Ameritech Financial Encourages First-Generation College Students to Persevere in the Face of Debt
ROHNERT PARK, Calif., March 2, 2018 /PRNewswire/ -- The benefits of having a college degree, not the least of which include increased earnings potential for college graduates, have been well-documented. First-generation students may be especially excited to see increased earnings in their future and to experience that social mobility. However, because of the high costs of college, first-generation students may find it more difficult to go to college than their peers. Ameritech Financial, a document preparation company specializing in federal income-driven repayment plan applications, acknowledges the challenges of self-funding an education and can help those with student debt apply for federal repayment plans that may help.
Because first-generation students usually come from low-income families, they may not get as much financial support from their parents as their peers do. This often results in more borrowing and, if they graduate, more debt. In fact, a study reported by Demos has shown that students from low-income families are much more likely to graduate with large amounts of debt than those from higher-income families. That debt has negative effects beyond the burden of the monthly payment.
"Being the first in your family to receive a college degree can be a big honor," said Tom Knickerbocker, executive vice president of Ameritech Financial. "But that honor can come with a substantial cost."
A college degree is supposed to boost lifetime earnings, but the debt borrowers accumulate can set back those earnings. The more debt a student has, the more wealth they may lose out on because of that debt. In fact, according to the Demos study, those with more debt are predicted to lose more wealth than those with less debt. Those losses typically come from an inability to contribute much to retirement plans or house-buying funds, for example.
Borrowers with insufficient income, regardless of their monthly payment amount, can struggle to make their student loan payments and save or invest for their future. Often, their focus is on staying current on bills and other financial goals may go by the wayside. But federal income-driven repayment plans (IDRs) can help with that by potentially lowering monthly payments and allowing them to free up some funds to use toward wealth-building efforts.
"First-generation students face an uphill battle to get ahead in life," said Knickerbocker. "We encourage them to embrace and overcome those challenges. At Ameritech Financial, we can help them explore IDRs and determine if their financial situation would benefit from enrollment, and we help them with the document preparation to apply for such programs as well."
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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