Impossible Goal of Homeownership May Be Possible Despite Student Loan Debt, Says Ameritech Financial

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Jun 13, 2018, 08:00 ET

ROHNERT PARK, Calif., June 13, 2018 /PRNewswire/ -- Student loan debt is a significant factor restraining millennials from the home buying market, according to recent research. Analysis by the Federal Reserve Bank of New York indicates that student loan debt decreased homeownership among those between the ages of 28 and 30 from 2007 to 2015. Further, the study suggests that if student debt levels had remained equal to 2001, more than 360,000 people in that age group would have owned a home in 2015. Hundreds of thousands of Americans have delayed buying a home due to their inability to move forward in the face of the ceaseless headwind of student loan debt. Ameritech Financial is a document preparation company that assists federal student loan borrowers with applications for income-driven repayment plans offered by the Department of Education that can help borrowers prepare for the home buying process.

"It can feel like student loans are holding you back from financial freedom, up to and including homeownership," said Tom Knickerbocker, executive vice president of Ameritech Financial. "We recommend that borrowers examine their current financial position and their goals and look for strategies such as eligibility for help through a federal repayment program."

Though student debt is considered a major factor, other circumstances influence reduced homeownership for young Americans such as stricter mortgage underwriting standards and migration toward cities where home prices have soared as wages have stagnated. Despite this, college is still a relatively good foundation on which to build homeownership. According to the New York Fed analysis, almost half of those who attended college owned a home by the age of 33, compared to about a quarter of people who didn't attend college.

Income-driven repayment plans (IDRs) can potentially lower loan payments, making it possible to be approved for a mortgage based on some factors crucial for homeownership, which include saving for a down payment, improving current credit score and reducing household debt payments relative to household income.

Ameritech Financial can assist borrowers in applying for federal loan assistance programs such as IDRs that can potentially lower their payments and get them on track for student loan forgiveness and make possible the seemingly impossible goal of homeownership. "Ameritech Financial is there to help individuals apply for programs with federal student loans. We offer our services to those seeking help in applying for income-driven repayment programs to help make sure their applications are completed properly," said Knickerbocker.

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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SOURCE Ameritech Financial