Ameritech Financial Reminds Licensed Professionals to Avoid Defaulting on Their Federal Student Loans
ROHNERT PARK, Calif., March 16, 2018 /PRNewswire/ -- Many jobs require licensed workers, and those requirements are different by state. While obtaining a license costs money and, often, time (e.g., for training or testing), licensed workers often earn more in wages than their unlicensed counterparts. Many licensed professions also require a college degree, which may mean student loan debt. When licensed professionals fall behind on their student loans, they risk losing their license and, with it, their ability to work. Ameritech Financial, a document preparation company that assists with federal repayment plan applications, reminds borrowers that avoiding default and accompanying consequences may be as simple as applying for an income-driven repayment plan.
"Professionals who need licenses to work should do everything they can to keep those licenses current," said Tom Knickerbocker, executive vice president of Ameritech Financial. "It's scary to think that the government can take away the license that allows you to earn an income if you fall behind on your student loans. Making those payments becomes infinitely more difficult without that income. But there are federal programs that may help to prevent that."
Licensed workers not only earn more than unlicensed workers in similar jobs, but they also tend to occupy full-time jobs more often and spend less time unemployed than unlicensed workers. Furthermore, they have more job opportunities thanks to their license. Especially where required, licenses are important to maintain. However, in some states, student loan borrowers who default on their loans may lose their license. Therefore, it's important that licensed professionals with student loans stay current.
Though higher wages may help licensed professionals pay their student loans, there are many reasons they may fall behind on their payments, such as high living expenses. Those borrowers may provide the sole income in their household, requiring greater portions of that income to go to family responsibilities than would happen in two-income households.
Whatever the reason, if borrowers find they cannot cover their student loan payments, they may wish to consider federal income-driven repayment plans (IDRs), which base payments on income and family size. IDRs have the potential to reduce payments and end in forgiveness if there is any balance left to forgive at the end of the 20- to 25-year term in a particular IDR plan.
"IDRs can make student loan payments more affordable, which can do wonders for borrowers' payment success rate," said Knickerbocker. "At Ameritech Financial, we help borrowers understand IDRs and apply for them if borrowers decide it is their best option. Our goal is to help our clients avoid default and the consequences of defaulting, like losing professional licenses."
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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