Little formal education exists about money management. Often, we learn only from real-life experience and real-life consequences. CNH recognized the need to improve financial literacy in Newaygo County and formed the Financial Empowerment Center (FEC) in 2015. We help people manage their finances, learn the basics of credit, create a sustainable household budget, and more. ANY resident of Newaygo County is eligible for FEC coaching and educational sessions.
Student Loan/Debt Coaching
The amount of student debt in the U.S. today tops $1.3 trillion. Student loans are the second highest debt total behind only mortgages. Whether you are burdened with debt or a high school student who is not sure how to pay for college, CNH has resources for you.
Student loan fast facts:
- 90% of student loans are held by the US Government
- There are dozens of options to delay your monthly payments (but you have to ask to get them!)
- Student loans held by the government cannot be discharged through Bankruptcy
- An estimated 5 million people are eligible for the government’s Income-Based Repayment and Forgiveness plans
- You could have 100% of your student debt forgiven in 10 years by working for a qualifying nonprofit organization
Developing A Financial Plan
Many people struggle to make ends meeting every month. A recent survey said that more than 40% of Americans, regardless of income, essentially live paycheck to paycheck, and more than two-thirds of families would struggle to come up with $1,000 in an emergency. If you are struggling, you are not alone! CNH offers on-going coaching to help you learn the skills and knowledge to master your money.