While Long Awaited Student Loan Forgiveness is Blocked By Lawsuit, Parachute Credit Counseling Offers Encouragement and FREE Student Loan Counseling

While Long Awaited Student Loan Forgiveness is Blocked By Lawsuit, Parachute Credit Counseling Offers Encouragement and FREE Student Loan Counseling

The Supreme Court will hear arguments for and against this loan cancellation plan on February 28, 2023

The financial futures of nearly 43 million borrowers across the country are in limbo as the Supreme Court considers the legality of President Biden’s student debt forgiveness program.

President Biden’s student loan forgiveness plan, announced in 2022–which provides up to $20,000 in relief to millions of borrowers–faces legal challenges. While many Americans were happy with the new loan forgiveness plan, there is concern that without the root causes of the student debt crisis addressed, there will be no fundamental changes made to a system in great need of repair. Most people on all sides of the issue agree that the present system is broken and will need legislation to fix it. Even without further and far reaching actions at this point, if allowed, student loan forgiveness will still make a big impact among borrowers who are low-income or didn’t finish college and are stuck paying off a loan.

Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)—announced that it is now offering free Student Loan Counseling throughout the eight counties of Western New York along with expert strategies for attaining financial stability. Although payments on federal student loans have been suspended since March 2020, with interest-free relief, they will resume later this year so it is time for all to plan. Despite the current uncertainty, other relief options and changes to existing programs will be available to help borrowers reduce or eliminate their debt. Now is the time for borrowers to seek free and unbiased counseling to understand their options.

Parachute has operated the only Student Loan Counseling Program in Western New York for the past ten years. Right now, the national total student loan debt, including federal and private loans, sits at $1.75 trillion.

About 1 in 6 adults in America holds federal student loan debt. A typical undergraduate finishes school with nearly $25,000 of debt and a monthly payment of $460, which takes an average of 20 years to pay back while accruing $26,000 just in interest. Tuition fees have nearly tripled since 1980, outpacing inflation and wage growth. Student loan repayment is a critical issue that needs much direction.

The situation at this time is: millions of borrowers have already been approved for loan forgiveness, but the government is powerless to act because two federal courts issued nationwide injunctions prohibiting any debt relief under the plan. Most legal analysts expect the Supreme Court’s conservative supermajority to side against the administration, preventing the government from forgiving a cent of student loan debt. There is a real chance, however, that a majority may instead find that the plaintiffs—a group of red states and two disgruntled borrowers—lack standing to sue, which would allow the program to move forward. SHIRIN ALI, FEB 26, 2023—SLATE

While we wait for an answer…Parachute encourages residents to join our FREE Student Loan Counseling Program, staffed by experienced, certified financial counselors.  Call 716-712-2060 or visit https://parachutecreditcounseling.org/  for more information on our program and other financial services we provide.

NYS Excluded Worker’s Fund has relief available, and CCCS of Buffalo can help!

Do you know anyone who is a cash worker or undocumented worker that lost income during the COVID-19 pandemic? The New York State Excluded Worker’s Fund helps these workers obtain the federal relief funds that they were left out of.

Consumer Credit Counseling Service of Buffalo is one of only three Western New York organizations selected by New York State to help individuals access financial help through the all new Excluded Workers Fund — the first of its kind in the nation.

The EWF officially began as of August 1st after its approval in the New York State budget this spring. It is a fund of approximately $2.1 billion and can provide benefits of as much as $15,600 per worker.

Applications for the EWF are available in 13 different languages and applicants are strongly encouraged to apply online. Applications will not be accepted by mail. CCCS encourages all those who believe they may be eligible to visit https://dol.ny.gov/EWFApply and to contact CCCS at 712-2060 for any help that is needed.

To be eligible to receive benefits from the EWF program, applicants must show they:

  1. Lived in New York State before March 27, 2020, and continue to live in New York State;
  2. Are not eligible for and did not receive unemployment insurance or any other COVID-19 income relief or other specified benefits from the state or federal government;
  3. Earned less than $26,208 in the 12 months prior to April 2021; and
  4. Lost at least 50% of weekly work-related earnings or household income at any point in time between February 23, 2020, and April 1, 2021 due to total or partial unemployment, or inability or unavailability to work due to the COVID-19 pandemic or, became responsible for a majority of their household income due to death or disability of the head of household.

CCCS also offers credit counseling services and urges WNY residents to  contact them with their financial concerns at 712-2060 or www.consumercreditbuffalo.org. CCCS will assist individuals to attain financial stability and security.

Consumer Credit Counseling Service Will Help Excluded Workers in WNY; Selected to Help Administer New York’s Excluded Workers Fund

 

Call 716-712-2060 or visit www.consumercreditbuffalo.org

 

Consumer Credit Counseling Service (CCCS) announced today that it is working to secure workers’ benefits for those who have been excluded from the federal stimulus efforts.

CCCS is one of only three Western New York organizations selected by New York State to help individuals access financial help through the all new Excluded Workers Fund — the first of its kind in the nation.

The Excluded Workers Fund (EWF) provides financial assistance to New Yorkers who lost income during the COVID-19 pandemic and were left out of various federal relief programs, including unemployment and pandemic benefits, according to the New York Department of Labor https://dol.ny.gov/EWF

Those who were unable to access unemployment and/or any other pandemic benefits include undocumented adults and those with nontraditional jobs.

The EWF officially began as of August 1st after its approval in the New York State budget this spring. It is a fund of approximately $2.1 billion and can provide benefits of as much as $15,600 per worker.

Applications for the EWF are available in 13 different languages and applicants are strongly encouraged to apply online. Applications will not be accepted by mail. CCCS encourages all those who believe they may be eligible to visit https://dol.ny.gov/EWFApply and to contact CCCS at 712-2060 for any help that is needed.

To be eligible to receive benefits from the EWF program, applicants must show they:

  1. Lived in New York State before March 27, 2020, and continue to live in New York State;
  2. Are not eligible for and did not receive unemployment insurance or any other COVID-19 income relief or other specified benefits from the state or federal government;
  3. Earned less than $26,208 in the 12 months prior to April 2021; and
  4. Lost at least 50{0c9682ed421d1a35ec2634820749f3f5f3c1b2afa912a968052e88034851fe41} of weekly work-related earnings or household income at any point in time between February 23, 2020, and April 1, 2021 due to total or partial unemployment, or inability or unavailability to work due to the COVID-19 pandemic or, became responsible for a majority of their household income due to death or disability of the head of household.

CCCS also offers credit counseling services and urges WNY residents to  contact them with their financial concerns at 712-2060 or www.consumercreditbuffalo.org. CCCS will assist individuals to attain financial stability and security.

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 www.consumercreditbuffalo.org for more information.