Ameritech Financial: Average Student Debt Numbers May Not Represent All Situations, But That Doesn't Mean Borrowers Don't Need Help
ROHNERT PARK, Calif., April 9, 2018 /PRNewswire/ -- Average student loan numbers paint a picture of the crisis in the student loan world. Commonly cited numbers describe average balances of over $30,000 and average monthly payments at $351. But those numbers may not represent most borrowers. Instead, a recent report outlined median numbers broken down by state and even by county. It also showed that student loan debt increased in line with the cost of attendance of the colleges in the respective state. Ameritech Financial, a document preparation company that helps federal student loan borrowers with federal repayment plan applications, reminds borrowers who left school with high debt that they have access to federal borrower protections that may help them in repayment.
"Every borrower leaves college with his or her own student loan numbers," said Tom Knickerbocker, executive vice president of Ameritech Financial. "It can be hard to minimize those numbers when you're going through school focusing on school work, but federal student loan borrowers should know that they have access to repayment options if they end up struggling with their debt."
According to the report, the state with the highest median student loan payment was Washington, D.C., with a median payment of $242 and median student loan balance of $24,131, followed by Massachusetts, New Hampshire, Maryland and New Jersey. All those states are located in the Northeast, where the cost of attending higher education institutions is also higher than elsewhere in the country.
With a close link between student debt and the cost of attendance at a particular school, that may be worth considering for students deciding on which institution to attend. However, other factors contribute to student loan balances and repayment success. For example, while balances may be high for many borrowers, those with low balances who did not complete a degree are the ones who struggle the most in repayment.
Regardless of location and debt amount, borrowers who struggle with their federal loan payments may need assistance to find success in repayment. Federal income-driven repayment plans (IDRs) may provide that assistance. By calculating payments on income and family size, IDRs can potentially lower payment amounts and relieve financial stress.
"At Ameritech Financial, we help borrowers understand their repayment options," said Knickerbocker. "Whether their debt lines up with the median numbers or falls above or below, if they are struggling to repay their debt, they shouldn't feel like they don't have resources. Our main goal is to help borrowers take control of their loans by assisting with IDR application paperwork."
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of consumers with financial analysis and student loan document preparation to apply 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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