Ameritech Financial: While Cost of Attendance Forces Student Loan Borrowers to Take on Higher Balances, Repayment Options May Give Federal Loans Breathing Room
ROHNERT PARK, Calif., March 30, 2018 /PRNewswire/ -- Why do some college and graduate students who receive funding for their tuition end up with student loan debt? It's not just high tuition that forces students to borrow money, but the cost of attendance, too. The cost of attendance differs from tuition in that it encompasses tuition and all the other expenses involved in going to school. A Senate bill sponsored by U.S. Senator Brian Schatz seeks to address the issue of cost of attendance and growing student debt. However, current student loan borrowers must contend with their balances now. Ameritech Financial, a document preparation company which aligns student loan borrowers with federal programs that potentially lower their payments, reminds federal student loan borrowers that multiple repayment options exist for federal loans, including those they may have borrowed to fund the cost of attendance.
"Even generous financial aid may not cover the true cost of going to a particular school and students' families often can't contribute as much as they would like," said Tom Knickerbocker, executive vice president of Ameritech Financial. "So more loans are taken out to cover that difference."
Cost of attendance includes housing costs, textbooks or equipment needed for studies and transportation, among other expenses. Depending on where a student lives or how much family help they receive, the cost of attendance can be significant, forcing students with less resources on hand to borrow more. Undergraduates often borrow more than the tuition calls for and then collect a loan refund check to cover their other expenses. Meanwhile, graduate students can borrow up to the full cost of attendance with federal PLUS loans.
Whether they borrowed for an undergraduate or graduate education, individuals with federal student debt may need assistance when it comes to repayment. Income-driven repayment plans are offered by the Department of Education and calculate monthly payments based on income and family size. An application is required to enroll in these plans and yearly recertification is also necessary if a borrower wants to stay enrolled.
Ameritech Financial is a private company which offers a service to assist federal student loan borrowers in identifying, applying for and recertifying their enrollment in income-driven repayment plans. Ameritech Financial guides and supports borrowers through the application process so that those borrowers can feel confident their applications will be prepared correctly. The company also maintains a timeline so borrowers won't miss recertification deadlines. Ameritech Financial customizes assistance to each borrower's unique situation and has a dynamic team of professionals to serve each client's needs.
"We know our clients have taken on a lot to pursue their educations and better their lives," said Knickerbocker. "But many borrowers don't realize that they have options to help their payments become more manageable. Ameritech Financial helps borrowers who want to get to a place where they are in control of their debt."
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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