Ameritech Financial on Student Loan History: Public Good Versus Personal Gain
ROHNERT PARK, Calif., April 5, 2018 /PRNewswire/ -- A college education today is seen as a personal journey resulting in personal gains. As such, individuals go into debt to support that journey. However, it wasn't always this way. In the 19th and early 20th centuries, a college education was seen as a vehicle for public good. And, because the public was to benefit from individuals' education, colleges provided free education or full scholarships in exchange for the students' promise to use their degree to serve the community. That all changed by the end of the 20th century and now student loans are a national problem. Ameritech Financial is a document preparation company that helps student loan borrowers apply for federal repayment plans to help manage their student debt.
"Stories are all over the news about the student loan crisis and how it affects individuals and the economy," said Tom Knickerbocker, executive vice president of Ameritech Financial. "It really has become a big problem and it looks like it's just going to keep going. Borrowers who feel overwhelmed by their debt should know that they have access to federal options that may help."
The idea that a college education is for more than just individual progress was mostly present until the early 20th century. Before tuition rose through the 20th century, when schools could offer free tuition to limited amounts of people, higher education was seen as public good. That started to change in 1910 as higher-income families started sending their children to college for the social experience and to ensure that a respected professional position would be attained after graduation.
The public good perspective resurfaced in the mid-20th century. Student loans were first offered starting in 1958 in an attempt to get more Americans a post-high school education in order to compete with other countries (most notably the Soviet Union). However, even then, students in certain fields that the government deemed useful to the country, like teaching, math, science, engineering and foreign languages, were offered scholarships and grants.
Student debt rose steadily until 2008 when it exploded. Students attending college during the Great Recession started taking out more student loans than previous cohorts. That progressed to the student loan crisis today as student borrowing has not decreased since then. However, another attempt to focus on education as a public good was introduced in 2007 in the form of Public Service Loan Forgiveness. The program, though not as generous as the free tuition promises were a century ago, forgives federal loans after a decade in public service.
PSLF may be seen by borrowers as complicated and confusing, however, and borrowers often have trouble understanding and meeting the requirements. Ameritech Financial is a private company that helps borrowers align themselves with the loan requirements if they meet the employment eligibility. The company helps PSLF-eligible borrowers submit annual paperwork to remain in eligible income-driven repayment plans (IDRs), which can benefit borrowers not pursuing PSLF as well.
"Higher education can benefit individuals, the economy and the public, no matter the student's original intent," said Knickerbocker. "At Ameritech Financial, we help borrowers apply for IDRs that may reduce their monthly loan obligation and ease some financial stress, whether they work in public service or not."
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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https://ameritechfinancial.com
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