Through Single Stop, a Robin Hood Foundation funded initiative, NYLAG offers comprehensive on-site financial counseling to help Single Stop clients increase their financial literacy, create solid financial plans, and ultimately achieve lower debt burdens, higher credit scores, and increased savings. The project is delivered in tandem with the coordinated suite of Single Stop services, a model with which NYLAG is expertly familiar. NYLAG financial counselors work one-on-one with clients to:
- Develop a detailed budget that identifies the client’s income needs based on short-term and long-term financial goals.
- Download a credit report to review the client’s credit history and provide education on credit improvement strategies in order to increase his/her chances of securing employment, obtaining loans and other consumer products at lower interest rates, and gaining access to housing.
- Address consumer debt issues, including identifying potential delinquencies on credit card debt, rent payments, and medical, tax, or other bills. Financial counselors contact banks, creditors, and/or collection agencies on behalf of or in conjunction with clients to negotiate payment terms.
- Identify and access safe and affordable banking and tax products to facilitate money management and saving. This includes pre-tax planning, free tax preparation and adjustments to withholdings.
- Access public benefits, including food stamps, unemployment, Medicaid, Medicare and Social Security, and health insurance.
In addition to these traditional services, NYLAG also provides financial strategies to address two emerging issues for low-income New Yorkers””assessing the financial implications of and budgeting for the range of low-cost health plans offered under the Affordable Care Act, and advising those with student loan debt about the many individual remedies available for those with unsustainable repayment plans.
NYLAG CUNY Single Stop Project
In partnership with Single Stop and seven City of New York (CUNY) community colleges, NYLAG offers comprehensive on-site financial counseling to help students address barriers to completing post-secondary education. In addition to the traditional Single Stop financial counseling services outlined above, NYLAG helps students avoid future debt burdens and prepare to manage their student loans after graduation. Click here to read more.