Ameritech Financial: Borrowers With Large Student Loan Balances From Undergraduate Degrees Might Need Support With Repayment
ROHNERT PARK, Calif., March 15, 2018 /PRNewswire/ -- U.S. News just released a top 10 list of American colleges and universities whose graduating students have the biggest average student debt balances. The highest average debt balance is from Fairleigh Dickinson University, located in New Jersey, with graduating students in 2016 owing an average of $53,702. Students with federal student loans and high student loan balances might benefit from exploring their repayment options. Ameritech Financial, a document preparation company that aligns student loan borrowers with federal programs that potentially lower their payments, encourages college graduates with high balances to consider all their repayment choices.
"Borrowers having such high balances coming out of undergrad are unusual, but they're not shocking when you know how much college truly costs," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Despite high balances, however, students with federal loans will have several different options when they enter repayment."
The options include income-driven repayment plans (IDRs), which are often helpful to borrowers with larger balances whose incomes are low relative to their debt. IDRs calculate a monthly payment for borrowers based on not just income, but also family size. However, borrowers are not automatically enrolled in these plans. IDRs require an application and a yearly recertification to remain in the plan.
Ameritech Financial is a private, independent company which assists borrowers in applying for and recertifying enrollment in IDRs. Ameritech helps borrowers make sense of available repayment plans, prepares paperwork related to applications on their behalf for their approval and monitors their repayment plan timelines to make sure no recertification deadlines are missed.
Most of the colleges in the top 10 list are private, non-profit, moderately selective colleges in the Northeast. Two of the colleges, Maine Maritime Academy and Mayville State University in North Dakota, are public institutions. It's hard to tell why these specific colleges have students graduating with so much debt. Private colleges and universities may have very high tuition fees, but they are also likely to discount tuition to attract more students. On the other hand, public universities may have lower tuition to begin with, but budget cuts may eat into grant aid offerings to incoming students.
"Many borrowers will likely need help with repayment for many of the same reasons they needed loans to attend school," said Knickerbocker. "Which is completely understandable, given how expensive college can be. It's important that borrowers know that options are available to make repayment easier and Ameritech Financial is a resource which borrowers can tap into."
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]
Related Links
SOURCE Ameritech Financial
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article