EMERYVILLE, Calif., Dec. 1, 2017 /PRNewswire/ -- It's not a secret that student loans are holding back millennials. Furthermore, it's becoming clear that in order to become free from student debt, borrowers must sacrifice a lot. Whether that means living with the parents for a few years after college or something more extreme, millennials are showing they aren't afraid to go that extra mile. American Financial Benefits Center, a document preparation company that assists borrowers in applying for and staying in federal repayment plans, helps borrowers with a plan so they don't need to resort to extreme measures to get through their student debt.
Student loans are proving to be a burden on millennials. To illustrate how much of a burden they are, Credible conducted a survey to see what millennials would do to be rid of student loans. Though the headlines describing the survey are meant to shock readers, the results merely prove what so many already know: student loans are a problem for millennials.
"Levels of debt are getting worse and worse, and people's income often can't really keep up, so it's no wonder millennials are feeling desperate," said Sara Molina, Manager at AFBC. "That feeling can translate into people willing to do a lot just to get some relief from their debt."
The most shocking result from the Credible survey is that nearly 50 percent of the millennials who responded would give up their right to vote in the next two presidential elections. While they would still be able to vote in other elections, it might not be worth it to miss such an important vote: the president's unique power to influence the future of higher education can result in long-lasting effects for all student loan borrowers. The other survey results, while not as socially impacting, address millennials' lifestyles:
- 43.6 percent would give up ride-sharing services;
- 42.4 percent would give up traveling outside the country for 5 years;
- 27 percent would be willing to move in with their parents for 5 years;
- 13.2 percent would give up texting for one year; and
- 8.2 percent wouldn't give up any of the options, opting to pay off the debt instead.
When borrowers dare to imagine a life without student loans, the sacrifices made to get there start to make sense. What are another five years of living with parents if it means starting a family or a business that much sooner? But borrowers would do more than just pursue the life milestones they're currently delaying because of their student loans. Many commenters in a Reddit thread dream of helping friends and family with money or taking their kids on a vacation if only they didn't have to worry about their student loan payment. But what they might not know is that they can do both.
With the available federal repayment plans that base monthly payments on income rather than a 10-year amortization period, borrowers can potentially lower their payments so they can focus on other financial goals. AFBC helps its clients through the process of applying for and recertifying to stay in said repayment plans.
"Each student loan borrower has different priorities, and it's up to such borrowers to pursue them," said Molina. "AFBC helps its clients stay in affordable repayment plans so they have the financial freedom to focus on their other goals, whether that's saving up for retirement or the next vacation or giving to those in need."
About American Financial Benefits Center
American Financial Benefits Center helps clients apply for the federal repayment plan that fits their personal financial and student loan situation. They adhere to strict customer service guidelines and strive for the highest levels of honesty and integrity.
AFBC is a member of the Association for Student Loan Relief (AFSLR), and each representative on the phone has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
To learn more about American Financial Benefits Center, please contact:
American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
SOURCE American Financial Benefits Center