American Financial Benefits Center Helps Clients Recertify Federal Income-Driven Repayment Plans When Income Changes

Emeryville, Calif., March 12, 2018 /PRNewswire/ -- The gig economy is booming, and some even predict that most of the U.S. workforce will be made up of freelancers within a decade, based on findings that nearly half of millennial workers are already working freelance jobs. Freelance work may sound intimidating to some workers, especially those with student loans, because of the potentially inconsistent income. They may worry that slow months may not be lucrative enough to cover loan payments and all other bills. American Financial Benefits Center (AFBC), a private company that helps its clients apply for and stay enrolled in federal repayment plans, reminds borrowers in income-driven repayment plans that if they experience an income slump, they can request that their IDR payment be recalculated.

"Student loans can steer a lot of decisions in life, including career decisions," said Sara Molina, Manager at AFBC. "But anyone who feels freelance work would suit their lifestyle better should know that it's possible to pay down student loans while in a situation where income may change from month to month."

Individuals can get freelance work to do nearly anything. While some of the most lucrative gigs involve technology and programming, individuals can earn money doing anything from traditional temp jobs such as being a personal assistant to creative work like writing jingles. Freelancers may work one gig at a time, short or longer term, or they may work several gigs that overlap, adding up to a full-time schedule. Many freelancers enjoy the flexible hours and loose commitments; they work when, where, and how long they want and can choose not to work when they don't need the money.

However, some freelancers experience lulls in work when it can be more difficult to pay their bills. Many federal student loan borrowers find income-driven repayment plans helpful in those situations and throughout the year. IDR payments are calculated, in part, as a percentage of income, and income must be certified annually to keep the payments accurate. Borrowers in IDRs can recertify any time a change in income or family size occurs, which proves especially useful when income drops.

"AFBC members in IDRs whose income drops can give us a call and we'll help them to recertify early," said Molina. "We advise them on the best documents to send with their application to reflect their new income so their recalculated payment will be as accurate as possible. That helps to take away some stress that goes with a changing income and student debt obligations."

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
info@afbcenter.com

Related Links

AFBC home page

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SOURCE American Financial Benefits Center