Losing the Ability to Practice at a Job is a Reality for Some Student Loans Borrowers, Notes AFBC

Struggling

Student loans can become tricky to repay for some borrowers if financial hardships happen. A few late payments may not cause too much trouble in the long run. But after too many, a loan will become defaulted. For some borrowers, there might be an even worse consequence of not making payments on time, including damaging a borrower’s credit. American Financial Benefits Center (AFBC), a document preparation service company, has helped thousands of federal loan borrowers apply for repayment programs that might allow for easier monthly student loan repayments, which may have helped avoid more dire occupational situations. Yet not everyone has been able to avoid such consequences.

For those lucky enough to have a job that uses an earned degree, the job often pays better than other potential options and the money made is used, in part, to repay student loans. Even with a job tied to one’s degree, money may be tight for various reasons and borrowers might have a hard time making ends meet. For occupations that require special licensing, such as lawyers, losing a license to practice could be devastating. In some 14 states, licenses can actually be revoked if loans become delinquent. “If borrowers lose their license for a job and an ability to practice, that just likely ruined the best chance for them to get back on their feet financially. It seems really counterproductive taking away something that people use to make a living and somehow thinking that that will make things better overall,” said Sara Molina, manager at AFBC.

Licenses that can be revoked aren’t limited to just higher-end jobs such as lawyers though. In some states, it also applies to beauticians, electricians, plumbers, alternative medicinal practitioners and so on. “Being in an income-driven repayment plan helps people better afford life’s necessities, including repayment. For some borrowers, it has meant being able to avoid defaulting on student loans. AFBC is doing what it was created to do, and that is helping borrowers who are struggling to afford student loan repayment,” said Molina.

If borrowers lose their license for a job and an ability to practice, that just likely ruined the best chance for them to get back on their feet financially. It seems really counterproductive taking away something that people use to make a living and somehow thinking that that will make things better overall.

Sara Molina

Manager at AFBC

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: Financial News, Financing and Student Loans

Tags: income-driven repayment, license, losing license to practice, struggling, student loan repayment, student loans


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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.

American Financial Benefits Center
1900 Powell Street (600)
Emeryville, CA 94608
United States