EMERYVILLE, Calif., March 15, 2018 /PRNewswire/ -- Conor Lamb, who has just eked out a win in a special Congressional election in Pennsylvania's 18th district, names student loan reform as part of his platform. Lamb lists "releasing students from lifetime debt traps" on his "Priorities" page which briefly discusses key issues the Congressman-elect wants to focus on. While future protections for borrowers like those that Lamb discusses might be valuable, many student loan borrowers can take advantage of resources that are in place now. American Financial Benefits Center (AFBC), a document preparation company that helps student loan borrowers apply for and recertify federal repayment plans, encourages borrowers to explore their current options while they keep an eye on future student loan legislation.
"There's a strong set of possibilities for federal loan borrowers, including income-driven repayment plans, which our clients use to their benefit," said Sara Molina, Manager at AFBC. "At AFBC, we have provided support in the applications for repayment plans and recertification processes so that our clients can hopefully remain in plans where their payments are affordable."
On his website, Lamb states that he wants to "allow people to refinance their student loans, just as we do for corporations and credit card holders." This likely refers to allowing federal loans to be refinanced into other federal loans, a process which does not currently exist. Any student loan refinances currently available have to go through a private lender, and the loans retain none of the terms or protections once they become private.
Lamb also throws his support behind loan repayment assistance for public service workers, noting that some programs concerning public service do exist, but he wants to expand them. Lamb cites the importance of workers who "help meet an urgent public need" and that "government should help [them] pay back the cost of that education."
Lamb takes a sometimes informal, conversational tone in the description of issues on his website, perhaps to reinforce his youth—he is only 33-years-old—and his membership in the millennial generation. Since the issue of student loans disproportionately affects millennials, this approach coincides with his focus on the issue of student debt.
There are existing federal student loan protections and programs for all kinds of borrowers—from nurses to service members to teachers—and income-driven repayment plans are some of them. AFBC focuses on IDRs, helping thousands of borrowers apply for and recertify these plans that potentially lower their monthly payments to an affordable level.
"We're excited about potential future repayment and forgiveness options for borrowers, but we are also practical," said Molina. "We like to remind borrowers to take advantage of what can help them now, while also being mindful of future laws that might help them and their loan situation."
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