Ameritech Financial on How Personal Milestones Can Support Federal Student Loan Repayment

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May 09, 2018, 02:16 ET

ROHNERT PARK, Calif., May 9, 2018 /PRNewswire/ -- According to recent data, national student loan debt reached $1.521 trillion in the first quarter of 2018. While individual borrowers have varying balances, such a milestone may spur some to action. Ameritech Financial, a document preparation company that helps federal student loan borrowers with federal repayment plan applications, encourages borrowers to look out for milestones in their own student loan situation.

"Student loan repayment is most successful when done with intention, whether that means as quickly as possible or with other financial goals in mind," said Tom Knickerbocker, Executive Vice President of Ameritech Financial.

Nationally, student loans have been trending upward for over a decade. Such trends and milestones can cause rumbles throughout media and student loans are now common to read about in the news. This awareness can influence lawmakers, inspire borrowers to act on their own loans, or cause a collective sense of despair at a failing system.

Attention to personal milestones can benefit borrowers who may struggle with a plan for repayment. The act of setting milestones can help borrowers create a plan, whether that plan leads to quick repayment or prioritization of other financial goals. At the least, milestones can act as goals to reach along the repayment journey.

For those paying down loans as quickly as possible, milestones to take note of might be each thousand dollar mark or certain percentages of the original balance; borrowers may decide to celebrate in a small but meaningful way at each mark.

Borrowers who would prefer to prioritize other financial goals, or who struggle to make their minimum payments, may decide to apply for an income-driven repayment plan (IDR). Such plans base payments on income and family size and can result in reduced payments. Any reduction can be redirected to other goals. Milestones in such a situation may be each successful recertification or other successes toward other financial goals.

"At Ameritech Financial, we support our clients in intentional repayment. Specifically, we help them understand and apply for IDRs if they align with their goals," said Knickerbocker. "Setting milestones or goals to be mindful of is a great way to stay engaged in any repayment strategy, and it's a practice we encourage."

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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Personal Milestones can Support Federal Student Loan Repayment
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