Elite Colleges Are More Affordable for Lower and Middle-Class Students, Says Ameritech Financial

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Jun 18, 2018, 01:00 ET

ROHNERT PARK, Calif., June 18, 2018 /PRNewswire/ -- If a student is bright, studious and persevering enough, being accepted to an elite college is more affordable than most people think, unless they are wealthy, says a survey of the top 30 colleges by The New York Times. The survey used the simple online calculator provided by each institution to estimate the cost of attendance for a student and found that these prestigious colleges were quite reasonable, not only for students from poor backgrounds but also for students coming from the middle class. Ameritech Financial is a document preparation service company that helps borrowers apply for federal loan repayment programs that may ease financial strain associated with student loan debt acquired at any institution of higher learning, from the local community college to Stanford or Harvard.

"Expensive, elite colleges have the largest endowments, which makes going there more affordable for poor and middle-class students," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Still, pursuing a degree typically requires some assistance and we are here to help when loan repayment becomes difficult."

Typically, lower-income students, those from a family earning less than $50,000, pay an annual bill of around $6,000. Students can often cover that cost through part-time work and a small annual loan, without their parents having to pay additional money.

For those students from the middle-class, family income in the $50,000-$120,000 range, students pay about $16,000 per year. Loans or family contributions are required to make up what the middle-class student is unable to contribute. Yet, still, an elite college is often more affordable than many state colleges.

If the student is from an upper-middle class to affluent background, then the yearly cost could be in excess of $60,000 per year. This can be painful for the families, especially at the lower end of this range, but with high graduation rates and excellent job prospects, an elite college is often still a great deal.

The survey concludes that elite colleges with terrifying list prices are not the biggest contributor to student debt since they offer substantial financial aid and have very high graduation rates. The real problem is for-profit colleges and public colleges with lower list prices but much lower graduation rates because they produce students with debt and no degree, a combination that provides great strain on students and families trying to pay those loans off.

"Whether a student is attending a community college or Stanford," said Knickerbocker, "it is crucially important to have a deep understanding of just how much loan debt a student is accruing, and how it will be paid off once a student is out of school. At Ameritech Financial, we help borrowers understand various federal repayment program options and apply for an income-driven repayment plan if they want to."

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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Elite Colleges Affordable for Lower and Middle-Class Students
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SOURCE Ameritech Financial