A Dollar Earned Isn't the Same for Everyone, and May Be Why Women of Color Loan Borrowers Are Struggling to Repay

Disblief

With $1.48 trillion in America’s national student loan debt, and climbing higher every day as more loans are taken out to afford college, well, it’s not hard to see why many Americans have some concerns about the situation. Concerns may be higher for those who hold the largest amounts of student debts: women, especially women of color. American Financial Benefits Center (AFBC), a document preparation service company, has helped thousands of federal student loan borrowers apply for income-driven repayment plans, which has helped many but that only helps those who make it into those programs and does not directly address the whole issue.

“There have been several news outlets reporting on how women hold two-thirds of the nation's student loan debt since about a month back,” said Sara Molina, manager at AFBC. “Some people think studies like this might be unnecessary because they already have to live through the hard truth. But ideally, as studies are performed, people will acknowledge the problem and begin working to find additional solutions to benefit more borrowers.”

For every dollar that a man makes, a woman makes 79 cents. People are pretty used to hearing that adage, though not everyone who hears it believes it. However, that statement does not take into account the even lower average amount of money that most women of color make when compared to white men. As an average, it does mean that some will make closer to a full amount, but some women will make even less. Despite working the same hours, doing the same quality of work and having the same qualifications, the pay gap continues to be an ongoing issue for women.

There have been several news outlets reporting on how women hold two-thirds of the nation's student loan debt since about a month back. Some people think studies like this might be unnecessary because they already have to live through the hard truth. But ideally, as studies are done, people will acknowledge the problem in this case and begin on finding more solutions to benefit more borrowers.

Sara Molina

Manager at AFBC

When trying to repay student loans, the gender pay gap may leave many women borrowers struggling. “We at AFBC understand that borrowers have reasons that they can’t repay their student loans at the rates currently being given to them, often for reasons outside of personal control. We want to help in the ways we can, and so we’ve helped borrowers apply for income-driven repayment programs, and monitor their progress on the path towards student loan repayment and, potentially, forgiveness,” said Molina.

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).

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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

Source: American Financial Benefits Center


Categories: Financing and Student Loans, Financial News

Tags: financial struggles, hardships, income-driven repayment, loan servicers, people of color, pitfalls, student debt, student loan repayment, student loans, woman borrowers, women of color


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About American Financial Benefits Center

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American Financial Benefits Center works to align each client with the different U.S Department of Education programs available to them based on their income and occupational situation.