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Success Online Financial Education Newsletter
Money Management International Improving Lives Through Financial Education
SUCCESS NewsletterAugust 15 2013 newsletter
How to get part of your student loan forgiven

piggy bank asks for student loan forgiveness

By Jesse Campbell, Copywriter

Fall is approaching rapidly, which means it’s nearly time for students to head back to class. Meanwhile, recent college grads continue to look for work and try to figure out exactly how they’ll be paying for their sizable student loans.

For most college graduates, those student loans will follow them for decades after graduation. There are a few opportunities, however, to have large portions of your loans forgiven after a period of time. Each program has its own particular set of criteria, so make sure you fully understand the requirements of each program before you make the necessary commitments.

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MMI offers help for struggling homeowners


Money Management International is participating in a nationwide partnership to help families struggling with their mortgage payments apply for help from the Federal government’s Making Home Affordable Program. The Making Home Affordable® (MHA) Program is an important part of the Obama Administration’s comprehensive plan to help homeowners get mortgage relief and avoid foreclosure.

More than one million homeowners nationwide have already benefited from the Making Home Affordable Program, but hundreds of thousands of additional families are still eligible for help.

MMI – a housing counseling agency approved by the U.S. Department of Housing and Urban Development (HUD) – is working in partnership with the U.S. Department of the Treasury, NeighborWorks America and more than 700 housing counseling agencies across the country to help homeowners apply for the program free-of-charge. 


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Interested in prescription discounts?

discount prescriptions

MMI is proud to offer a prescription drug program, sponsored by United Networks of America – the largest managed care products provider in the United States, to help individuals and families lower their prescription drug costs.

Join the millions who have chosen to take advantage of this free benefit. Simply download your RX Discount Card and receive savings, up to 75%, at more than 58,000 pharmacies across the country.

For more information and to sign up for your own discount card, visit the discount page on today!

Financial Education learn more


Sharpen Your Financial Skills with Online Courses

The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. Take the first step toward financial wellness by enrolling in a Web seminar today!

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In-Person Workshops Are Also Available In The Following Areas:

Alaska | Arizona | California | Connecticut | Colorado | Idaho | Illinois | Louisiana | Maine | Massachusetts | Mississippi | New Jersey | New Mexico | New York | Oregon | Pennsylvania | Rhode Island | Texas - Fort Worth Area | Texas - Houston Area | Virginia | Greater Washington D.C. | Washington State

View upcoming financial education workshops


About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit



Avoiding repossession of your car

Owning a vehicle is no longer considered a luxury, even though the cost of transportation can be excessive for a middle-class budget. Car and lease payments, insurance, gasoline, repairs and maintenance costs really add up. In fact, these costs can consume a large percentage of the driver’s take-home pay. As a result, many consumers are forced to consider “voluntary repossession” in order to lessen their monthly financial burden. If you are struggling to make your loan or lease payment, there are a few facts you should know before considering a voluntary repossession–it may be possible to stop repossession.

What is repossession?

There are two type of repossession: voluntary and involuntary. Keep in mind that any type of repossession, whether voluntary or involuntary, will affect your credit and the derogatory notation will remain on your credit bureau file for seven years.

During an involuntary repossession, your car is repossessed and you are responsible for covering the fees associated with its repossession.

A voluntary repossession, in which you voluntarily return the vehicle, can save you money on collection fees because the lender does not have to arrange for the car to be repossessed.

Either way, your obligations may not end after the vehicle is repossessed. Once a vehicle is repossessed, the lender will most likely sell it to the highest bidder and apply the proceeds of the sale to the balance owed on the car. If the sale price is not sufficient to pay the balance due and any legal fees incurred, there will be a "deficiency balance" remaining. You and any co-signer will be legally obligated to pay this deficiency balance. If you do not pay this balance, the creditor can possibly sue you to try and collect.

Preventing repossession

Preventing repossession is easier than disputing it afterward. If you are unable to make a timely payment, contact your creditor or lessor immediately. Many creditors or lessors have programs in place to help people experiencing temporary setbacks. If you are able to negotiate a revised schedule of payments with your creditor, do not forget to get the terms in writing to avoid any possible miscommunication.

Cosigners are equally responsible. If you have a co-borrower, and your vehicle goes back as repossession, not only will the repossession appear on the co-signer’s credit report, but they are also legally responsible for any deficiency balance.

Since the cost of having a vehicle repossessed is quite high, it makes sense to exhaust all options before allowing repossession to occur. Many creditors have hardship programs in place to help people experiencing temporary setbacks. For example, your lender may grant an extension, meaning that the past due amount can be paid at the end of your loan. Another option may be for the lender to rewrite your loan to reduce your monthly payments.

Some other alternatives to repossession might be to sell the vehicle, to find someone to “assume” your lease, or to take out a different type of loan (e.g., home equity loan) to satisfy the debt. For more information about your rights and responsibilities, visit

MMI Debt Management Plan Client Corner
Tips for Success

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Update your account balances online. When you receive your creditor statements, update your balances by visiting your MMI account .

If you would like more information about a Debt Management Plan, visit

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