More Higher Education, More Student Debt; Guinness World Record for Most University Degrees Out of Reach in U.S.? AFBC Weighs In
EMERYVILLE, Calif., July 20, 2018 (Newswire.com) - It may be possible for an American to set the world record for greatest number of college degrees obtained. Currently, the most educated man in the world is an Italian man named Luciano Baietti, who holds 15 bachelor-level or greater degrees at the time of this writing. Since Italian universities have a different structure and lower payments than American universities, many may believe that it is unlikely for an American to ever beat this record. American Financial Benefits Center (AFBC), a document preparation company that assists its clients with federal repayment plan applications, believes that there is a way for Americans to compete with this record.
“There is a difference in the cost and the accessibility of education in Europe, which likely gives European countries an advantage,” says Sara Molina, manager at AFBC. “Pursuing multiple bachelor’s degrees in the United States may build student loan debt that feels impossible to conquer unless you have the right repayment plan.”
Owning a college degree is getting more common, but the cost of this degree is steadily rising. With the average debt for obtaining a college degree at around $37,172, many borrowers may feel that they cannot afford to compete with the world record in fear of struggling with high payments every month. With these figures in mind, it may seem irresponsible to pursue more education than necessary under the Standard Repayment plan that every borrower begins repayment in.
There is a difference in the cost and the accessibility of education in Europe, which likely gives European countries an advantage. Pursuing multiple bachelor's degrees in the United States may build student loan debt that feels impossible to conquer unless you have the right repayment plan.
However, if a borrower wishes to pursue multiple degrees and must take out federal student loans to do so, then AFBC recommends that the borrower considers an income-driven repayment (IDR) plan for the student loans instead of the Standard Repayment plan if that individual struggles to repay his or her loan. Whereas the Standard plan bases payments on a 10-year payoff term, in which a higher balance would result in higher payments, IDRs base payments relative to income and family size. On an IDR, a borrower may reduce monthly payments to as low as 10 percent of his or her discretionary income per month, which can go as low as $0. Additionally, borrowers in IDRs may obtain loan forgiveness after 20-25 years of enrollment.
“If a borrower wants to compete for the title, then there is likely a repayment plan that they can choose to deal with any federal debt they take on,” said Molina. “At AFBC we help our clients find the right plan to live the life they want, even pursuing Guinness World Records without having student loans get in the way.”
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