Author: mark.twarog

Student Loans

What’s College Tuition Insurance?

What is Tuition Insurance?

·        Insurance that can cover and provide reimbursement of financial losses for students who are forced to leave school for unexpected medical reasons, such as serious injury or illness, chronic illness, and mental health conditions.

·        Most insurance plans can refund expenses such as tuition, housing, academic fees, and deposits

·        Estimated cost is $200 in premium for every $10,000 worth of coverage

·        Offered by select insurance providers, and even some schools offer it themselves

*Pandemics are typically excluded from the policies, but this year companies may be making exceptions – Likely “You have to become ill, you have to have a positive diagnosis, and your doctor should recommend you leave school” – Quoted by John Fees, co-founder of GradGuard, a tuition insurance provider.

When does it not provide coverage?

If a student chooses to withdraw from school voluntarily, perhaps due to how classes will be taught (virtually) or for other COVID-19 related reasons, they will not get their money back.

What steps to take when considering purchasing tuition insurance?

·        Take a close look at the school’s refund policy. Experts warn many colleges don’t provide refunds after the first few weeks

·        Consider a few likely scenarios that could occur to the student forcing them to potentially withdrawal from school. Students with pre-existing conditions are eligible for the plan.

·        Explore the type of insurance that is being offered by the school, or by an outside provider and analyze the costs.

·        Read the fine print!

·        Review the cost vs. the benefit to determine if appropriate to purchase

Parachute Services

Consumer Credit Counseling Service Announces Free Virtual Workshops

Consumer Credit Counseling Service Announces Free Virtual Workshops:
Protect your Financial Health During the Pandemic
Wednesday May 6th at 1:00 pm
Protect your Financial Health During the Pandemic–Special Workshop Just for Veterans
In Partnership with the Veterans One Stop Center of WNY/Sponsored By Bank of America
Thursday May 14th at 12:00 pm
Consumer Credit Counseling Service (CCCS) has been experiencing the impact of the pandemic since its ugly beginning. Over the past six weeks, we have worked with hundreds of area residents from various financial situations who have been deeply affected by current events. The sudden and profound shock to an individual and to a family’s well being is overwhelming.
CCCS urges Western New York residents to come to us for help: through free financial checkups by phone and through workshops to be held during May.
CCCS has been providing free financial checkups since March and is now offering Virtual Workshops.
The Protect Your Financial Health During the Pandemic Workshop will be held on Wednesday, May 6th at 1:00 pm. It will include an overview of relief options and benefits with information about:
  • Economic Stimulus Checks
  • Unemployment Benefits
  • Community Resources & Benefits
  • Mortgage Relief Options
  • Student Loan Payment Options
  • Car Loans & Credit Card Payment Options
  • Protecting Your Credit Score
  • Emergency Budgeting Tips
To register for the workshop, you must email cccs@cccsbuffalo.org.
This workshop will also be held on May 14th BUT is limited to veterans only.
For those interested in a free financial checkup by phone, call 712-2060. A Certified Financial Counselor will help address your financial concerns during these extraordinary times and can assist in creating an emergency budget.  CCCS urges you to take some positive action that will help quell anxiety and potentially alleviate fears.
About CCCS
CCCS is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and credit repayment assistance to consumers since 1965.  CCCS of Buffalo helps consumers trim expenses, develop a spending plan and repay debts.  Counseling is available at our Main Office in West Seneca, in one of our Satellite Offices, by telephone and via Internet.
Student Loans

Consumer Credit Counseling Service Applauds NYS Student Loan Borrower Bill of Rights

