“we are very appreciative for what greenpath has done for us. our counselors have been very...
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?GreenPathWho is
Welcome to GreenPathQuality Integrity Passion
What we do . . .
Our secure website
Or by telephone Mon-Sat
With appointment in our branches
Counseling
FREE FINANCIAL COUNSELING
SESSION
Budget with
customized action plan Debt
Repayment Options
Student Loans
Housing Concerns
Credit Reports
and Scores
Financial Education
Community Resources
Holistic Financial Counseling
.
Our Counseling Process
2. Create a detailed budget
3. Develop a customized Action Plan
1. Review current financial situation & goals
Budget with customized action plan
With GreenPath, clients can expect:
•A complete and thorough review of their financial situation with a compassionate, experienced counselor that will last about 1 hour.
•Non-judgmental, unbiased financial counseling based on their individual goals and needs.
•Discussion of options for the client to choose what is the right path for them.
•A complete Budget and Action plan that will be sent to them with solutions and educational tools to help them achieve their goals.
Budget with customized action plan
Credit Report Review
Good credit is a marathon.
•Our counselors can help explain the components of a report, analyze what’s in their report, provide suggestions to improve their score, and tips on what to avoid
Credit Reports
and Scores
Ruined credit is a sprint.
If you’re a fan of surprises……avoid looking at your credit report
•Counselors can help develop an action plan to help improve credit reports & scores
•Free credit reports are available once a year at or by calling 877-322-8228
Housing Discussions
HUD-approved housing counseling organization
Housing Concern
s
Pre-Purchase - First-time Homebuyer Education
Reverse MortgageCounseling
MortgageDelinquency &Default
Housing Discussions
Reverse MortgageCounseling
MortgageDelinquency &Default
• Explain reverse mortgages for seniors over the age of 62
• Explain the pros and cons• Analyze the situation to determine
the best option• Receive a certificate• Explore all options for resolving the
delinquency • Discuss changes necessary to retain the
home• Determine strategies, establish a budget, reset priorities
• Discuss workout options (forbearance, re-aging, loan modifications, foreclosure process, etc.)
• Call the lender/servicer & help with paperwork
Student Loan Concerns?
• Counselors - SLA certified to discuss:• Payment options before college
Direct, Stafford & Perkins Loans, subsidized vs. unsubsidized, Federal, State & Pell Grants
• Payment options after collegeConsolidation, Graduated Payment Plans, Income Based Repayment (IBR), Pay As You Earn (PAYE), Public Service Loan Forgiveness (PSLF), deferment or forbearance
• GreenPath is a member of the Student Loan Alliance (SLA)
• Student loan debt exceeds credit card debt – national crisis• Over one third of borrowers under the age of
30 are more than 90 days delinquent*
•clients have access to a debt repayment plan accepted by creditors nationwide
•Counselors work with creditors to negotiate concessions and/or payment arrangements (lower interest rates, waive late & overlimit fees, re-age accounts)
Debt Management PlanDebt
Repayment Options
*Monthly fee for a DMP
• Averages $35 per month• Based on total amount of debt being managed • Not recommended unless it will be a benefit to
the client (counselors do not have quotas to meet or receive incentives for setups – fewer than 33% of those counseled will set up on a DMP)
Debt Management Plan
•Benefits:
1. Structure and support
2. Consolidated payment
3. Shorter payoff timeframe to pay debt in full
4. Money saved (interest and fees)
5. Improved credit over time as debts are reduced
6. Prevent foreclosure, repossession, legal action & shut offs
7. Offers an alternative to bankruptcy
Tracy’s Story
Tracy enrolled in a DMP to get help with lowering interest and payments. Below is a chart with examples of how rates and payments changed on 5 of her credit cards.
CreditorInterest
Rate before DMP
Interest Rate on
DMP
Monthly Payment before DMP
Monthly Payment on
DMP
Credit Card A 17.9% 1.9% $235 $167
Credit Card B 17.9% 1.9% $117 $64
Credit Card C 28.24% 9.9% $165 $225
Credit Card D 13.99% 6.99% $95 $96
Credit Card E 19.24% 2.49% $87 $65
Tracy’s Benefit
So, with the overall reduction in interest rates, more of her payments will go towards principals & pay off her debt more quickly.
If Tracy continues on the DMP, she will pay her credit cards in full 19 months sooner
and…
she will save $20,102 in interest and payments!
NFCC 2014 Military Financial Literacy Survey
• 57% are worried about the potential loss of income and job security resulting from defense cuts and downsizing.
• 28% are more worried than they were 12 months ago • 55% do not feel very prepared for a financial emergency• 60% who took out a loan say that limited lending options forced
them to look at non-traditional lenders to meet their needs
What Colorado Clients are saying about the GreenPath Financial Counseling Program
“The reality of our financial situation was put in perspective. We now have a plan for addressing it.”
“HOPE! Julie was very thorough and helped me break things down into smaller ‘doable’ chunks rather than the overwhelming big picture.”
“I felt listened to, received sound advice, new resources.”
“I felt that my finances were in control, finally, and I didn’t need to lay awake nights worrying about it.”
50+ Locations, Licensed Nationwide
fd
Creditors
DMP
Bankruptcy Sessions
Government & Local Grants
How we are funded
1-866-234-4767At GreenPath we take our community referral partnerships seriously. We would like to partner with your organization. Please email [email protected] to become a GreenPath Partner. We’ll send you a welcome kit and brochures so that you have the resources you need for your constituents.