ROHNERT PARK, Calif., March 28, 2018 /PRNewswire/ -- While recovery since the recession has made significant strides in some areas of the economy, wages for many workers have made only modest gains. A recent Bloomberg article details how wages, especially for young adults who are newer in the workplace, lag far behind growing student debt. While this larger issue of wage growth remains, a stop-gap measure for federal student loan borrowers could lie in repayment options like income-driven repayment. Ameritech Financial, a document preparation company that specializes in aligning student loan borrowers with federal programs that may lower their loan payments and applying for such programs, encourages borrowers to explore repayment options.
"If wages are falling behind the cost of college, and subsequently the amount of student debt, it's easy to see how student loan repayment can become a huge issue for borrowers," said Tom Knickerbocker, Executive Vice President of Ameritech Financial.
Because of lower wages, data shows that student loan borrowers who graduated between 2012 and 2017 are spending around 15 percent of their income every month on their student loan payments. Meanwhile, income-driven repayment plans available to federal student loan borrowers usually set monthly payments between 10 and 20 percent of a borrower's discretionary income, which is the difference between one's annual income and 150 percent of the poverty guideline for the borrower's family size and state of residence.
Income-driven repayment plans require an application to enter into a plan and yearly recertification if a borrower wants to stay. Ameritech Financial is a private, independent company which assists borrowers to choose an appropriate plan, apply for the plan, and recertify it when necessary. Ameritech's service might be useful to federal student loan borrowers who are struggling with their student loan payments and don't know how to move forward in applying for a change in their repayment plan.
"Ameritech Financial takes the guesswork out of the applications for these repayment plans that are so helpful to so many borrowers," said Knickerbocker. "No matter which route they go, we encourage borrowers whose income is being stretched to cover student loan payments to seek out their options so that every month isn't a scramble."
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.
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
SOURCE Ameritech Financial