Ameritech Financial Encourages Student Loan Borrowers to Define Success in Repayment
ROHNERT PARK, Calif., May 1, 2018 /PRNewswire/ -- Successful repayment means, at a minimum, student loan borrowers are keeping up with their payments. However, borrowers might set their own goals that affect their perception of how successful they are in their repayment process. Ameritech Financial, a document preparation company that helps borrowers with federal repayment plan applications, reminds borrowers that to achieve success in repayment, they may have to redefine what success means in their situation.
"Student loan repayment is different for each borrower, so it makes sense that their standard of success would be different, as well," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Borrowers who struggle with success may need to take a good look at how they define success and if changing any part of their repayment process or mindset would help them feel less stress."
Measuring success depends on the goals borrowers are aiming to achieve. Those who wish to pay off their debt as quickly as possible might be putting all extra funds toward their debt. Such borrowers may try to increase their income or refinance their loans for more favorable loan terms. However, any borrower with federal loans will lose access to certain federal borrower protections such as deferment and repayment plans if they refinance with a private company.
On the other hand, borrowers whose goal is simply to meet minimum payment requirements may have trouble doing so consistently. They might need to do something to improve their ability to make their monthly payments, such as switching to a federal income-driven repayment plan (IDR). Such plans calculate payments on income and family size and may reduce payments to fit into borrowers' budgets.
Alternatively, borrowers may strive to make minimum payments in order to prioritize other financial goals. IDRs can potentially reduce student loan payments to allow borrowers to put extra money toward their other goals.
"Knowing how you define success is the first step in evaluating your progress in repayment," said Knickerbocker. "Redefining success to a different standard should not be considered failure, either. It simply means you are adjusting your mindset so you potentially feel less stress to achieve success. At Ameritech Financial, we help borrowers understand IDRs and apply for them if borrowers think they would help them better find success."
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.
Each Ameritech Financial telephone representative 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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