Consumer Credit Counseling Service Applauds NYS Student Loan Borrower Bill of Rights
Student Loan Debt Continues to Cause Problems; Only Local Program Available
Consumer Credit Counseling Service (CCCS) announced a new initiative today, sponsored by the New York State Department of Financial Services (DFS), the first ever Student Loan Borrower Bill of Rights which outlines protections for New York student loan borrowers.
Last month, NYS DFS officials embarked on a statewide tour to advise student borrowers of their rights and hear directly from parents and students about their experiences with paying their loans. This is part of DFS’s “Step Up for Students” program where they hold town hall style events to bring together DFS representatives, including the Department’s newly announced Student Loan Advocate, with student borrowers, their families, college financial aid officers, legislators and the general public to hear and address concerns about the growing issue of student debt.
Underscoring these new efforts is the undeniable fact that student loans continue to negatively impact millions of millennials. At present time, 1 in 4 Americans have student loan debt, approximately 45 million people.
As the local nexus for student loan debt issues, CCCS is working to expand its student loan counseling services which are the only available services in the region.
The fact of the matter is that with average student loan debt per graduate a staggering $37,200—typical monthly payment $393/month--student loans continue to create problems for individuals, families and the economy at large.
CCCS’ collaboration with NYS is an added measure to protect the 2.8 million student borrowers living here.
“As the federal government steps down from protecting student borrowers, DFS will step up for students by enforcing our state’s consumer protection laws and making sure borrowers know where to turn when faced with predatory or unfair lending practices,” promised Department of Financial Services Superintendent Linda A. Lacewell.
The Student Loan Borrower Bill of Rightshighlights significant protections that DFS’s regulation of student loan servicers provides to student loan borrowers. They include borrowers’ entitlement to:
  1. Detailed financial aid award letters from schools in New York;
  2. Clear, accurate and complete information about the borrower’s loan terms;
  3. Information about any available loan repayment plans and options;
  4. Information about any available discharge, forgiveness, and cancellation options;
  5. Loan payments applied to the borrower’s account in best interest of the borrower;
  6. Knowledgeable customer service representatives who treat you respectfully and fairly;
  1. Detailed loan account histories that are easily and securely accessible online;
  2. Seamless transfers if your loan is serviced by a new company
  3. Accurate payment history reporting to credit agencies; and
  4. Responses to complaints you make to your servicer.
Anyone seeking assistance navigating student loan repayment should contact CCCS at 712-2060. Many individuals with student loans feel overwhelmed with anxiety and fear as they try to set up payment plans, with some falling prey to the abundance of unscrupulous companies claiming to help. At CCCS, we specifically designed our program to meet the needs of this growing population segment.
CCCS’ Student Loan Counseling Program provides the assistance, support, direction and sometimes hand-holding that our clients need, helping them create a solid plan to pay their debt.
We began the Student Loan Counseling Program in 2012, in response to the growing need for education and assistance with student loans. In the past seven years, we have helped nearly 1,000 individuals achieve a level of financial freedom previously unknown. 
In our program, Nationally Certified Student Loan counselors work to:
•                    Evaluate student loan debt (current or in default)
•                    Explore options for student loans including deferments, forbearances, alternative repayment plans, and consolidation loans and forgiveness options
•                    Assist in applying for the appropriate option
•                    Assist in communicating with the lender, as needed
•                    Review credit score, credit report and living expenses
•                    Set appropriate financial goals
The financial counseling services we provide help student loan borrowers chart a course for financial stability. Most borrowers are young and economically unstable, usually very low income at this point in their lives. Many of our clients are Millennials, saddled with, and drowning in student loan debt. Every day we see young people with substantial student loan debt who had only passing knowledge of what the ramifications of missed payments would be.
Our goal is to help our clients achieve financial stability and we give them the tools and support needed to get to that point. We recommend our services to anyone who wants to achieve a financially healthy life. We are not just for people in crisis—we can help people who proactively want to take charge of their finances, creating budgets and developing spending plans so that they can live a stable and successful life free from financial stress.
Taxes

FREE Tax Prep

FREE Tax Prep at Two Niagara County Locations; Call Now to Book Appointment
Don’t Get Ripped Off! For Profit Tax Prep Sites Take Advantage of Low Income Families
There are Over 40 For Profit Sites in Niagara County
Did you know that the City of Niagara Falls has 23 for profit tax prep companies—and that Lockport has 18?  And that they charge on average $500 for a tax refund? Every tax season, for profit tax preparation companies take advantage of low income individuals.
Knowing this, several years ago, Consumer Credit Counseling Service (CCCS) formed the Niagara County Financial Literacy Coalition (now known as the Niagara County Financial Empowerment Coalition) to economically empower low income Niagara County residents—and free tax preparation is a central service provided. Our main goal was to provide these services in Niagara County as no other group helped the low income population increase their financial capability. Free Tax Prep Programs in Niagara Falls and Lockport are held every year.
We kick off our 2020 VITA (Volunteer Income Tax Assistance) Program/Free Tax Prep Program on January 28thbut encourage you to call now to set up an appointment! Our appointments book up very fast.
And here are some more reasons why Free Tax Prep is so important:
  • The average fee charged for a tax return is approximately $350. For those individuals who earn minimum wage, that can represent nearly 5 days of work. This does not include the cost for the “rapid refund” which is usually about $200. Low income filers can easily pay nearly $500. Our goal is to keep that money in the pockets of low income Niagara County residents—and keep them away from the for profit sites which prey on the financially unstable population.
  • To increase their business, for profit tax companies cluster in low income neighborhoods. Current statistics show that nearly 70% of low income families use a commercial tax preparer. This is why our program—and our locations—is vital for our communities.
We have two Niagara County locations:
Orleans/Niagara BOCES: 50 Main Street, Lockport
Tuesdays 3:30 – 7:30 pm
Pinnacle Community Services (Formerly known as Family and Children Services) 1522 Main Street, Niagara Falls
Wednesdays 3:30 – 7:30 pm
Appointments for this service can be scheduled by calling 712-2060. Household income must be approximately $56,000 or less. Appointments are available on Tuesdays in Lockport and on Wednesdays in Niagara Falls from January 28th through April 8, 2020.
Debt

Helping America Realize a Debt Free Future!

If you are struggling with debt, make sure your first call is to CCCS, your Money Mentors!

Non-profit credit counseling agencies provide financial education and non-biased advice on debt repayment options. Additionally, CCCS can review a Debt Management Plan for those who it may be appropriate for – reduction in interest rates and a structured payment plan allows individuals to become debt free in 5 years or less.

Contact CCCS to start your journey to a debt free future-now able to help those in Florida, Georgia, Massachusetts, South Dakota too! 800-926-9685