Research studies on the impact of debt on a borrower’s life state that outstanding dues affect not just the individual’s personal finances but also their emotions and self-esteem. When students plan out a bright and successful future, they usually have to resort to taking student loans to pay for their education. To begin with this seems like a good idea, because it is of course an investment into their future. However, if a student loan is taken without due care and consideration it can hamper the student’s career, as well as personal growth and satisfaction.
Student Loans and Debts
According to Federal Reserve Data in 2018 American student loan debts stand at $1.5 trillion. This exceeds the auto loan debt as well as credit card debt in the country. This is a worrying trend as when students owe a lot of money towards their student loans they tend to compromise and take a better paying job over one that would offer them more professional growth and satisfaction. They are burdened by the student loans they carry and have trouble paying them off. What these debtors need is for professionals to show them how to repay their debts in an effective and organized manner.
Expertise Offered by Financial Preparation Services
Financial Preparation Services is a private company. It helps students identify government debt repayment programs that are suitable for their debt situation, and accordingly helps them prepare and well as process the documentation for the same. The company focuses on helping students understand the single or multiple government debt relief programs that they may be eligible for. Of course, the students can do this by themselves for free. However, the fact is that having professionals, who understand all aspects of the procedures, and have the customer’s interests in mind, is a big advantage.
Some of the services offered by Financial Preparation Services include financial analysis. This process involves an in depth study of the borrower’s financial situation so as to identify income, assets, liabilities and monthly expenses. Thereafter, a customized plan is created by the Financial Preparation Services advisors to create an effective budget that will reduce monthly obligations, and help lay the path towards regaining financial stability.
The Financial Preparation Services expert account representatives identify the debt repayment programs that a borrower qualifies for. Next, they prepare all the necessary documents for it. At every step of the process the customer is kept informed and educated about the relevant details. The documents are processed by the company, and the customer does not have to deal document preparation or submission. Finally, every year borrowers must re-certify for the federal program they have been approved for. Often individuals with student loans forget to do so. Financial Preparation Services ensures that its customers are re-certified.
Financial Preparation Services helps students prepare and process loan documents for government debt relief programs. When a student signs a loan, usually they have no idea of the financial burden they have chosen to take on. They do not realize that the longer the period of loan repayment, the more they will pay. In many ways their professional and personal lives are held captive by the debt they owe. Financial Preparation Services empowers its customers by helping them repay their debts and improving financial health.