 or www.parachutecreditcounseling.org