Ameritech Financial on Federal Student Loans and Their Impact on Income Usage

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May 10, 2018, 01:01 ET

ROHNERT PARK, Calif., May 10, 2018 /PRNewswire/ -- Student loans can consume large portions of borrowers' income, diminishing their buying and saving power. On a more personal level, student loans can cause stress and strain a budget. However, successful repayment can make income feel bigger when done in certain ways. Ameritech Financial is a document preparation company that assists federal student loan borrowers with federal income-driven repayment plan applications. Such plans are intended to help borrowers better afford their loans and meet other financial obligations and goals.

"Student loans might be a necessary evil, but they don't have to prevent borrowers from feeling the benefits of their income," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Borrowers don't always have much control over their income, but they can control their student loan repayment program, and depending on the repayment program, they can make their income feel bigger."

Students flock to colleges to get a degree that increases their lifetime earning potential. However, because of increasingly burdensome student loans, borrowers may feel like their income is much smaller than it actually is. Successful student loan repayment can result in that same income feeling larger.

Borrowers who push to pay off their student debt as quickly as possible may make large payments to do so. Such large payments certainly reduce the leftover income that needs to go toward other financial obligations. However, once that repayment is finished, or if the borrower decides to let up on those payments, that same income can feel much larger because it can be allocated more freely.

Not all borrowers can or want to go that route for repayment. Many borrowers may feel that they cannot afford their loans with the income they have. However, they might be able to stretch that income through a federal income-driven repayment plan (IDR) for their student loans. Such plans calculate payments based on income and family size, potentially reducing payments. Any reduction in student loan payment can make a borrower's income feel bigger; after all, they might be able to use more of it for other things.

"IDRs can free up income to go toward non-student loan bills or saving goals," said Knickerbocker. "At Ameritech Financial, we help borrowers understand IDRs in the context of their own situation. Those who want to stretch their income or simply need lower payments may decide to apply for an IDR. In those cases, we can assist them with the necessary paperwork."

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.

Ameritech Financial Newsroom

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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Student Loans Can Make Income Feel Smaller Than it Is
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