American Financial Benefits Center Reminds Federal Student Loan Borrowers in IDRs to Consider Recertifying Early if Family Size Changes

EMERYVILLE, Calif., May 2, 2018 /PRNewswire/ -- Debt is seen as both an enabling force and an obstacle. Taking out debt for college is often the only way that students can pay for it. However, that debt can get in the way of getting a loan for a car or a mortgage or taking care of the family. Many borrowers manage their student loans through a federal income-driven repayment plan (IDR), which bases payments on income and family size and must be recertified each year. American Financial Benefits Center (AFBC), a document preparation company that helps its clients apply for recertification of their respective IDRs, reminds borrowers that they can recertify their family size or income any time either changes.

"IDRs lets federal student loan borrowers put their family first," said Sara Molina, manager at AFBC. "When borrowers must take care of their kids, parents or others, they shouldn't feel like their loans keep them from providing the care that they want to."

Women make up more than half of student loan borrowers. They carry higher loan balances than men and may have lower income thanks to the persistent wage gap. The task of caring for aging parents and others in need often falls on women as well, and that includes financial caretaking as well as physical. All such factors can contribute to their ability to stay current on their student loans.

Countless federal student loan borrowers have found IDRs valuable in balancing their student loan repayment with their other financial obligations. Because IDRs are calculated based on income and family size, borrowers need to recertify that information each year. However, they can choose to recertify early if that information changes. For example, borrowers who take in an aging parent can recertify their new family size (assuming they are providing at least half of the support for their parent, which may include the cost of housing) before their annual deadline and potentially get a reduced monthly payment.

"At AFBC, we help our clients understand how income and family size affect their monthly IDR payments so they can make smart decisions when their situation changes," said Molina. "We help with the recertification paperwork year after year as long as they stay in the program so that they can focus on what's important to them, such as caring for their family."

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).

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