Sometimes financial worries can feel like a heavy weight making it hard to work and enjoy life. To help employees and their families, the University offers employees up to six free individual counseling sessions a year through Financial Choice.
Financial Choice is a service of LSS Financial Counseling. which is the largest nonprofit full-service, community-based financial counseling service and financial educator in the state.
The Advantages of Using Financial Choice
- Your counseling is private and confidential.
- The service is free for up to six visits per year.
- You and your spouse or family can meet with the counselor so you’re all on the same page with the plan.
- You meet face-to-face, by telephone or online—whichever is more convenient for you.
Establish a budget
To see your financial future clearly, you need proven tools and solutions that will last a lifetime. The certified financial counselors will help you develop a budget and a plan of action for debt payment based on your individual situation.
Consolidate your payments
A Debt Management Plan (DMP) consolidates your monthly bills into one simple payment–often with a lower interest rate–so you can start paying off those debts and return to financial health faster. With a DMP, you pay your creditors through one monthly payment to LSS Financial Counseling. Because they are more likely to be paid in full, most creditors will stop any late fees and reduce interest rates. There is a monthly service fee based on the size of your payment, but LSS waives the DMP set-up fee for University of Minnesota employees. And, free ongoing financial counseling will help you build financial success.
Improve your credit score
The LSS counselor will help you read and understand your credit reports and make a personalized action plan to improve your credit score. Learn how to correct any errors and prevent identity theft of your credit information.
Protect your home
The LSS financial counselors who are HUD-certified housing counselors can help you assess your options whether you’re having trouble making mortgage payments, considering refinancing or a reverse mortgage, or even buying a home.
Master your student loans
Learn all your options so student loan repayment for you or your dependents can be a realistic plan, not a worry.
Services That Require a Fee
There are two instances when LSS Financial may charge a fee to University employees:
- Court-required bankruptcy counseling and education. Employees need to pay these fees since they are part of the court filing process and require a certificate.
- Monthly debt management consolidation plans. Employees would self-pay the monthly service fee, and LSS would waive the one-time set-up fee.
Using Your Financial Counseling Benefit
All University of Minnesota employees are eligible to use this benefit. Just contact:
LSS Financial Counseling