A staggering 70% in school carry loan-burden
DALLAS, Nov 6, 2014 – According to the Federal Reserve Bank of Dallas Senior Economist, Wenhua Di, at least 70 percent of college students today are encumbered with student loans. Recently the Federal Reserve Bank of Dallas, in partnership with Consumer Credit Counseling Service of Greater Dallas (CCCS), hosted a keynote address and panel discussion titled, “Student Loan Debt and the American Economy: Impact on our Future,” to examine the impact student loan commitments and default are having on young Americans today.
The keynote address was provided by Susan C. Keating, CEO and president of the National Foundation for Credit Counseling (NFCC). Along with Keating, the panel, moderated by CCCS Vice President of Community Relations, Todd Mark, included:
- Dr. Joe May, Chancellor, Dallas County Community College District;
- Wenhua Di, Senior Economist, Federal Reserve Bank of Dallas;
- Wade Peterson, Market Division Manager for Educational Services, Wells Fargo.
“Never in the history of the NFCC have we experienced this level of student loan debt when counseling,” said Keating, “It has become increasingly clear that young adults and their parents need financial education before pursuing higher education. Many now painfully realize that without a thorough grasp of the financial commitment associated with a student loan, their ability to repay the debt could be greatly compromised.”
The panel took questions related to current policies addressing student loan affordability and student loan counseling, highlights of which include the following:
- Keating reiterated the need for financial counseling prior to obtaining a student loan, and for families to consider the student’s area of study and future earning capacity as part of that discussion.
- Dr. May pointed out the growth in community college enrollment could be attributed to rising college costs.
- Wade Peterson, from Wells Fargo, added that while other banks are leaving the student loan business, Wells Fargo sees the long-term value in higher education and is committed to working with families to find the right path for their students.
NFCC member, CCCS, provides student loan affordability and student loan default counseling at no cost to consumers. One-on-one counseling sessions assess the financial needs of family and establish financial goals including secondary education and retirement.
For more information about student loan counseling or to schedule a counseling session, please contact CCCS at 800-249-2227 or www.cccs.net.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community-based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or internet at several locations. CCCS is a HUD-approved housing counseling multi-state organization and serves as one of the seven counseling agencies supporting the 888-995-HOPE Hotline. CCCS is a proud service partner of the United Way of Metropolitan Dallas. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation’s largest and longest serving national nonprofit credit counseling network. To learn more about CCCS’ free seminars or the agency’s services, call 800-249-2227, visit www.cccs.net or become a fan of CCCS on Facebook to receive updates on agency events and offerings.
About National Foundation for Credit Counseling (NFCC)
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC members annually help millions of consumers through more than 600 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.nfcc.org.