American Financial Benefits Center on Caring for Elders in an Income-Driven Repayment Plan
EMERYVILLE, Calif., March 16, 2018 (Newswire.com) - Family caregivers provide support to their elder loved ones in a variety of ways. A recent survey shows that emotional, physical, and financial support are all components of the care that family members give to their aging relatives. Student loan borrowers who are caring for elderly family members may have financial strains because of the care that they give. American Financial Benefits Center (AFBC), a document preparation company that helps borrowers apply for and recertify enrollment in federal repayment programs, encourages borrowers who are caregivers to think about how their care affects repayment.
For borrowers in income-driven repayment plans (IDRs), taking care of an elder who lives under the same roof may mean a change in family size can be recorded. Since payments for borrowers in IDRs are calculated using both income and family size, if a borrower’s income remains constant or lowers and their family size increases, that borrower might see a lower monthly payment.
We're here for our clients as they experience transitions in their lives that might affect their repayment plans.
Sara Molina, Manager at AFBC
“Family size has a strict definition that all borrowers must stick to when reporting a number,” said Sara Molina, Manager at AFBC. “If any AFBC client has a question about changing family size because they care for a relative under their roof, we are here to answer any questions.”
Borrowers can also review the Federal Student Aid definition of family size here for more information on how family size affects different plans.
If a borrower’s elderly relative does qualify them for a family size change, the lower payment may help ease the strain of care costs. A majority of family caregivers surveyed in the aforementioned report said they had to reduce living expenses, and a majority also had to withdraw from savings or assets.
A family size change request can be done during the year or during yearly recertification. AFBC clients can expect support regarding either scenario.
“We’re here for our clients as they experience transitions in their lives that might affect their repayment plans,” said Molina. “That’s what’s great about AFBC—we provide long-term support.”
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.
AFBC is a member of the Association for Student Loan Relief (AFSLR), and each representative on the phone has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
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
Source: American Financial Benefits Center
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Tags: education costs, elder care, family size, income-driven repayment plans, student debt, student loans
