How to Get Free Financial Counseling in New York City

Financial challenges can arise from student loans, credit cards, or general difficulty managing money, but free expert advice is available to New Yorkers from several reputable sources.

A financial counselor is trained to analyze a person’s income, expenses, and debts, and provide expert guidance on how they can budget, save, and streamline their spending toward a better financial future. The counselor does not typically provide tax advice, manage investments or lend money to their clients. 

Here’s a guide on some of the ways you can access free financial counseling services in New York City, as well as how it can help you take control of your future and how to determine which services are legit.

NYC Financial Empowerment Centers

Specialty: General counseling

Eligibility: Participants must be 18 years of age or older, and live or work in NYC. There is no restriction on income level or immigration status.

How to apply: Fill out the form online or call 311 and ask for “financial counseling”

The NYC Financial Empowerment Centers are run by the NYC Department of Consumer and Worker Protection in partnership with several nonprofits. There are 47 offices throughout the city with same-day appointments available depending on the location. Participants can schedule phone sessions or in-person sessions to work with a counselor to create a budget, improve their credit or deal with debt.

At the first hour-long session,the counselor gets an overview of the participant’s finances, assesses their financial goals and recommends strategic next steps. Participants can schedule as many sessions as they need. Services are available in English, Spanish, Russian, Bengali, Uzbek and American Sign Language, with other languages available through the use of a translator.

Also Read: How to Use NYC Free Tax Prep Services

The Community Service Society

Specialty: Improving credit, reducing debt, increasing savings, applying for public benefits

Eligibility: There are no limitations on clients accepted into the program.

How to apply: Fill out the online form or call 212-614-5586

The Community Service Society is a nonprofit organization that organizes the Financial Coaching Corps, volunteer coaches who help participants improve their financial literacy through free and confidential coaching sessions. Initial sessions are by phone and video call, while in-person sessions can be arranged later.

Education Debt Consumer Assistance Program (EDCAP)

Specialty: Student loan debt

Eligibility: Open to New York State residents

How to apply: Call 888-614-5004 or book a virtual counseling session

The Education Debt Consumer Assistance program guides borrowers towards a better understanding of their repayment options while teaching them to avoid predatory practices and how to significantly minimize their debt. 

Carolina Rodriguez, the program director, emphasizes that the sooner people can find the help that they need, the better off they may be in the long run.

“I always tell my clients, I may not be able to eliminate your student loans, but you will know why we’re doing what we’re doing, or it will at least give you peace of mind that you’ve done everything right now to manage your loans, and the options that you’re selecting are the best options you have available to you,” Rodriguez said.

Her team’s financial counselors work with participants to assess whether they qualify for various student loan forgiveness programs and develop tailored plans to tackle their student loan debt. Learn more here.

Ariva

Specialty: Affordable Housing, General Finances

Eligibility: Open to all New Yorkers 18 and older, regardless of immigration status

How to apply: Fill out the online form

Ariva is a nonprofit that aims to advance economic justice and financial inclusion by serving New Yorkers, from several locations in Manhattan, Queens, Brooklyn and the Bronx. From small beginnings as a Bronx-based tax preparation program with just a few hundred clients, Ariva has blossomed into a dynamic organization reaching more than 15,000 city residents each year. It also offers free financial counseling services.

Ariva boasts a “high-caliber” customer experience as it recruits and trains an annual fleet of volunteer staff and adjusts its program offerings according to the cultural and financial needs of participants.

The organization’s unique “Ready to Rent” program helps people to navigate the ins and outs of NYC’s affordable housing lottery program, by properly calculating their income, identifying suitable openings and gathering relevant documents.

Verifying the Validity of a Financial Counselor

There is a chance that some individuals will pretend to be financial counselors in order to scam clients, gain access to their resources or get them to invest in fake schemes. For this reason, it is important to check the registration or licensing of anyone claiming to be a financial counselor.

Carolina Rodriguez, the EDCAP program director, cited several ways that people interested in financial counseling can check the validity of their preferred resource, including by reading reports and testimonials about the organization’s activity, looking for a robust online presence or social media content, and googling the company with the word “fraud” or “scam” to see if any red flags show up. 

People can ask their potential counselor “Who are you licensed with and in what capacity?”

Those who claim to be verified by the Department of Consumer and Worker Protection can be looked up through the Department’s licensing database.

Broker Check is also a free tool created by the Financial Industry Regulatory Authority (FINRA) to research the background and experience of financial advisors and firms.

There is no central accreditation bureau for all financial counselors. People should only consult with those backed by reputable organizations, such as city programs or nonprofits that ensure proper accreditation. Financial counselors may ask to review bank statements and credit reports, but will not ask for direct access to a client’s bank accounts.

If you have a question or complaint about an organization or individual’s legitimacy, you can also contact the Consumer Financial Protection Bureau by calling 855-411-2372.

“If you hear one recommendation from one person, make sure that you hear more or do your own independent research,” Rodriguez said. “If you have someone you truly trust in the community, asking them to verify for you or getting help from an organization you trust can help you determine whether that’s a reliable source.”