- Expert Solutions
- Budget Guides
- Improving Lives
- About MMI
- Business Services
Student loan counseling can be a life-changing tool, especially for anyone feeling overwhelmed by their federal student loans. To make the most of your counseling session (and save yourself some time), there are a few steps you should take care of in advance of your appointment.
After your appointment is scheduled, your counselor will reach out to you via email. Your counselor will ask you to provide four things in advance of your session.
Gross income – This is your income before taxes, insurance, and other deductions. On a wage statement, it’s the larger number – it represents what you earned, just not what made it into your bank account.
Net income – This is what you actually take home, after your deductions are accounted for.
Monthly income – To accurately calculate your monthly gross and net income figures, you need to multiply your weekly income by 52 (if you’re paid every two weeks, multiply that number by 26 instead) and divide by 12.
Living expenses – This should include all of your monthly fixed bills, such as your mortgage, rent, car payment, etc., as well as your utilities (electricity, phone, cable, internet, etc.), groceries, and debt payments. Review recent bills and creditor statements to help build an accurate picture of your living expenses.
The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.
Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.
The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.
The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.