ROHNERT PARK, Calif., April 20, 2018 /PRNewswire/ -- Farming is an essential industry as it supplies food to communities across the nation. However, as older farmers retire, young farmers are not replacing them at equal rates. About 69 percent of young farmers have student loans, and many are postponing their dream of starting their own farm business because of their student loans. Recently introduced legislation would provide student loan forgiveness for beginning farmers. Ameritech Financial, a document preparation company that helps student loan borrowers apply for federal repayment plans, reminds borrowers who struggle with high monthly payments that the Department of Education offers a variety of repayment plans that may help.
"Starting any business can be difficult when you have student loans," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Farming is an essential industry, so it makes sense that aspiring farmers whose student debt is getting in the way of farming get some student loan relief."
Farmers often have difficulty paying their student loans on a monthly basis because their income varies throughout the year, often in connection to harvest. The bill proposes student loan forgiveness for young farmers with less than 10 years of experience. Eligible farms must make at least $35,000 in a year on produce sales and borrowers must be in good standing on their student loans.
Starting a farming business requires having land on which to farm. For most young farmers, that requires a loan, which can be difficult to obtain when student loans represent a large portion of monthly income. Countless borrowers have found federal income-driven repayment plans useful in reducing their payments and allowing them to focus on other financial goals, such as saving money or paying down other debt. Such plans base payment amounts on income and family size and end in the forgiveness of any remaining balance after 20 to 25 years of enrollment.
"At Ameritech Financial, we help borrowers understand IDRs in the context of their personal situation," said Knickerbocker. "We also help borrowers who decide to apply for an IDR to complete the application paperwork so that they can focus on pursuing their goals."
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.
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]