AFBC: The Right Student Loan Repayment Plan Can Give Parents' Budgets Room for Kids' Activities

EMERYVILLE, Calif., March 1, 2018 /PRNewswire/ -- Recent years have seen the rise of children's structured activities. This means more dance class, summer camps, and sports. And while kids' sports are often expensive, parents may be inclined to make the sacrifice if their child's heart is set on it. But when a parent is repaying student loans, budgeting for kids' sports can get tricky. American Financial Benefits Center (AFBC), a document preparation company that helps federal student loan borrowers apply for and recertify their enrollment in payment plans, reminds borrowers that their affordable payments may make room in the budget for their kids' activities.

"We know that for kids who are serious about playing a sport, even at a young age, their parents have to be serious about it too," said Sara Molina, Manager at AFBC. "But when student loans are eating up the budget, sports may be off the table. To help make their loans more affordable, AFBC clients receive assistance when it comes to finding and staying in the right repayment plan."

The right repayment plan might be one of several income-driven repayment plans (IDRs), which calculate monthly payments off of the student loan borrower's income and family size. This way, payments are often lower and more affordable. Once in an IDR, AFBC clients receive assistance with the yearly recertification process required to stay in that plan. IDRs also position borrowers for loan forgiveness after 20 or 25 years of repayment.

While some may argue that every extra dollar a borrower makes should be thrown at outstanding student loans, fostering a rich and rewarding childhood for a kid may involve giving children something more than the basics, like the ability to participate in sports. The amount a parent spends for their child varies by sport, too. For example, research shows that lacrosse costs more on average than basketball to participate in. Either way, parents' budgets must be ready for the cost.

"Most parents want to give the world to their kids, but it can be hard when student loan payments are weighing on your finances," said Molina. "But student loans don't automatically signal that a parent is unable to give his or her child these experiences. At AFBC, we aim to make sure that our clients are utilizing the repayment plans that best fit their needs."

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).

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 Images

image1.png

Related Links

AFBC home page

SOURCE American Financial Benefits Center