College Major Affects Loan Repayment Speed; Ameritech Financial Reminds Borrowers That Slow Repayment Can Still Be Successful
ROHNERT PARK, Calif., April 10, 2018 /PRNewswire/ -- Student debt repayment success depends on a lot of factors, and that success may be defined differently by each borrower. Debt amount and income are important to repayment, but the industry in which a borrower is working is also important. However, the industries in which borrowers are repaying their debt the quickest may be surprising. Ameritech Financial, a document preparation company that helps federal student loan borrowers with income-driven repayment plan applications, reminds all borrowers that if they are struggling to find success in repayment, the federal government offers a variety of repayment options that may help.
"A college education is primarily meant to boost future earnings, which certainly help with the loan repayment process," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Experts and lay people may advocate for students to choose the most lucrative majors or sacrifice quality of life to get through their loans as fast as possible. That's not the only way to be successful in repayment."
A recent survey ranks industries by the progress that borrowers have made in their student loan repayment. Broadcasting and Journalism came out on top: the average borrowers had paid off 55 percent of their loans. Unemployment is at the bottom, unsurprisingly, but many STEM careers are also near the bottom. The report suggests that might be because those borrowers have higher debt balances.
Federal student loan borrowers with high debt balances may be repaying their loans slower than others because of enrollment in federal income-driven repayment programs. Such plans calculate payments based on income and family size, and those with high loan balances, low income, and/or large families may see a reduction in monthly payment. While that means slower progress on total repayment, any remaining balance at the end of 20 to 25 years of enrollment in IDRs will be forgiven.
"Success in repayment may simply represent consistent on-time payments," said Knickerbocker. "If that means borrowers need lower payments, they may want to apply for an IDR. At Ameritech Financial, we help borrowers understand IDRs and how they can affect each individual's specific financial situation. We also help with the application and yearly recertification if they choose to pursue such programs."
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
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SOURCE Ameritech Financial
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https://ameritechfinancial.com
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