Even With Better Salary Chances, Taking on Student Loan Debt is Taking a Chance; Ameritech Financial Encourages Any Federal Borrower to Get Familiar With Income-Driven Repayment
ROHNERT PARK, Calif., March 21, 2018 /PRNewswire/ -- New data published by LendEDU in its "Risk-Reward Indicator" report gives college aspirants information on how much bang they may get for their buck when it comes to choosing a school. Using data like this could improve college graduates' financial outcomes, but nothing is assured. Borrowers who, after they graduate, have student loan debt that is high relative to their incomes should know about income-driven repayment plans. Ameritech Financial, a document preparation company which assists student loan borrowers in applying for federal programs that potentially lower their payments, urges everyone who takes out federal student loans to familiarize themselves with income-driven repayment programs.
"While you might have a good idea how much a student will make when they graduate college, there are no guarantees," said Tom Knickerbocker, executive vice president of Ameritech Financial. "It's important for people who take on any debt to consider all scenarios."
Planning for multiple situations can include being ambitious and optimistic, but also realistic and smart. That may include researching repayment options before repayment even begins to get a head start on the process, including exploring resources to help with the repayment process. For example, Ameritech Financial is a private, independent company which assists federal student loan borrowers in applying for and recertifying their enrollment in income-driven repayment plans; these are plans that often reduce borrowers' payments and may position them for eligibility for future loan forgiveness. Of course, plans available before applying for a loan may not be there tomorrow, which should also be a consideration.
Some borrowers may not need income-driven repayment. LendEDU analyzed information on average student loan debt from hundreds of colleges and median salaries of new graduates from the same institutions. LendEDU names the best risk-reward institution as The College of the Ozarks, an institution which doesn't charge tuition. The school's graduates have an average debt balance of just $374, with a median salary at around $38,000. The next two on the list are Princeton and Yale. While their costs of attendance are high, graduates of these Ivy League schools have average student debt balances of less than $2,000 with median salaries between $66,000 and $69,000.
On the other end of the spectrum are the schools where graduates' debt levels are very high compared to their incomes. The lowest-performing school in the report has graduates with an average debt balance of $51,000 and a median salary of $44,700.
Even with good odds for salary and repayment, some borrowers may still end up taking on more debt than they expected. Handling repayment successfully often hinges on affordable monthly payments. Income-driven repayment plans lower qualified borrowers' monthly payments if their income and family size make them eligible for a more affordable payment. These plans require an initial application and yearly recertification to remain in the plan, however. Ameritech Financial helps make this process easier for their clients by performing a full document walkthrough and preparing paperwork on behalf of the client, for the client's review and approval prior to submission.
"We understand that financial outcomes vary wildly for student loan borrowers, and income-driven repayment can be a really useful tool for those who are struggling to make their payments," said Knickerbocker. "Even people with higher salaries may be in need of a different repayment plan because their debt is also very high. Ameritech Financial helps borrowers find potential solutions when it comes to repayment."
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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