Subject: SVY
Effective Student Loan Repayment Habits Can Help Borrowers With Overall Financial Success, Says Ameritech Financial
ROHNERT PARK, Calif., April 23, 2018 /PRNewswire/ -- Financial literacy for student loan borrowers is not confined to student loan repayment. A recent report showed that college graduates have made multiple financial mistakes within two years after graduation. Such mistakes involve other monthly expenses such as credit card payments and utilities. Ameritech Financial, a document preparation company that helps student loan borrowers with federal repayment plan applications, reminds borrowers that establishing good student loan repayment habits can help them learn to avoid other financial mistakes.
"Finances for young adults are made up of more than just student loans, though they may be the most burdensome for some," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Borrowers need to learn what works for them to stay current on their loans, but once they do, they can apply similar strategies to other parts of their financial situation."
According to a recent survey, about 70 percent of recent college graduates damage their credit within two years of graduation. While 29 percent of recent graduates were 90 days late on a federal student loan payment, others were late on credit card payments, car loan payments and even utilities. The survey underlines the importance of financial literacy for those transitioning to the "real world" after college.
Good financial habits can be learned at any time. While many schools have reported providing financial literacy programs, many do not sufficiently prepare students for financial success. However, lessons learned in repayment of one type of debt can be used for others. For example, student loan borrowers who have enrolled in auto-pay to take advantage of potential interest rate cuts from their servicers may decide to enroll in auto-pay for other debts or monthly expenses to ensure that they don't miss a payment.
Federal student loan borrowers who can't afford their payments may consider looking into federal income-driven repayment plans (IDRs). Such plans base payments on income and family size and may end in the forgiveness of any remaining balance after 20 to 25 years in the program. Any reduction in payment may enable borrowers to stay current on their loans as well as on other monthly expenses.
"At Ameritech Financial, we understand that student loans can complicate a monthly budget," said Knickerbocker. "We help borrowers explore federal options that may help with that, and we assist with application preparation for those who wish to pursue an IDR that could help."
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.
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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