EMERYVILLE, Calif., March 28, 2018 /PRNewswire/ -- As college admission decisions roll in, anxiety is high among some parents about the cost of college. While parents of college applicants still felt that college was a sound investment, surveyed parents cited a far-reaching need for financial aid. Parents who are also student loan borrowers might find paying for a child's college experience even more daunting. American Financial Benefits Center (AFBC), a document preparation company that helps federal student loan borrowers apply for and maintain enrollment in repayment programs reminds borrowers that repayment plans and forgiveness programs may mitigate financial stress.
"As student loan borrowers have kids of their own who are ready for college, finances can be stretched a little thin," said Sara Molina. "Even with financial aid, parents may still be feeling the pressure. However, there are programs out there that are helping current borrowers better their financial situation by making student loan repayment easier."
These programs include income-driven repayment plans, Public Service Loan Forgiveness, and a variety of other programs for borrowers of federal student loans. AFBC has helped thousands of borrowers apply for and enroll in income-driven repayment plans. For qualified borrowers, these plans can lower monthly loan payments to an affordable amount; monthly payments are based on income and family size.
Borrowers in income-driven repayment plans become eligible for loan forgiveness at the end of a 20- to 25-year period. This differs from Public Service Loan Forgiveness, which some borrowers who are in income-driven repayment plans may be eligible for after ten years of payments, depending on their employer, their loan type, and other factors. These and other forgiveness opportunities may put borrowers' minds at ease.
While certain types of loan forgiveness may take years of repayment to achieve, the benefits of income-driven plans are immediately felt if a borrower's monthly payment drops to a more affordable amount. AFBC reminds its clients that should their income or family size change, and finances become more stressed, their monthly loan payment might be eligible to reflect the new situation. AFBC clients are welcome to call the company to inquire about assistance with a change to a repayment plan.
"Paying for a kid's college costs can be intimidating," said Molina. "And repaying your student loans can be a long journey. Doing both at the same time is possible—and might even be not quite as stressful for loan borrowers with access to these programs. AFBC is here to help our clients make sense of their potential options when it comes to repayment."
About American Financial Benefits Center
American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives 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