Ameritech Financial on How Student Loan Repayment Might Help Retirement Savings

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May 18, 2018, 01:30 ET

ROHNERT PARK, Calif., May 18, 2018 /PRNewswire/ -- A piece of advice is making its rounds on the internet: that by age 35, you should have saved that equals twice your annual salary. While some may find this an attainable goal, millions more might balk at such a lofty objective. People with student loans might find the prospect even more daunting. However, extending repayment on your student loans may make saving a bit easier, especially for those attempting to reach the prescribed goal of "twice your salary." Ameritech Financial, a document preparation company that helps student loan borrowers with applications for federal repayment plans, encourages borrowers to consider how a different repayment plan might help with savings goals.

"Retirement is so far ahead for a lot of borrowers, they may not be able to or even want to think about it," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "But we encourage student loan borrowers to start thinking about how their student loans might affect their retirement plans."

Income-driven repayment plans are options for federal student loan borrowers with certain kinds of loans. These plans extend repayment to a period of 20 or 25 years, and potentially lower payments for qualified borrowers by calculating monthly obligations through income and family size. Having a potentially lower—or even much, much lower monthly payment—may allow borrowers to divert cash to other financial goals. Some borrowers may need to put that money towards short-term obligations like bills, but others may find setting aside retirement savings can be easier with a smaller monthly student loan payment.

Borrowers must apply for these repayment plans; they will not be automatically placed in them by their servicer. Borrowers are free to do this solo but may want to call on those with extra experience for help. Ameritech Financial helps borrowers select, apply for, and stay enrolled in a plan. Ameritech Financial will monitor each client's file to make sure deadlines are met in a timely fashion and paperwork is submitted correctly.

"Even if retirement is a distant goal for some student loan borrowers, there may be ways to make it easier to save now," said Knickerbocker. "At the very least, these borrowers can get into a repayment plan that better matches their financial abilities. Ameritech Financial can help with that process."

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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Saving for Retirement and Student Loans
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