American Financial Benefits Center: Student Loan Borrowers Might Consider Automating Savings to Meet Financial Goals

EMERYVILLE, Calif., March 6, 2018 /PRNewswire/ -- After the bills are paid, sticking to a budget can be difficult. Saving money can be even harder when the goal is years down the line. While some thrive on a budget, others might struggle with poor results. Automating savings can be a helpful tactic, including for student loan borrowers. American Financial Benefits Center (AFBC), a document preparation company that helps align clients with federal programs that potentially lower their student loan payments, encourages student loan borrowers to consider automating savings.

"At AFBC, we help our clients apply for and recertify repayment plans and certain forgiveness programs. With a more affordable payment, they may have room to start saving," said Sara Molina, Manager at AFBC. "And by automating their savings, they might make even further strides towards their goals."

AFBC helps borrowers apply for and recertify enrollment in income-driven repayment plans that are available to federal loan borrowers. Such repayment plans potentially lower the monthly payments of the enrollees to an affordable amount based on their income and family size. The plans are meant to keep borrowers current on their loans, and even position borrowers for loan forgiveness after a set number of years of repayment.

Student loan borrowers might already use auto-pay for bills or have their student loan accounts automatically draft payments. Automating savings can be just as easy and may even feel better because the money is going towards the saver, not something like a utility company or a loan servicer.

Individuals who are automating their savings can direct money intended for various reasons to a variety of places. Those setting up automated savings may be putting away money for a home down payment, an emergency fund, a vacation, college tuition, or retirement. Types of accounts can range from regular savings account, a tax-advantaged college savings plan like a 529, or a tax-advantaged retirement account like a Roth IRA.

"Paying yourself can be a great feeling, and we encourage our clients and all student loan borrowers to think about using this as an approach to meeting their savings goals," said Molina. "We like to promote the idea that it is possible to save and repay your debt at the same time."

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).

Contact

To learn more about American Financial Benefits Center, please contact:

American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
1-800-488-1490
[email protected]

Related Links

AFBC home page

SOURCE American Financial Benefits Center