State Commits to Slowing the Rising Tide of Student Loan Debt, Notes American Financial Benefits Center
EMERYVILLE, Calif., July 26, 2018 (Newswire.com) - In an effort to slow the rising tide of student loan debt threatening to drown borrowers, Larry Hogan, Governor of Maryland, announced recently that his state would commit more than $7 billion to higher education. Because nearly 60 percent of Maryland college students leave college with thousands of dollars of debt, Hogan announced $385 million will fund a new SmartStart Portal to maximize student decision making, and that, starting in 2019, borrowers will be able to deduct all of the interest paid on their student loans from their income tax return. American Financial Benefits Center (AFBC), a document preparation company that assists its clients in completing applications for federal student loan repayment plans, encourages robust leadership to reduce the financial and emotional toll of student loan debt.
“Student loan debt is a national crisis. But for now, states like Maryland are going to have to take the initiative,” said Sara Molina, manager at AFBC. “This seems like a very bold attempt to address this challenging dilemma.”
The proposed portal in Maryland provides support by streamlining and making navigating college tuition, financial aid and debt assistance more user-friendly. The program further aids those with student debt to purchase homes, earn loan forgiveness for working in areas of specific need and provides more financial aid for those looking to earn advanced degrees in specific areas. In addition, the legislation expands Maryland Community College Promise Scholarship Program to include four-year Maryland public institutions for qualified students. The administration will also double the tax deduction, from $2,500 to $5,000, for families participating in Maryland 529 plans, a college savings program that locks in tuition at current pricing.
Student loan debt is a national crisis. But for now, states like Maryland are going to have to take the initiative. This seems like a very bold attempt to address this challenging dilemma.
Though this initiative provides relief to many Maryland students and borrowers, millions of American borrowers face daily struggles with student loan debt. Federally available programs, such as income-driven repayment plans (IDRs), can be extremely helpful to those struggling with student loan debt, though many borrowers find enrollment and maintenance of these programs to be difficult to navigate. AFBC’s innovative, collaborative program has allowed many borrowers to regain control of their financial future.
“It is heartening to see a state promoting access, affordability and innovation to increase student success and decrease debt,” said Molina. “Our clients know that, for those who don’t have access to these programs or find them difficult to access, we are there for them, helping to make their finances and lives more manageable.
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