EMERYVILLE, Calif.,
Feb. 17, 2018 /PRNewswire/
-- Students beginning college often take out loans without
realizing exactly what they are signing up for. During school, when
most students do not make any payments, those loans can feel like
income, and it's easy to forget about it once it's been spent. But
those loans have a long-term impact. American Financial Benefits
Center (AFBC), a document preparation company that assists
borrowers in applying for and staying enrolled in income-driven
repayment plans, looks at student loan repayment as a marathon and
encourages borrowers to be patient throughout the process.
The student loan journey starts with the FAFSA and ends with the
final payment, or, for those who qualify, forgiveness. Depending on
how much education borrowers complete and how they approach
repayment, their student loan journey could be shorter than 10
years, or even upwards of 35 years for those with advanced degrees
in long-term repayment plans.
"There's something about the process of getting student loans
that makes them feel temporary," said Sara
Molina, Manager at AFBC. "Maybe it's that you don't have to
start making payments right away. Whatever it is, it can result in
shock when the repayment process begins and reality sets in."
Sticker shock is quite common for student loan borrowers,
especially when they discover what their monthly payments will be.
That shock may manifest in urgency to pay down those loans as
quickly as possible, resulting in daily sacrifices and delays in
working toward life milestones. Ultimately, besides full erasure of
student debt, that is the quickest route to the student debt finish
line. However, there are other options.
For borrowers who can't, for example, live rent-free or survive
on a razor-thin budget, student loan repayment may take longer. The
Standard repayment plan, which all borrowers begin repayment in,
takes 10 years to complete. Borrowers who need lower monthly
payments can apply for income-driven repayment plans, which base
monthly payments on income and family size. Those options can take
up to 25 years to complete, but they can also ease financial stress
and allow borrowers to focus on other financial goals, like buying
a house or starting a family.
"Student loan repayment really is like a marathon," said Molina.
"You train and practice and when it's time to start the marathon,
you pace yourself and let your determination and patience guide you
to the finish line. AFBC clients are like those runners, pacing
themselves in IDRs, making their way to the finish line."
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
info@afbcenter.com
Related Links
AFBC home page
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SOURCE American Financial Benefits Center