Boston, MA (March 19th, 2015) – Urban Edge and Citi today announced a partnership to extend Urban Edge’s free student loans counseling program, a first of its kind initiative that links community services for housing and education-related debt.
Urban Edge works with students and their parents to help them consolidate student loans, refinance, reduce repayments, and remove defaults. With a $40,000 contribution from Citi, Urban Edge will be able to continue its work in the year ahead.
Urban Edge assisted 250 people with their student loans in 2014, and plans to work with 200 borrowers in 2015. Average student debt for Urban Edge’s clientele is more than double that of the average across Massachusetts, underlining the urgent needs of borrowers in the communities Urban Edge serves.
“With this partnership, we can continue to help borrowers manage their student loan debt, putting them in a better position financially,” said Bob Credle, Director of Community Programs, Urban Edge. “This includes helping people get out of default, managing their payments so they can afford to buy homes, keep current with their rent, and even return to school to complete the education for which they have almost paid.”
“Debt counselling and financial planning are critical tools for individuals and households to achieve their goals, from homeownership to attending and completing college,” said Bob Annibale, Global Director, Citi Community Development. “Citi believes Urban Edge’s innovative program can be a national model for enabling greater financial stability and future success.”
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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