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Student Loan Counseling

Take control of your loan payments and find the plan that works best for you.

What is Student Loan Counseling?

Student loan counseling is an opportunity to work with an expert to determine how to effectively tackle your student loans. By analyzing your loans and your budget, we’ll find the best repayment plan and strategy for your needs.

You’ll leave your student loan counseling session with a clear understanding of your options and a plan for how to put those options into action.

What Can Student Loan Counseling Do for Me?

Student loan management can be a complicated topic thanks to all the deferral, forbearance, repayment, and forgiveness options that may or may not be available to you. The biggest benefit of student loan counseling is the clarity you receive by working with a trained expert.

If there’s a repayment plan that will save you money and make your monthly payments more manageable, we’ll find it. By looking at your financial big picture, we can help you make adjustments beyond just your student loans. The goal is to make your life easier and help you find the solutions that best suit your needs.

Is Student Loan Counseling Right for Me?

Student loan counseling is a great fit for a lot of student loan borrowers, but it may not be the best first stop if you’re dealing with other financial challenges.

You should seek a student loan counseling session if:

You have federal student loans
Private student loans simply don’t have the same payment options available as federal student loans. If your loans are private and you’re struggling to make your monthly payments, consider working with a credit counselor for free to overhaul the other elements of your budget.
Your mortgage/housing situation is in good shape
Your housing needs should take priority over your student loans. If your mortgage is delinquent, MMI offers free foreclosure counseling to help you work with your mortgage servicer and find the best solution to your situation.
You have a reasonable amount of credit card debt
If you’re juggling both student loan debt and credit card debt, you may find it easier and more productive to target the credit card debt first.
You're not delinquent on your non-student loan debts
Falling behind on your other debts? That should be your focus. You simply have more options for dealing with non-student loan debt. A debt management plan, for instance, can help you be out of credit card debt completely in less than five years, making student loan debt substantially easier to manage.
You’re frustrated with your current payment plan
If the rest of your financial house is in order and you’re ultimately just fed up with how much of your monthly budget is swallowed up with federal student loan payments, a student loan counseling session is exactly right for you.

How Does Student Loan Counseling Work?

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A student loan counseling session from MMI begins by creating a complete picture of your current financial situation. Whether you complete your counseling purely online or with a live counselor, we'll review your income, expenses, debt, and credit report.

After this, we review your student loans and their status. You'll receive a breakdown of all of your available options, including details on the various student loan repayment programs you may qualify for. We'll also discuss your personal goals and how these different options may impact your future plans.

Finally, we use an advanced decision engine to help provide recommendations tailored to your situation and goals. Once you've decided which path to pursue, we can provide additional guidance on how to get started.

Frequently Asked Questions

Is there a fee for student loan counseling?

Is there a fee for student loan counseling?

Are there fees?Yes. It’s $39 to access the online student loan counseling portal and decision engine. If you prefer to work with a live counselor over the phone the fee is $99.
Can I still work with a counselor if I select the online portal?

Can I still work with a counselor if I select the online portal?

Yes. If you would like to speak with a live counselor following your online session, you can connect with a counselor over the phone for an additional $50 (bringing your total fees to $89).
Can you help me with my private student loans?

Can you help me with my private student loans?

The majority of available student loan programs are restricted to federal student loans. If you don’t have federal student loans, we recommend that you tackle your other debts with a free credit counseling session instead.
Can you help me if my student loans are in default?

Can you help me if my student loans are in default?

Loan rehabilitation programs are available for federal loan borrowers who have become delinquent. If eligible, we can help you enroll in one of these programs and bring your loans back out of default.
Do you offer refinance or consolidation loans?

Do you offer refinance or consolidation loans?

MMI is not a lender. We do not provide loans or refinance existing loans.
Should I prioritize student loans or credit card debt?

Should I prioritize student loans or credit card debt?

Every situation is different, but if you're struggling with a variety of debt, you likely have more options to deal with your credit card debt, including a money and time-saving debt management plan. Start there.
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    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.