American Financial Benefits Center: It's Possible to Take Control of Federal Student Loans

EMERYVILLE, Calif., March 16, 2018 /PRNewswire/ -- Are you in control of your money? A recent article gathered financial advice from grandparents, and each one came down to control. From planning to not overspending, the advice came from a generation that learned from the Great Depression and has a perspective different from young people today, whose hallmark financial matter is student loans. American Financial Benefits Center (AFBC), a document preparation company that helps its clients apply for and stay enrolled in federal income-driven repayment plans reminds borrowers that their student loans, though they may be emotionally overwhelming, can be controlled and can support other financial goals.

"Grandparents always have some sort of advice," said Sara Molina, Manager at AFBC. "It comes from a different time, but it can still apply to young people's financial situations today. When student loan borrowers feel like their debt is out of control, some of these tips may inspire changes in financial habits."

The advice grandparents gave covered saving and spending topics, as well as a call to take on do-it-yourself projects to learn the value of creating and fixing things instead of buying everything. That DIY habit can potentially save money. Spending, according to those grandparents, should be limited and planned. Spending more than is necessary because the money is available may perpetuate a financially strained lifestyle. Instead, controlling spending limits can enable saving, which should be done aggressively.

The top piece of advice from grandparents was to start saving for retirement early. The sooner retirement saving begins, the more will accumulate from compounding interest over time, resulting in a more massive retirement fund. However, student loans may get in the way of retirement saving for many young adults. In fact, student loan borrowers are delaying retirement saving because of their student loans.

This advice may seem out of reach for student loan borrowers struggling with their finances. It's not easy to put money aside when student loans may take up a significant portion of income. However, federal income-driven repayment plans may help reduce payments and allow borrowers to start saving.

"Intention is the first step towards taking control of your finances, and that may begin with a plan," said Molina. "IDRs can help student loan borrowers create a plan for saving or paying down debt. The financial goals may differ from person to person, but it's important to have that control in working toward those goals. At AFBC, our clients have taken control of their loans by enrolling in IDRs. We hope they are using them to their financial advantage."

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 Links

AFBC home page

SOURCE American Financial Benefits Center

Related Links

https://afbcenter.com