Student Loans, Stress and Invisible Illnesses: AFBC Offers a Way Out

Invisible In a Crowd

Invisible illnesses are medical conditions people suffer from and may even leave some completely debilitated. However, other people cannot always see these invisible illnesses. An example of an invisible illness is depression. Depression affects 300 million people around the world and is the leading cause of disability worldwide. Surprisingly, researchers only recently started to study the link between high student loan debt and mental illnesses (e.g., depression). American Financial Benefits Center (AFBC), a document preparation service company, has helped thousands of federal student loan borrowers apply for income-driven repayment programs (IDRs). Enrollment into an IDR may markedly reduce the mental strain that high student loans could have caused.

“Student loan debt can feel out of control because it can literally take decades to pay back what you owe. Depending on what industry or region you work and live in, high costs of living and low wages make it even more difficult to make ends meet,” said Sara Molina, manager at AFBC. “These factors and more can take a toll on borrowers.”

It could be easy for a person to talk about the stress of their student loans with their coworkers or friends. However, it could be much more difficult to talk about how that stress prevents them from living productively and/or happily. For example, if that stress becomes depression, it could be hard for a borrower to articulate what their needs are, especially if there is shame or a stigma associated with their symptoms. There are many symptoms associated with depression and the symptoms may vary depending on the person’s current situation. Many student loan borrowers feel a sense of hopelessness and inability to make progress on their student loan debts. Constantly worrying that spending any money may affect student loan repayment can further add to their loss of enjoyment and symptoms of depression. The result of these different manifestations of depression can cause poor concentration and inability to focus on what's at hand.

Student loan debt can feel out of control because it can literally take decades to pay back what you owe. Depending on what industry or region you work and live in, high costs of living and low wages make it even more difficult to make ends meet.

Sara Molina

Manager at AFBC

Luckily, there are many types of professional help - from online to in-person resources - for borrowers who are suffering with their emotional pain. In addition, AFBC has given their clients a way out from financial pressures by helping them apply for repayment plans that lower the cost of their monthly payments for student loan debt.

"We are speculating that part of the reason that these types of loans are so stressful is the fact that you cannot defer them; they follow you for the rest of your life until you pay them off,” noted researcher Katrina Walsemann, who co-authored the aforementioned study about student loans and mental health. AFBC suggests that borrowers struggling with student loan repayment consider federal income-driven repayment plans. “IDRs can help lower monthly payments and hopefully the associated stress borrowers might feel every month,” said Molina. “Ideally, IDRs can allow borrowers to address other needs, either financial- or health-related.”

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).

American Financial Benefits Center Newsroom

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: depression, income-driven repayment, stress, student debt, student loan repayment, student loans


Additional Images

About American Financial Benefits Center

View Website or Newsroom

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