BALANCE, a nationwide non-profit organization with deep roots in San Francisco, is proud to announce that it has received funding from the California Department of Financial Protection and Innovation (DFPI) to serve as the Network Coordinator and to provide direct support to borrowers for the new Student Loan Empowerment (SLE) Network. The DFPI awarded $7.25 million in grants to 14 organizations throughout California to establish the SLE Network, which will offer general and specialized legal aid support to the more than four million California student loan borrowers who currently carry more than $148 billion in student loan debt, both the largest in the nation.
“As the Network Coordinator, BALANCE manages network referrals, ensuring that every borrower is routed to the most suitable agency based on their assistance concerns and location,” said Cynthia Campbell, COO of BALANCE. “We are honored to play such a vital role in this initiative, and we are committed to empowering California’s student loan borrowers.”
In addition to facilitating the referrals, BALANCE is responsible for coordinating intra-network communications, collaborating on marketing, and collecting and evaluating project data. “Our mission aligns perfectly with the DFPI’s commitment to provide Californians who hold student loans with crucial information about their right and options,” said Karina Galvan Torres, VP of Financial Coaching Operations at BALANCE. “By providing student loan counseling services and coordinating a network of dedicated agencies, we are making a significant impact on the financial well-being of so many Californians”
“The Student Loan Empowerment Network will help Californians understand their student loan debt and, in some cases, break the cycle of debt that many borrowers are facing,” said DFPI Commissioner Clothilde V. Hewlett. “We are excited to work with BALANCE to implement the Student Loan Empowerment Network, delivering on our mission of empowering all Californians to take control of their financial outlook through resources and education.”
The Student Loan Empowerment Network was authorized via Governor Gavin Newsom’s 2022-2023 budget to further the state’s commitment to providing Californians who hold student loans with vital information about their rights and options. Borrowers looking for assistance through SLE Network can fill out an intake form at www.studentloanhelp.dfpi.ca.gov/ or call (888) 774-2227.