EMERYVILLE, Calif., March 30, 2018 /PRNewswire/ -- Staying current on a student loan can have many positive effects on a person's financial picture, including helping maintain stability and avoiding actions from collectors, as well as wage garnishment. Some federal student loan borrowers need income-driven repayment plans (IDRs) to stay current on their loans. American Financial Benefits Center (AFBC), a document preparation company which helps student loan borrowers apply for and maintain enrollment in income-driven repayment plans, encourages borrowers who need to stay in IDRs to stay current on their loans to take steps to maintain enrollment through recertification.
"AFBC clients who have received our assistance in applying for a repayment plan receive assistance with the recertification process as well," said Sara Molina, Manager at AFBC. "We help all our clients who wish to submit recertification documents in an effort to remain in their IDR year after year."
Borrowers stay in IDRs by recertifying their income and family size. For some borrowers, IDRs may not be necessary or optimal after some time. However, failing to recertify may trigger some specific effects, such as capitalization of the interest on the loan or loans. Borrowers who, on the other hand, need or want to stay in an IDR to avoid falling behind on payments, should make sure they recertify income and family size each year.
Staying in a necessary IDR may mean a couple of things for a borrower: an affordable monthly payment and the peace of mind that the payment can stay affordable for at least another year. Affordable monthly payments may also have positive effects on the rest of a person's financial life.
AFBC clients will be contacted well before the deadline for recertification so that AFBC can collect and prepare any necessary documents for the recertification process. As usual, clients will review and approve any paperwork prepared on their behalf. However, it is incumbent on AFBC clients to respond to contact made by AFBC in order to receive timely service.
"Helping our borrowers recertify their plans to stay current on their loans is a routine part of our service, but it can have a big impact," said Molina. "We are happy to assist our borrowers to stay on top of their loans."
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
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SOURCE American Financial Benefits Center