Ameritech Financial: Federal Student Loan Borrowers' Need for Parental Support May Be Mitigated by Income-Driven Repayment
ROHNERT PARK, Calif., March 29, 2018 /PRNewswire/ -- While it's not unusual for young adults today to receive financial support from their parents, some may wonder what the limits of parental help should be, including when it comes to student loans. Parents who have a child with an out-of-control student loan balance may want to pitch in to help their kid, possibly hurting their own financial well-being in the process. Certain protections such as income-driven repayment plans, however, may provide help to borrowers without them having to ask parents for too much. Ameritech Financial, a document preparation company that helps student loan borrowers apply for and recertify enrollment in income-driven repayment plans, encourages families to explore federal programs that may assist borrowers.
"There's nothing wrong with helping out your kids if you are able to do so," said Tom Knickerbocker, executive vice president of Ameritech Financial. "But there are options beyond a parental bailout if federal loans are involved. Ameritech Financial helps borrowers utilize the resources they have at hand."
Borrowers of many kinds of federal student loans, for example, are eligible for income-driven repayment plans, which differ from the standard plan in that monthly payments are calculated based on income and family size. Borrowers who have debt that is high relative to their income might see their payments decrease in these plans, thus making them the more affordable option for someone who is struggling.
Income-driven repayment plans require an application to enroll and yearly recertification if the borrower wishes to remain in the plan. For borrowers who need help figuring out the application process, Ameritech Financial assists borrowers in identifying, applying for and recertifying enrollment in these income-driven repayment plans. Ameritech is a private, independent company that has no affiliation with any government agency or loan servicer. Ameritech Financial works with and for borrowers to help them apply and stay in the repayment plan that works best for them.
On the subject of parents and loans, however, it's important to clarify that parents who they themselves took out federal parent PLUS loans are always responsible for repaying those loans; the child whose education was financed by a federal parent loan is not on the hook for the loan.
"Income-driven repayment represents a good alternative for people who may have otherwise needed to call for help regarding their loans," said Knickerbocker. "And these plans are just some of the opportunities that federal loan borrowers can apply for. Ameritech Financial serves borrowers to guide them as they apply for programs in an effort to take control of their loans in the form of a better repayment plan."
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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