Ameritech Financial: Lack of Parental Support Can Result in High Student Loans for Undergraduates

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Jun 08, 2018, 01:30 ET

ROHNERT PARK, Calif., June 8, 2018 /PRNewswire/ -- There are many reasons students may leave college with high debt, but it ultimately comes down to how many loans they had to take out to fund their college experience. While each student's financial aid awards look different, all colleges assume some level of parental contribution for undergraduates, called the Expected Family Contribution. Students who do not get that support may end up with much higher loan balances. Ameritech Financial is a document preparation company that assists student loan borrowers in applying for federal income-driven repayment plans that can help them manage high student debt.

"College can be tough for students who don't have the proper support, both academically and financially," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "It might take a lot of student loans to fund that higher education, but borrowers should know that they don't have to be on their own in repayment."

The cost of college is not always a simple calculation, and it varies depending on the school and location. Financial aid awards often take into consideration the cost of living in addition to tuition, books, and supplies. When calculating financial aid awards, schools start with the assumption that parents will be able to help, based on the information provided in the FAFSA. But not all parents can or want to help.

Single parents may not be able to help financially, and some parents may choose not to assist in order to focus on their own financial situation, or they may not provide financial support for other reasons. Either way, students may end up with greater loan balances than their peers. While most student loan borrowers with higher balances have an advanced degree to help increase their wages to cover the higher payments, undergraduates with high balances may struggle tremendously with that debt.

The Department of Education offers a variety of repayment plans to help struggling borrowers in repayment. Income-driven repayment plans (IDRs), for example, calculate payments on income and family size rather than the standard 10-year payoff schedule. Therefore, IDRs can reduce payments and even end in the forgiveness of any remaining balance after 20 to 25 years of enrollment.

"At Ameritech Financial, we hope to support our clients by helping them to complete and submit the application and yearly recertification paperwork for IDRs," said Knickerbocker. "We understand that the whole college experience can be both difficult and rewarding, and we hope that our clients feel that they are in a good position in life without having to carry a lot of stress from their student loans."

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.

Ameritech Financial Newsroom

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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