Crowdfunding Student Loan Payments Gaining Traction; AFBC Recommends Borrowers Start by Talking About Their Loans
EMERYVILLE, Calif., May 4, 2018 /PRNewswire/ -- Countless student loan borrowers are turning to crowdfunding to pay for college and student loans. Such a strategy relies on the "it takes a village" approach to help borrowers set up for their future. That spirit may be essential for success in repayment, even if it just means asking for advice. American Financial Benefits Center (AFBC) is a document preparation company that helps its clients submit recertification paperwork to remain enrolled in federal income-driven repayment plans. The company encourages borrowers who are struggling in repayment to seek help and understand their options.
"Student loan borrowers are overcoming a stigma of shame surrounding their loans," said Sara Molina, manager at AFBC. "Talking about them is often the first step in positioning themselves for success. We encourage any borrower who is struggling to understand or pay loans to speak to a professional. Borrowers should know about the federal repayment plans that might help."
There are several different crowdfunding websites that borrowers can use, and some even direct funds to student loan accounts. While less than one-fifth of crowdfunded campaigns meet their goals, any funds borrowers get are welcome. Borrowers who are proactive about their campaign will likely have more success.
Success in crowdfunding depends on borrowers getting the word out. Talking to friends and relatives, sharing on social media and staying positive are essential strategies. Borrowers may also offer rewards at certain milestones or donation levels to inspire engagement and continued support. Similar strategies may be used by those who choose not to crowdfund as well.
For example, talking to the right person, such as a student loan professional or servicer, might uncover federal repayment options that could help. Federal income-driven repayment plans base payments on income and family size and can improve borrowers' ability to make their monthly payment.
"Getting help always requires talking about the problem," said Molina. "When a problem is as big as student debt can be, it's important that borrowers get help. At AFBC, our clients reached out to us for such help, and we're happy to be able to continue to assist them 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.
Each AFBC telephone representative 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]
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Crowdfunding student loan repayment
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SOURCE American Financial Benefits Center
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