Wrong Major for the Wrong Reasons Can Lead to Increased Student Debt Loans, Says Ameritech Financial

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May 22, 2018, 04:15 ET

ROHNERT PARK, Calif., May 22, 2018 /PRNewswire/ -- Choosing a field to study in is a daunting task for almost everyone, and one of the first thoughts people have, usually even before trying to decide which colleges to apply for, is what major they should study. While the decision is ultimately the student's to make, parents, relatives, friends, and even significant others may try to guide that decision. Everyone has heard stories of well-meaning parents who want nothing but the best for their kids so they urge them to become a doctor or an engineer. Unfortunately, those fields of study, while well-paying, tend to carry a rather hefty price tag. It can be hard to go against such well-intentioned guidance. Ameritech Financial, a document preparation service company, reminds borrowers who ended up with high student debt — whether because of their own decision or that of someone else — that there are federal repayment plans that may help them manage that debt.

Sometimes once students are off attending a distant college and experiencing a newfound freedom, they might find themselves examining their current path and they may decide that they need a change of major to truly excel at life. However, changing majors midway through college can lead to some financial issues, including higher loan balances to contend with later.

"Everyone deserves a chance to do what is right for them, but not everyone starts off in the same place as everybody else," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Any decision to extend college and accumulate more loans can affect their financial well-being, but if it'll improve borrowers' lives and happiness, it might be worth it."

Sometimes, the reason that lower-income parents urged their kids to pursue medical fields is that they wanted a better standard of living for them. They may have thought that being a doctor was the best way to achieve that, but were unable to financially provide assistance for college without loans. Other times it can be that a financially well-off family wants their children to follow in their footsteps, and have been footing the bill for college. But if that student changes major without parental approval, they may find themselves taking out loans to make up for withdrawn parental funding. Either way, a student would be very likely to be strapped with debt in the form of student loans.

Having just struggled to even change the course of their life to what better suits them, a student may later struggle figuring out how to pay off the student loans that earlier helped them stay in or start off at the right college for them. Ameritech Financial can assist students with managing their student loans. The company helps borrowers apply for federal income-driven repayment plans (IDRs) that can reduce payments relative to income and family size and can end in forgiveness after 20 to 25 years in the program.

"Students who change majors do so with their future in mind, so they shouldn't have to feel that the loans they took out hold them back in that future," said Knickerbocker. "We are happy to be able to help borrowers navigate federal IDRs so that they can continue on in life with the life choices that are best for them."

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