Americans Are Delaying Milestones Due to Student Debt; Ameritech Financial Helps Borrowers Find New Options
ROHNERT PARK, Calif., Nov. 27, 2017 /PRNewswire/ -- Americans are collectively facing an enormous amount of student debt, and that debt is delaying some major life milestones and financial goals for some borrowers. These can include buying a home or saving for retirement. Ameritech Financial, a document preparation company that helps federal student loan borrowers apply for repayment programs, can assist borrowers to apply to reduce their student loan payments and help free up room in their budget for other financial goals.
According to a 2015 report, 55 percent of respondents to a survey said "their student loan debt affected their decision or ability to purchase a home" and 62 percent had delayed "saving for retirement or other investments." A 2016 survey revealed that a shocking 71 percent of student loan borrowers who didn't own a home said their loans were holding them back from doing so.
"It's troubling when student loan borrowers aren't able to make these milestones that previous generations achieved much more easily back in their day," said Tom Knickerbocker, Executive Vice President at Ameritech Financial. "When we help folks apply for a new repayment plan, we are helping them get to a place where they can lower their payments and start focusing on other financial goals."
Federal loan borrowers that are struggling with their payments have an array of repayment options they might not know about. These repayment plans are offered by the Department of Education and require an application. Among these repayment options are plans known as income-driven repayment plans (IDRs). Borrowers who are qualified for IDRs have their monthly student loan payment calculated based on income and family size. Monthly payments generally fall between 10 and 20 percent of the borrower's discretionary income, depending on the type of plan the borrower enrolls in. Forgiveness of any remaining loan balance is also available for some enrollees in IDRs after 20 or 25 years.
Ameritech Financial not only educates borrowers about federal repayment plan options, but helps borrowers apply for these programs and assisting with the paperwork. This paperwork includes a yearly income recertification to stay in the program after a borrower is already enrolled. Ameritech Financial also maps out a budget with clients so that they are better prepared to make the payments on their loan in their new payment plan.
IDRs could be the right solution for borrowers who need to make room in their budget to contribute to other financial goals, like that first home or saving for retirement. And while certain borrowers may feel guilty working towards other financial goals while they still have student loans, some experts say not to worry. Depending on a borrower's financial situation, those other financial goals can be just as important as paying off debt.
"Borrowers who are having issues making payments on their student loans are probably struggling to make ends meet now. They can't even think about the future," said Knickerbocker. "But for borrowers who qualify, Ameritech Financial helps get them into a financial place where they can start planning for a future and meeting their goals."
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of people with financial analysis and student loan document preparation for federal student loan repayment programs offered through the Department of Education.
Ameritech Financial 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).
Ameritech Financial prides itself on its exceptional Customer Service.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
5789 State Farm Drive #265
Rohnert Park, CA 94928
1-800-792-8621
[email protected]
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SOURCE Ameritech Financial
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https://ameritechfinancial.com
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