Ameritech Financial Reminds Student Loan Borrowers to Take Financial Advice With a Grain of Salt

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Jun 07, 2018, 01:30 ET

ROHNERT PARK, Calif., June 7, 2018 /PRNewswire/ -- There's a lot of financial advice out there that isn't necessarily one-size-fits-all. It can be hard for someone who isn't financially savvy to be able to distinguish between good and bad advice. Especially when stress from debt like student loans can overwhelm borrowers, having some help with the process can be essential for success. Ameritech Financial is a private document preparation company that assists federal student loan borrowers with understanding and applying for federal income-driven repayment plans that can potentially improve their whole financial situation.

"Your finances are not dependent on a single factor, so advice on dealing with specific things can only go so far," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Student loan borrowers might not realize that the way they repay their loans can affect their other debt payment or saving attempts."

Student loan debt is one of the highest debts in American households, second to mortgage loans. Credit cards are on the list as well, rounding out coverage of many financial myths prevalent in financial advice articles. For example, advice to keep a credit card balance is common but misguided; instead, financial experts advise individuals to pay off their balance every month, and if they cannot do so, they should not use their credit card.

That kind of information may not be useful for those in very tight financial situations, especially for those who do not have an emergency fund to cover unexpected expenses. High student loan balances may be one factor contributing to an individual's inability to save money. However, much of the top advice for dealing with student loans is to pay it off as quickly as possible by throwing extra money at it — extra money that many borrowers simply don't have.

Alternative advice for student loan borrowers struggling financially may center around federal income-driven repayment plans (IDRs). Such plans calculate payments relative to income and family size and can potentially reduce payments to as little as zero dollars for certain situations. IDRs also end in forgiveness after 20 to 25 years of enrollment. Any reduction in student loan payments may allow borrowers to build an emergency fund, pay down credit cards or other debt, or set money aside for another goal.

"At Ameritech Financial, we believe that IDRs can help borrowers improve their whole financial situation not just their student loans," said Knickerbocker. "We help borrowers understand how enrollment in an IDR could affect their finances, and we help with the application and yearly recertification paperwork as long as they wish to remain in the program."

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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