ROHNERT PARK, Calif., March 23, 2018 /PRNewswire/ -- Student loans have, at several points in the higher education process, been about learning. During college, they enable borrowers to pay for an education. Before repayment begins, borrowers must learn about their loans to be successful in repayment. Just as in any learning environment, failure may happen, but those instances can be great learning opportunities. Ameritech Financial, a document preparation company that assists borrowers with income-driven repayment plan applications, reminds borrowers that they can learn a lot about general finances from their student loans.
"Learning how to manage student debt can be difficult for many, but those lessons can be applied to their greater financial situation," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Missing payments can be especially powerful lessons as it may influence future habits for paying bills or other debt."
Lessons learned during student loan repayment can be applied to other aspects of one's financial situation. For example, figuring out if payments are affordable by taking a close look at income versus expenses can expose other budgetary weaknesses. Any potential feelings of being unprepared for repayment may inspire borrowers to analyze the terms of future debt before taking it on.
Delinquency and default may feel like a mark of failure, but borrowers can learn from it the importance of staying current on debt payments — and the consequences of falling behind.
Additionally, knowing about student loan payment delay options such as deferment or forbearance may inspire a borrower to request a similar delay in case of a short-term inability to make other payments. As long as the request is made in advance, landlords, for example, may be willing to take payment late if there are mitigating circumstances.
While federal student loans are unique in their repayment plan options, those options may help improve borrowers' whole financial situation. For example, the available income-driven repayment plans calculate payments on income and family size, which could potentially reduce payments and allow borrowers to allocate any extra funds elsewhere — such as a bill that's at risk of being late or into savings.
"Student loans are a great learning experience and can form the basis for many financial habits," said Knickerbocker. "At Ameritech Financial, we encourage learning about student loans and help borrowers understand repayment options. For those who decide to apply for an income-driven repayment plan, we help with the initial and yearly paperwork as long as they decide to stay in the program."
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
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SOURCE Ameritech Financial