Ameritech Financial: Despite Slow Repayment, Options Are Crucial for High-Balance Student Loan Borrowers
ROHNERT PARK, Calif., Feb. 21, 2018 /PRNewswire/ -- A recently released report about federal student loan repayment reveals that borrowers with high loan balances are very slow to pay their loans back. The report cautions that, in addition to slow repayment, a proliferation of these types of borrowers may be an issue for the federal government's budget. (This report comes on the heels of previous reports that the government will start losing money on its student loan portfolio.) Debates are raging about what led to this and what to do next; but despite the debates about what to do in the future, existing borrowers must still manage their loans. Ameritech Financial, a document preparation company that specializes in helping borrowers apply for federal loan repayment plans, stands with the borrowers and for keeping borrowers' options open when it comes to repayment.
"We don't deny that repayment is an important issue for the government, but in the meantime, millions have their loans to contend with right now," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "And they need assistance to manage those loans, or else they might face harmful consequences."
Those consequences are delinquency and default. While student loan defaults are already projected to rise, repayment plans that might slow repayment are often necessary to keep more people from defaulting. These income-driven repayment plans (IDRs) are a source of relief for many borrowers. Ameritech Financial assists borrowers to apply for repayment plans, and if a borrower is successfully enrolled, that borrower's monthly loan payment could lower.
The face of high student loan balances has also changed, the report reveals. While high balances?usually defined as balances over $50,000?used to primarily describe the loans of graduate students entering a "strong labor market," now many parent borrowers and independent undergraduates are taking on higher loan balances. It's unclear whether the high cost of higher education, the availability of loans, or some other factor is the reason for these changes. However, the graduate students, independent undergraduates, and parents all felt that education was important and took on this debt to realize it for themselves or their child.
Ameritech Financial assists all kinds of borrowers to apply for and maintain enrollment in a plan that could potentially make their monthly payment more affordable. IDRs are also a way to get a borrower on track to forgiveness: after a 20- to 25-year repayment period in an IDR, the remaining balance is forgiven.
"We realize we are now in an era of big student loans," said Knickerbocker. "But luckily there are tools out there for different kinds of borrowers to effectively manage their loans?even the highest-balance ones. We work hard to help our borrowers deal with their loans successfully. Ameritech Financial is in favor of keeping the options for borrowers open."
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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