ROHNERT PARK, Calif., March 22, 2018 /PRNewswire/ -- By the time graduate students start school, they are often independent and do not have the same financial support from family that they might have had as an undergraduate. Graduate students without support may have to take out student loans to cover not only the tuition but also the total cost of attending their school. This can translate to a high loan balance upon graduation. Ameritech Financial, a private document preparation company that assists student loan borrowers to understand and apply for federal loan repayment programs that potentially lower their monthly payments, encourages graduate school loan borrowers to understand their repayment choices.
"Student loan borrowers don't always fit the stereotypical image of someone fresh from undergrad," said Tom Knickerbocker, executive vice president of Ameritech Financial. "They are often grad students who are more established in their careers and lives, but still face a lot of student debt."
While there are different types of loans available to graduate students, federal PLUS loans allow students to borrow up to the full cost of attendance. These loans are direct loans, issued directly from the Department of Education. Depending on the kind of degree, PLUS loans can amount to high five-figure loan balances or even six-figure balances by the time a student leaves a graduate program.
Having a high debt balance because of graduate school can be daunting. Additionally, PLUS borrowers who were graduate students may be older, with families of their own, married or totally financially independent. Such circumstances may complicate their finances. However, borrowers of existing PLUS loans are currently eligible for certain repayment plans and forgiveness programs that may make their repayment process easier.
Income-driven repayment plans, for instance, refer to several different programs that base the borrower's monthly payment on income and family size. Even for borrowers who may have a higher salary because of their credentials earned in graduate school, their student loan debt may still be high relative to their income. An income-driven repayment plan may lower the borrower's monthly payment in order for the borrower to stay current on the loan and not fall into delinquency or default.
Income-driven repayment plans require an application and yearly recertification. Ameritech Financial is a private company that offers assistance to borrowers with these application and recertification processes.
"As student loan borrowers get older and have more responsibilities, they may need more repayment options when it comes to their loans," said Knickerbocker. "Ameritech Financial helps with the application process for income-driven repayment plans in order to assist borrowers in hopefully having a better repayment experience."
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