What Do Student Loan Counseling Services Offer?

Student loan counseling can help you make better choices about which loans to take or how to modify your existing student debt. In most cases, borrowers go to loan counseling services when they already have loans and are having difficulty making the payments. The counseling service will help you with the following:

  • Recommending budgeting tactics - The counseling service, whether you like it or not, may have advice on where you are spending too much money and how you can cut back. In most cases, budgeting is the first and most necessary step to discovering the best loan option for a borrower.
  • Assisting with loan modification - Once you have a budget, you will have a goal for monthly payments on your loan. Using this goal, the counseling service can work on your behalf to modify or consolidate your student loans accordingly.
  • Monitoring your credit in the future - While you maintain a relationship with the counseling service, the representatives will have a vested interest in assuring you are handling your debt and credit wisely. The counseling service will monitor your credit score for errors; the service may also advise you on whether certain debt choices, such as deferring payments after graduation, are a good idea.

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