Student Loan Counseling
Out of student loan deferments? Or simply struggling to manage your student loan payments with the rest of your monthly responsibilities? You're not alone. Fortunately, you have options and opportunities to create a more affordable payment and find a comfortable balance.
Student loan counseling is all about helping you understand your options and discover the path that best matches your needs and your goals. It's a great option for anyone with a student loan payment who feels like they aren't making the progress they should be.
how it works
Student loan counseling from MMI covers two core topics:
What does your month-to-month earning, spending, and saving look like? More importantly, what do you want it to look like? Your counselor will review your finances as they are now and discuss your unique goals.
By understanding your circumstances and your personal vision, we can help create a plan that supports your goals and gets you where you want to be.
The nature of your loans will go a long way towards determining which options are available to you. Over the course of your student loan counseling session, we'll break down each loan and the options associated with that loan. By the end of the session, you should have a clear idea what steps to take to achieve your goals.
If appropriate, we'll even help you begin the conversation with your loan servicer. Our goal is getting you moving in the right direction.
Who can benefit?
Student loan counseling is available for anyone who has questions about how to better manage and repay student loans. Some of the most common reasons people seek student loan counseling include:
- Deferment on your loans has recently ended
- Loan payments are higher than you can manage with your current income
- You have no income and aren't sure of your deferment and forbearance options
- You've been repaying your student loans for a long time with little progress
- You've fallen behind on your student loan payments and worry about what happens next
Basically, if your student loans are causing you distress and you aren't sure what to do next, a student loan counselor can be an unbiased, judgment-free source of advice and support.
two ways to start your counseling
Everyone is different. Some people prefer working one-on-one with one of our trained and certified counselors. And some people like to go it alone whenever possible. There's no wrong choice!
The important thing is that you get what you need. That's why we're excited to be able to offer two different student loan counseling options.
Self-Guided ONLINE COUNSELING
Looking for a self-guided, completely online experience? Try our online student counseling portal.
This powerful tool will take you through a set of questions in order to create a profile of you and your loans. The decision engine will then explain what your repayment options are based on several factors, including your student loan types, place of employment, and more. At the conclusion on your self-guided session, you will receive a personalized action plan that provides you the best recommendation possible based on your responses.
The cost for self-guided online student loan counseling is $39. Afterward, you'll have the option to speak with an expert student loan counselor if you still need help for an additional $50 (for a total of $89).
SPEAK TO A COUNSELOR
We're also happy to offer one-on-one student loan guidance over the phone. If you'd prefer live assistance with your loans, our trained counselors are available Monday through Friday by appointment.
The cost for student loan counseling by phone is $99.
Can you consolidate my loans?
MMI is not a loan company and we do not offer consolidation loans. While we do not consolidate your loans, we do take a look at the different types of loans you have and compare those to the repayment options available. You should never pay someone to consolidate your student loans.
Can you reduce the interest rates on my student loans?
We do not have the ability to reduce the interest rates on your student loans. What we can do is use our specialized software that includes a student loan analysis decision engine along with our counselor’s expertise to provide the best next steps based on your situation. Programs may be available to help you save money and create a more affordable monthly student loan payment - we help connect you to those programs.
Do you work with private loans?
The majority of available student loan programs are restricted to Federal student loans. We can provide general advice and guidance for private loan holders, but there's much more we can do for Federal loan holders.
What is the cost of student loan counseling?
We offer online-only, self-guided student loan counseling for $39. A full session with a live student loan counselor is $99.
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.
Unfortunately, given the enormous amount of student loan debt in the United States right now, it’s to be expected that some unscrupulous companies are going to try and take advantage of stressed out consumers looking for a solution.
When you refinance your student loans, you’re replacing your current loans with a new private student loan, which don’t offer the lenient repayment plans of federal student loans. As a result, you may have fewer options if you can’t afford your monthly payment. However, there are several steps you could take if you’re having trouble making payments.