Press Release (ePRNews.com) - EMERYVILLE, Calif. - Nov 29, 2017 - Recent reports agree that when it comes to student loan debt, where students live in the U.S. is just as important as their chosen major and college. States in the northeastern and midwestern regions of the U.S. have much higher student loan debt averages than the southern and southwestern regions. American Financial Benefits Center helps federal student loan borrowers across the nation with any level of debt apply for repayment plans through the Department of Education to help make their payments more affordable year after year.
The two recent reports from the Student Loan Report and Sallie Mae, though calculated differently, both show a trend of higher college debt in states like Connecticut, Pennsylvania, and West Virginia. According to the Student Loan Report, New Hampshire had the highest average student loan debt, at $27,167 per graduate. (That average includes those who graduated with no debt, so it’s different from other reports that calculate averages per borrower or household.) States in the southwestern region, like Arizona, New Mexico, and Wyoming, had some of the lowest student loan debt per graduate. Utah came out ahead with the least debt per graduate, at an average of $7,545.
“News reports have been telling us that a person’s school and major play big parts in how much debt they graduate with and how well they are able to pay it off,” said Sara Molina, a manager at AFBC. “But now we’re seeing the numbers by state and region, and it makes us wonder what causes those higher numbers and how we can address them.”
No matter where you went to school, what your major was, or what you’re doing now, if you can’t afford your student loan payments, there are usually options.
There are many reasons students and families in the Northwest and Midwest pay more on average for college. According to the Sallie Mae report, there are more private colleges in those states, which are generally more expensive than public schools. Families in those areas also may base college choices on quality rather than on cost.
With high college costs comes potentially greater difficulties paying off that debt. For many, the choice to take out more student loans for college is easy; without them, college may not be an option at all. But when the bill comes, it’s often shocking, leaving some borrowers to come up with creative plans for repayment. Many try to live with their parents to minimize living costs so they can afford their payments. Some consider moving to Texas, where there is no income tax, to maximize their payments.
A great option for many borrowers whose monthly payment is unreachable is choosing a repayment plan that bases the amount due on their income and family size. Income-driven repayment plans are available in every U.S. state and can end in loan forgiveness if there is a balance left over after 20 to 25 years, depending on the specific plan.
“No matter where you went to school, what your major was, or what you’re doing now, if you can’t afford your student loan payments, there are usually options,” said Molina. “At AFBC, we help borrowers navigate those options and apply for them. We also take care of yearly recertification so our clients don’t need to worry about forgetting or missing the deadline.”
About American Financial Benefits Center
American Financial Benefits Center helps clients apply for the federal repayment plan that fits their personal financial and student loan situation. They adhere to strict customer service guidelines and strive 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).
To learn more about American Financial Benefits Center, please contact:
American Financial Benefits Center Source :
1900 Powell Street #600
Emeryville, CA 94608
American Financial Benefits Center