With High Educational Costs, Loan Repayment Options Help Younger Generations, Says American Financial Benefits Center

EMERYVILLE, Calif., Feb. 9, 2018 /PRNewswire/ -- Student debt isn't just a young people's problem. But a greater portion of younger adults face student loan debt than other generations. What may be a common debt experience for a 25-year-old may be much rarer for a 60-year-old. While many baby boomers are actually struggling, they still came up in a time when higher education was a lot less expensive. American Financial Benefits Center (AFBC), a document preparation company that specializes in helping federal student loan borrowers navigate repayment plans and forgiveness programs, encourages bridging the gap between generations when it comes to understanding student loans.

"As a whole, education is much more expensive for people getting their degrees today than it was a few decades ago," said Brandon Frere, CEO of AFBC. "We hope as student loans make headlines, the public gets more and more educated about these cost issues that millions are facing."

One student debt phenomenon of today that older generations might not understand is high student loan balances — upwards of $100,000 — for professional degrees, including law degrees. For instance, after adjusting for inflation, private law schools are on average more than twice as expensive as they were 30 years ago; public law schools are more than five times more expensive. High income potential could offset the steep costs of various professional degrees and mitigate the expense. However, mere entrance into the field is guarded by these costly degrees.

Thirty years ago, however, borrowers did not have the variety of repayment options that are now available for borrowers of federal loans. Since the 1990s, more and more income-driven repayment plans have been added. Various forgiveness programs have also been initiated. AFBC assists borrowers in applying for and staying enrolled in income-driven repayment plans. The company also helps get qualified borrowers on track to forgiveness.

"Times have definitely changed. And while school is more expensive than ever, the options for repayment are more diverse than ever," said Frere. "At AFBC, we help our clients understand their federal loan repayment options and get them on the path that best fits their needs. Many of our clients' parents never had to face the kind of student debt they have, but those parents also didn't have the resources that are available now."

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. They adhere to strict customer service guidelines and strive 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