American Financial Benefits Center Discusses Financial Independence and How to Get There
EMERYVILLE, Calif., June 27, 2018 (Newswire.com) - Financial independence — having saved enough that an individual is no longer required to work for money — provides the promise that one can use their time in whichever way they choose. Getting there, however, can be very difficult for some people, especially when student loans are part of the picture. American Financial Benefits Center (AFBC), a document preparation company that helps student loan borrowers apply for federal income-driven repayment plans reminds borrowers that financial independence is not out of reach.
“Financial independence is something that young people might assume comes with adulthood,” said Sara Molina, Manager at AFBC. “But it’s not something that you just get when you turn 18 or graduate from college. Especially if you have student loans, you have to work hard to get it.”
Andrew Fiebert at Listen Money Matters states that “achieving financial security comes from learning and implementing best practices and being able to control yourself and your spending.” Though this may sound easier said than done, there a few different ways to go about saving more and spending less. He continues in his article by elaborating on ways to “trim the fat” by tracking spending and sticking to a realistic budget. Seeing how much one is saving each week can be an incentive to keep going and stay on budget. It may seem overwhelming at first, but the easiest way to save money is to spend less. That principle can be applied to student loan payments for certain borrowers.
Financial independence is something that young people might assume comes with adulthood.
Federal income-driven repayment plans (IDRs) are alternative repayment options for federal student loan borrowers whose payments are high relative to their income and family size. Such plans calculate payments based on discretionary income and can potentially end in forgiveness after 20 to 25 years in the program.
“Gaining financial independence is so important for consumers today, and we are here to help our clients get one step closer to that point,” states Sara Molina, Manager of AFBC. “We hope that our clients take advantage of any payment reduction they may have received in an IDR to spend less or save more in pursuit of financial independence.”
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).
To learn more about American Financial Benefits Center, please contact:
American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
Source: American Financial Benefits Center