EMERYVILLE, Calif., March 27, 2018 /PRNewswire/ -- Student loan borrowers often feel like victims of their debt, perhaps especially if they have a high balance. Or they may feel like victims of predatory lending or of a society that pushed them to take on any amount of debt for a degree that may or may not have gotten them a job. The hard truth about that debt is that each borrower is responsible for paying it down, no matter how unfair it may feel. But they can get help. American Financial Benefits Center (AFBC) is a private document preparation company that helped its clients seek successful repayment by applying for federal income-driven repayment plans.
Student loan borrowers may feel like victims because of the amount of debt that they ended up with. Or it might stem from an inability to get a high-paying job, as they may have been promised. It could even be that they simply don't know how to be successful in their repayment — perhaps they don't feel they got useful information when they entered repayment.
"It's easy to feel like a victim when you feel pushed into debt," said Sara Molina, Manager at AFBC. "The trick is getting out of that mentality and, for some, that may be as easy as coming up with a game plan."
Federal student loans may seem overbearing for many borrowers, but what they might not know is that there are a variety of borrower protections that may help them in their repayment. Deferment and forbearance options may be useful for short-term delays in repayment. However, borrowers who feel like victims of their debt likely need more long-term help.
The Department of Education offers a variety of repayment plans that borrowers can apply for at any time. The Standard plan is the one all borrowers are placed in automatically and calculates payments based on a set 10-year payoff term. However, borrowers struggling with high payments or low income may benefit from applying for an income-driven repayment plan, which calculates payments based on income and family size. That can potentially reduce payments to as little as zero dollars for certain borrowers.
"By enrolling in a repayment plan that makes those payments more affordable, borrowers may feel more in control of their loans and less like victims of circumstance," said Molina. "At AFBC, we help our clients recertify for IDRs. We work closely with each client to submit the paperwork and supplemental documents year after year, as long as they remain in the program."
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