Parachute Credit Counseling Receives Major Grant From the Community Service Society to Join the EDCAP Network
Will Offer FREE Student Loan Counseling
At a Time When Long Awaited Student Loan Forgiveness is Blocked By a Lawsuit
Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)—is now offering free Student Loan Counseling throughout the eight counties of Western New York. Right now, the national total student loan debt (including federal and private loans) sits at $1.75 trillion.
Parachute has operated the only Student Loan Counseling Program in Western New York for the past ten years. Student loan repayment has long been an obstacle, particularly for younger people. Forty-five percent of New York’s 18–35-year-olds carry student loan debt with an average balance of $28,950 and monthly payment of $460. It takes 20 years, on average, to pay off loans accruing $26,000 just in interest.
In welcome news, the Community Service Society of New York (CSS) awarded $100,000 to Parachute to join its Education Debt Consumer Assistance Program (EDCAP) Network. EDCAP helps New Yorkers with student debt to navigate the student loan repayment system and regain financial health. The New York State Department of Financial Services will oversee this grant which comes at “a critical time as borrowers navigate the complex student loan repayment system, try to benefit from the latest relief available, and prepare for payment resumption,” said Carolina Rodriguez, EDCAP’s program director.
President Biden’s student loan forgiveness plan, which provides up to $20,000 in relief to millions of borrowers, faces legal challenges. The Supreme Court will hear arguments for and against this loan cancellation plan on Feb. 28, 2023. Although payments on federal student loans have been suspended since March 2020, with interest-free relief, they will resume later this year. Despite this 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 is here to help! Our FREE Student Loan Counseling Program is staffed by experienced and certified financial counselors who are ready to assist residents of Western New York with their student loan issues. Our new partnership with EDCAP, will allow us to serve even more people. Don’t struggle with student loans alone, take control of your finances and reach out to us for help. Call 716-712-2060 or visit our website www.parachutecreditcounseling.org for more information on our program and financial services.