American Financial Solutions

Consumer credit counseling program to assist financially distressed individuals gain control of personal Financial situations through education and individually tailored Solutions. Net revenues are available at the discretion of the board to fund the Foundation's Financial and programmatic support of the College. Credit counseling - American Financial Solutions (afs) helps clients free themselves from the anxiety and stress of credit, debt and Financial worries by providing credit counseling, Financial education and debt management services that put clients in control of their Financial success. Approximately 16,000 clients were counseled in a confidential, one-on-one counseling session, where certified credit counselors help assess clients' situations and identify options to manage and pay off debts. There is no charge for counseling or education services. Debt management plans (dmp) - one of the options available to clients who are struggling with repaying unsecured debt is a debt management plan. A debt management plan is a way to consolidate credit and unsecured debt into one monthly payment that fits within a client's budget, allowing repayment of debts more quickly over time than would otherwise be possible. Charges apply to enroll in debt management plans but fees are waived in cases of Financial hardship. These fees are regulated by the 50 states in which afs is licensed and by industry guidelines developed by non-profit credit counseling agencies. Over 7,200 new debt management plans were entered into during the fiscal year. Over 2,200 people paid off over $40,080,000 in debt and completed their dmp's during the year. Collectively, our clients paid off over $58,675,000 in debt during this fiscal year.home foreclosure counseling - afs is a sub-grantee of the Washington state housing finance commission, a hud-approved housing counseling agency. Afs offers assistance to clients to help them try to avoid the loss of their homes. In confidential, one-on-one counseling sessions, over 1,000 clients were offered help by afs counselors who assessed their situations, informed them of options and worked directly with their lenders to try to find Solutions that would work for the client. Mortgage counseling sessions are offered free of charge to clients. 245 mortgage foreclosure families were able to maintain ownership of their homes during the fiscal year. Home buyer counseling - afs assists clients to prepare for home ownership by assessing their income, assets, monthly expenses and debt. Our counselors help clients understand the lending process and determine what they can borrow, establish goals for saving for a down payment and inform them of down payment assistance programs in the local Community. Our housing counselors will assist with preparation of a home budget including expenses related to the home such as utilities, maintenance, taxes and insurance. The counselors also offer to review loan documents to ensure that the client understands them. Approximately 60 clients received homebuyer counseling and 21 became new homeowners during the fiscal year. Counseling before bankruptcy - in confidential, one-on-one counseling sessions, afs certified credit counselors helped over 100 clients assess their current income and assets versus monthly expenses and debts. With this information, afs creates an accurate and detailed monthly budget that captures the client's overall Financial situation. This process allows the counselor to better explain what bankruptcy means to the client and the possible alternatives for handling debts. Afs is approved by the executive office for u.s. trustees (eoust) to issue certificates of credit counseling in compliance with the bankruptcy codes of the states regulated. Approval does not endorse or assure the quality of an agency's services. Post-bankruptcy education - the bankruptcy code requires consumers to complete an approved Financial education course, also known as post-bankruptcy credit counseling, with an approved agency before debts can be discharged. Afs provides this course utilizing the "money in motion" program. Afs is approved by the executive office for u.s. trustees (eoust) to provide the required postbankruptcy education in compliance with the bankruptcy codes of the states regulated. Student loan counseling - afs certified student loan counselors help persons manage their student loans with a plan specifically tailored to them. The program is designed to help clients successfully manage their student loan debt and avoid the negative consequences of loan delinquency and default. Counselors help evaluate loan information, review available payment options and put a plan in place for repayment. We assisted approximately 300 people with their student loans during this time. Additionally, afs offers resources that support businesses and organizations working with employees who have student loans. We provide employers and employees onsite classes, workbooks and one-one-one counseling.

Public educational outreach activities focus on consumer debt and other personal finance subjects, including free workshops, seminars, publications and online courses. Over 1,100 individuals participated in education classes using online platforms and our online education classes. Financial literacy education - afs has a 10-part curriculum available, for free, on our website or via workbook. The courses cover budgeting, borrowing, investing, banking, paying for College, student loan repayment and include a special course geared for young adults aged 18 to 24. Afs also conducts in person workshops in western Washington. These workshops help to build the knowledge, skills and behaviors necessary for people to successfully manage their finances. A variety of programs are available for adults, young adults, parents and teachers