Ameritech Financial Encourages Student Loan Borrowers to Take Action to Improve Their Net Worth
ROHNERT PARK, Calif., April 23, 2018 /PRNewswire/ -- Young adults today are worse off than their parents were at their age. A recent look at net worth of different generations at ages 24 to 35 showed that today's young adults have a net worth half the size of that their parents had at their age. While many things have changed since baby boomers were in their 20s, there may be a clear culprit: student loans. Ameritech Financial, a document preparation company that helps federal student loan borrowers apply for federal income-driven repayment plans, encourages borrowers to take positive steps to improve their net wealth.
"The American Dream for many means that they will be better off than their parents, and that their kids will be better off than them," said Tom Knickerbocker, executive vice president of Ameritech Financial. "That's not happening today, but student loan borrowers may be able to take steps to change that."
Net worth is a calculation of an individual's assets minus liabilities. Assets include investments and savings, while liabilities include loans. Student loans, while taken out as an investment in one's future that can lead to increased lifetime earnings, are considered a liability and count against net worth. Furthermore, student loan borrowers are often delaying the decision to buy a home or save for retirement, which can be major positive influences on net worth and wealth accumulation.
According to recent research, young adults today are earning less money than their parents were at their age. Combined with a higher education that makes earning a degree rare without student loans, it's not surprising that their net worth on average is merely $9,000, which is half of the $19,000 net worth their parents' generation had at their age.
Borrowers who would like to build wealth and increase their net worth may need to address their student loans. While paying off student debt will improve one's net worth, focusing on increasing assets may be a good option for certain borrowers. However, borrowers may not have room in their budget to do so. Those who need help developing financial goals may decide to speak with a financial expert.
Federal income-driven repayment plans (IDRs) base payments on income and family size and can potentially lower monthly payments. Such reductions in payments can allow borrowers to use that money elsewhere, such as saving for a house or contributing to a retirement fund.
"At Ameritech Financial, we help borrowers understand IDRs and how they may help their situation," said Knickerbocker. "We also help with applications so that borrowers can hopefully focus more on their financial goals and their future."
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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