ROHNERT PARK, Calif., April 26, 2018 /PRNewswire/ -- Student debt has become so widespread that it is considered a national problem. Some even go as far as calling it a crisis. However, others are trying to brand it as a women's issue, and studies show disproportionate debt being held by women, people of color, and veterans. Ameritech Financial is a document preparation company that helps federal student loan borrowers apply for federal repayment plans that may help them better afford the loans that they took out for a college education.
"Students are told that to be successful and get ahead in life, they must go to college," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "When they do so, the typically higher debt they come out with can hold them back from seeing the benefits of their education."
Recent studies have shown that women make up about 56 percent of college graduates, but they hold about two-thirds of the existing student debt. Black and Hispanic borrowers also hold higher average balances than their white peers. Furthermore, black women take on more debt than any other group. A possible explanation leans on data showing disproportionate enrollment of women, people of color, and veterans at for-profit institutions, which have particularly bad debt outcomes.
Higher student debt balances can lead to more difficult repayment. In fact, women and people of color still experience a pay gap. So while they have more debt, they have less income to deal with that debt. However, all federal student loan borrowers, regardless of gender or race, have access to a variety of federal repayment plans.
Income-driven repayment plans (IDRs) may be especially useful for those struggling with low income, high balances, or large families as they base payments on income and family size. Payments can be reduced to as low as zero dollars under certain circumstances and any remaining balance after 20 to 25 years of enrollment will be forgiven.
"At Ameritech Financial, we understand how hard it can be to pay down student loans," said Knickerbocker. "We help all sorts of borrowers understand and apply for IDRs that can ease a difficult repayment journey."
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.
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