As many students will tell you, it can be a challenge dealing with student loans – not just the repayment of them after graduation, but determining which ones are applicable and then applying for them. And of course, the amounts borrowed can be huge; in fact, the average amount of individual student debt in the US is about $39,000, with about 44 million people owing money at any one time.
Anything which makes the whole student loan process easier to understand can only be a good thing for America’s approximately 23 million students. Financial Preparation Services isn’t a government department, nor do they offer loans themselves; instead what they offer is a one stop shop offering advice, support and guidance to help any student figure out what they can afford to borrow and of course, how much they will be paying back. Financial Preparation Services is based in California, but can help students throughout the US, regardless of their major, or their financial status.
Like any good financial service, taking a detailed look at the applicant’s current financial situation is the first step for anyone who signs up for the company’s services. An in depth financial review will give students a detailed insight into their individual situation, including existing debts, income and expenditures and ultimately, which loans would work best for their situation. It’s all too easy for students to apply for loans without taking into account their ability to pay back the loan once they have graduated.
Almost as frightening as having to repay back any student loans is the prospect of having to complete and submit all of that often confusing paperwork as a major part of the application process. Financial Preparation Services takes charge of the paperwork and not only helps with deciphering the forms, but makes sure that applicants understand exactly what they are applying for, along with any advantages, benefits or drawbacks. Documentation and requirements can change, and the company also makes a point of keeping up with the latest trends and developments so that students don’t have to.
But of course, applying for loans and grants isn’t just a one time thing, and most students will find themselves having to recertify at the beginning of each academic year. Financial Preparation Services will not only help with that process, but will notify students if requirements have changed, or a better option has become available. If a student’s overall financial situation changes, the company will take a look at their situation again to see if there are any more effective ways to maximize benefits. And when it comes to paying back the loans, if there is another solution such as debt forgiveness or consolidating loans, the company will find it.
If you’re a student reading this, you probably feel you already have too many responsibilities without having to navigate the mysterious world of student loans. Financial Preparation Services is a welcome addition to those companies designed to make the lives of students just a little less stressful.