ROHNERT PARK, Calif., March 21, 2018 /PRNewswire/ -- There's more to student loans than the numbers, though they are shocking: over $1.4 trillion in student debt shared by more than 44 million Americans. With average balances around or over $30,000, many may be wondering if it's still worth it to go to college. The short answer is that it depends. However, survey results showed that 42 percent of respondents who did not go to college would have in order to get a higher paying job. Ameritech Financial, a document preparation company, helps borrowers understand and apply for federal income-driven repayment plans when they struggle with their monthly payments.
"A college degree is still a good idea, but it matters now more than ever how you do it," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Where you go, how you fund it, and what you study will have lasting impacts after graduation, especially if you need to take out student loans."
For many high schoolers, the first question when considering college might be where to go. Where are the most friends going? What schools have the best dorms? Those might be the wrong questions. Instead, students may consider location — schools within driving distance from home will not require the same funding for living expenses — and whether a school is public, non-profit, or private. Many students may even choose to attend a community college (an often cheaper option) first and then transfer to a four-year school to finish their degree.
Another consideration is major. While STEM (science, technology, engineering, and math) subjects are in high demand and tout promising job prospects right out of college, jobs requiring soft skills attained through other majors are growing in demand. Either way, students should research job prospects and earnings potentials for fields they are interested in before starting on one path.
Finally, all college decisions may come down to funding. Some schools may simply provide more financial aid. However, if student loans are necessary, experts suggest minimizing costs through school and program choices to lessen the debt. Even then, students may end up unable to afford their loans depending on their employment after college. Borrowers who find themselves unable to make their loan payments may consider income-driven repayment plans that base payments on income and family size rather than a set payoff schedule.
"Student loans may be necessary for a college education, but it's important that students take out loans with intention," said Knickerbocker. "College is no longer the place to explore options — the cost is simply prohibitive. But students who plan for a future with debt and try to minimize that debt may be more successful. At Ameritech Financial, we help those who struggle with their debt by assisting them in applying for IDRs that may greatly reduce their payments."
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