Author: Noelle Carter

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

Credit

Consumer Credit Counseling Service Announces FREE Weekly Credit Reports: Encourages all to Check their Credit!

The financial impact of the pandemic continues to cause suffering throughout the nation. This time there is a different reason.
Consumer Credit Counseling Service (CCCS) is now fearing people may suffer from impacts to credit scores due to credit reporting errors—through no fault of their own. At the beginning of the pandemic, lenders and credit reporting systems were inundated with requests for extensions, forbearances etc. The uniqueness of the situation along with its urgency, high emotions and lack of established guidelines may result in inaccuracies recorded on many credit reports.
The current situation is that thousands in our region may have substantial errors on their credit reports—and the onus is on consumers to make sure that their credit reports are accurate.  When credit reports show negative information, even if it is a mistake, the consequences can be very detrimental and long lasting. Having negative entries on your credit report can easily make your life miserable whether it is your fault of not.
At this time, CCCS strongly encourages all WNY residents to check their credit reports at AnnualCreditReport.com www.annualcreditreport.com, the only official website that allows free credit reports. Up until now, consumers could receive one free credit report per year. Now, free credit reports are available on a weekly basis until April 2021.
CCCS further encourages people to set up an appointment with us so we can help you go through your credit report. We can educate you on how to fix inaccuracies and address myriad issues: we can create budgets, tackle debt, work on restoring credit, set up payment plans and put people on the path to financial stability. We will also provide some much needed, ongoing encouragement.
CCCS is still offering free financial checkups—in person, by phone and through workshops. For those interested, call 712-2060. A Certified Financial Counselor will help address your financial concerns and can assist with credit report review or several other areas.  CCCS urges all consumers to take some positive action to quell anxiety and 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.  Visit us online for more information.
Parachute Services

Consumer Credit Counseling Service Announces Free Virtual Workshops

Consumer Credit Counseling Service Announces Free Virtual Workshops:
“Dollars and Sense”—Budgeting & Debt Control
Thursday June 4th at 1:00 pm
“Credit Counts”—Managing & Repairing Credit
Thursday June 11th at 1:00 pm
Consumer Credit Counseling Service (CCCS) continues to see people of all financial levels suffer as a result of the pandemic and encourages people to come to us, as soon as possible so we can help them access options for financial relief and provide some much needed encouragement during these times.
CCCS will help Western New York residents through free financial checkups by phone and through workshops to be held during June. CCCS has been providing free financial checkups since March and offering Virtual Workshops since April.
The “Dollars and Sense”—Budgeting & Debt Control Workshop will be held on Thursday June 4th at 1:00 pm
Topics include: 
Setting goals
Budgeting techniques
Creative ways to save
Debt control and the value of your money
To register for the workshop, you must email cccs@cccsbuffalo.org.
The “Credit Counts”—Managing & Repairing Credit will be held on Thursday June 11th at 1:00 pm
Topics include: 
Credit Reporting
Managing Credit
Debt Pitfalls
Repairing Credit
Importance of Good Credit
To register for the workshop, you must email cccs@cccsbuffalo.org.
For those interested in a free financial checkup by phone, call 712-2060 or visit www.consumercreditbuffalo.org.A Certified Financial Counselor will help address your financial concerns 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.
Parachute Services

Consumer Credit Counseling Service & the Veterans One-stop Center to Hold Free Virtual Workshop for Veterans

Veteran Financial Health During the Pandemic-Special Workshop Just for Veterans
Thursday May 14th at 12:00 pm on Zoom
Consumer Credit Counseling Service (CCCS) and the Veterans One-stop Center of WNY (VOC) urge local veterans to attend a free virtual workshop designed to address their specific financial needs on May 14th. Bank of America is sponsoring the workshop to promote economic mobility among vulnerable populations and has a long-standing commitment to veterans.
Veterans and active service members frequently experience financial challenges that are unique to their status, making financial uncertainty an unfortunate part of life for them and their families. The pandemic has intensified the challenges veterans and current military members face, plunging financially insecure veterans into a more intense arena of uncertainty. CCCS and the VOC are providing the Workshop to answer questions and offer guidance, in addition to their ongoing financial counseling for veterans, service members and their families, which enables veterans to make sense of their constantly changing situations, and to reduce anxiety and stress.
“These are difficult times for everyone, especially the veterans of the United States Armed Forces. It is the obligation of the Veterans One-stop Center of WNY, and our partners, to support and serve the veterans of Western New York, just like they supported and served for us when they joined the military.” Says Chuck Marra, President and CEO of the Veterans One-stop Center. “Thank you to Bank of America for sponsoring this workshop and making it possible. The workshop aims to alleviate and guide veterans on a path of economic success and financial sustainability, and assuage anxiety surrounding financial health during the pandemic.”
The free Veteran Financial Health During a Pandemic Workshop will be held on Thursday, May 14that 12:00 pm. It will include an overview of Community Resources and benefits with information about:
  • Creating an Emergency Budget
  • Emergency Budgeting Tips
  • Protecting Your Credit Score
  • Economic Stimulus Checks—veterans are eligible but it may be tricky as mentioned above
  • Mortgage Relief Options/Car Loans/Credit Card Payment Options
  • Avoiding Scams
footerLogosBW50.tifTo register for the workshop, you must email hphillips@vocwny.org or call 716-898-0110.
“Your financial health is an important thing to consider, especially now, and our virtual workshop with CCCS and the VOC will help answer any questions you may have,” said Kevin Murphy, Buffalo Market President for Bank of America. “Bank of America is committed to helping the veterans who have done so much for our company and our country, and we’re grateful to CCCS and VOC for this opportunity to give back to Buffalo’s retired and active duty military personnel.”

CCCS has been providing free financial checkups to all WNY residents since March and is now offering Virtual Workshops to the entire community. For those interested in a free financial checkup by phone, call 712-2060 or visit www.consumercreditbuffalo.org. 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.
About the Veterans One-stop Center of WNY
The Veterans One-stop Center of WNY is unites and empowers veterans, service members, and their families to transition from military to civilian life by providing free services and resources such as employment, financial counseling, legal, housing, and peer support, and more. For more information about the Veterans One-stop Center of WNY, visit www.vocwny.org.
About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about bankofamerica.com and connect with us on Twitter (@BofA_News).
Bank of America has delivered more than $2 billion in philanthropic investments since 2009, with approximately $250 million in 2019 alone. In April 2019, the company announced a $5 billion Bank of America Community Homeownership Commitment™ to benefit low- and moderate-income homebuyers and communities across the U.S. over the next five years. Also in 2019, Bank of America Community Development Banking provided a record $4.88 billion in loans, tax credit equity investments and other real estate development solutions. Between 2005 and 2019, Bank of America financed 202,800 affordable housing units. To meet the unique needs of its 12 million small business owners, the company provides advice, solutions and dedicated support. Bank of America maintained its position as the nation’s top small business lender at the end of 2019, with $38.9 billion in total outstanding small business loan balances (defined as business loans in original amounts of $1 million and under), up 7% year over year.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. www.bankofamerica.com
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.