Facing a Lifetime of Student Debt: AARP Pressures Government to Steer Clear of Social Security Benefits, Says Ameritech Financial

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Jun 25, 2018, 01:00 ET

ROHNERT PARK, Calif., June 25, 2018 /PRNewswire/ -- In an indication of just how far-reaching the student loan crisis has become, American Association of Retired Persons (AARP) has become surprisingly active in lobbying the federal government to stop garnishing the Social Security benefits of older borrowers who have defaulted on their loans, and pressuring states to police loan collection practices. Ameritech Financial, a document preparation service company, urges borrowers to take action before defaulting. The firm can assist borrowers in navigating what some see as a complex terrain of applying for federal programs such as income-driven repayment plans (IDRs) that can possibly lower payments and ease the financial burden of student loan debt.

"It is indeed disheartening that we are in such a dire predicament, where the elderly are in fear of the Social Security benefits being diminished in service of their student loans," said Tom Knickerbocker, executive vice president of Ameritech Financial. Although older borrowers still account for a small fraction of the massive $1.5 trillion in total outstanding student loan debt, they are more likely than younger borrowers to be behind on payments. Many are repaying the debt they took out to finance the education of their children or grandchildren, though some are still paying off their own tuition.

As all generations of Americans scrape together enough savings to build a healthy, comfortable retirement, concern increases over debt and its lifelong drag on personal finances, especially debt from higher education, where costs far outpace the overall economy. These costs can have disastrous consequences in old age.

Even the behemoth AARP is testing the limits of its power as it wades into the debacle that has vexed lawmakers on both sides of the aisle. Democrats have called for billions of dollars in new federal investment in public colleges and universities so that schools can eliminate tuition for some students. Conservatives have focused on less-expensive alternatives to four-year college degrees. Both parties have made proposals that would make colleges and universities responsible for how well their graduates are able to repay their federal student loans.

However, many such proposals may only affect future borrowers, and those struggling to repay the debt that they have now could use some extra support. Ameritech Financial aims to provide that support by assisting them in preparing the necessary documents to apply for federal income-driven repayment plans that could potentially reduce payments and stave off default.

"It's distressing that you could acquire your own student loan debt that lasts 20 or 30 years, then add debt from your child that could last an additional 20 or 30 years," Knickerbocker said. "Facing a lifetime of student debt cruelly hinders the ability to have financial security in retirement. We suggest very careful attention to the debt anyone takes on, and we offer help to those who need relief from the heavy burden of student debt by assisting you in applying for available federal programs such as IDRs."

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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Stressed Elderly Student Loan Borrower
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SOURCE Ameritech Financial