Ameritech Financial: Law School Debt Isn't Necessarily Unmanageable for Borrowers With Lower-Than-Average Income
ROHNERT PARK, Calif., April 9, 2018 /PRNewswire/ -- It's commonly accepted that a law degree is going to cost a lot, and for most students, that means a lot of student debt. That debt is usually justified by high earning potentials of lawyers, but not all law graduates go into big law or end up with high salaries. Ameritech Financial, a document preparation company that specializes in federal student loan repayment plan applications, reminds borrowers that law school debt isn't always high and that regardless of balance, it doesn't have to be unmanageable.
"Getting a law degree is a lot of work and sets up students for a potentially high-earning career," said Tom Knickerbocker, executive vice president of Ameritech Financial. "While student debt may be high to cover that education, it shouldn't cancel out their future earnings. Thankfully, it doesn't always do so."
Despite the perception that law students must earn a degree at a prestigious law school for any chance of success, there are more affordable law schools that may result in lower debt. With less debt taking up valuable income for recent grads, they may have more freedom to accept lower-paying, but potentially more satisfying, employment. For example, they may choose to go into public service rather than corporate law.
A recent report ranked law schools and highlighted those they deemed best for student loan outcomes. At the top was Brigham Young University's J. Reuben Clark Law School, which boasts $58,133 average debt of graduates and a starting salary of $75,872. Average law school debt, even with median discounts, can easily be six figures, which can translate to a monthly payment of around $2,000 or more in the Standard repayment plan.
While many lawyers do end up with high incomes sufficient for paying down their student loans, many others still struggle. Those that simply did not score a high income may be eligible for a federal income-driven repayment plan (IDR). Such plans calculate payments relative to income and family size and end in forgiveness after 20 to 25 years in the program. Borrowers working in public service jobs may also be eligible for Public Service Loan Forgiveness (PSLF), which forgives a borrower's balance after 120 qualifying payments.
"At Ameritech Financial, we help borrowers understand and navigate IDR programs and applications," said Knickerbocker. "Even professionals in traditionally high-earning careers may struggle with their debt and we're here to help them explore potential solutions. When it comes to public service lawyers, we help borrowers align with current PSLF requirements and work toward successful forgiveness."
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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