What if I am not able to complete the FiCEP program?
Student understands that barring extraordinary circumstances, they will complete the full program in the provided time frame. If not completed, the student will be responsible for reimbursing the CSCUF for the original cost of the program, $550. Please contact the foundation for more details depending on your extenuating circumstances.
Is the FiCEP program truly free? Are there hidden costs?
Yes! All program cost and materials are absolutely FREE! The only way you will incur a cost is:
- You do not complete the program, barring an extenuating circumstance. Your CU will be held liable for $550, the original cost of the program.
- You do not pass your initial exam and need to retest – each retake is $50 which will be at your own/CU expense.
Will I incur any costs during my time with a financial counselor?
Sometimes, after doing a budget, it might be determined that a formal debt management plan (DMP) is the tool that is needed to get back on track. A debt management plan groups the unsecured debt into one payment, reduces interest rates, may reduce fees, and creates a 3- to 5-year repayment plan. Not every road leads to a DMP and all options (debt snowball, re-financing a loan, consolidating debt, increasing income, reducing expenses, etc.) are explored first. If a formal DMP is needed, there is a set-up fee and a monthly fee that covers the formal collection and distribution of funds from the consumer to the creditor. Set-up fees vary based on the state laws, but the average is $35-50. Monthly fees are based on the number of creditors managed and is usually capped at $50.