Higher Chance of Financial Struggles for First-Generation College Attendees, American Financial Benefits Center Notes

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May 22, 2018, 08:00 ET

EMERYVILLE, Calif., May 22, 2018 /PRNewswire/ -- When children are young and the people around them start asking them what they want to be when they grow up, children often offer answers about jobs that require further education when they're older. The people around them will begin talking about the different options to achieve those goals, encouraging them to maybe even begin planning for them. For some families, it will take a lifelong plan to be able to afford the expensive price tag that often comes with higher education. For first-generation college attendees, there is evidence that things don't always go as smoothly for them as their peers. American Financial Benefits Center (AFBC), a document preparation service company that assists borrowers in applying for income driven-repayment programs, has seen how difficult it can be for some students to get ahead financially when they do not have much of a family history of attending college.

For first-generation college attendees between the ages of 18 and 44, there is a 14 percent likelihood that they will be behind on their student loan payments, which is eight percentage points higher than their peers whose parents attended college previously. That likelihood drops to 11 percent when including students older than 44, higher than their peers by only six percentage points. However, a double-digit percentage likelihood to be behind on student loans is nothing to lightly brush off.

"If people don't have a family member that already has been through the process of going to college, there's a lot more trial and error on figuring out how to best go about the college process. This can really affect them financially in the long run," said Sara Molina, manager at AFBC.

First-generation college attendees have the opportunity to set the precedent for the rest of their family. However, falling behind on student loans can set a negative tone to that future. For many, an income-driven repayment plan (IDRs) can ease the financial burden of student loans, and lend itself to a bright future for future generations to aim for, knowing that they too can attend college.

"American Financial Benefits Center is proud to be able to help so many people get assistance with IDRs, to be a part of a family's legacy in a way," said Molina. "We hope that we can make our clients' student loan experience positive enough that they'll be able to pass on their experience with the student aid system to their kids to help them pursue their dream job."

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).

American Financial Benefits Center Newsroom

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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SOURCE American Financial Benefits Center