Ameritech Financial on Student Loan Repayment Strategies: No One-Size-Fits-All Solutions

ROHNERT PARK, Calif., May 7, 2018 /PRNewswire/ -- Every individual is unique in some way, and that extends to their debt. Americans accumulate different amounts and kinds of debt throughout their lives and they may choose to deal with the debt differently. Even narrowing the field to student loan borrowers shows a variety of debt payoff strategies. Despite popular strategies claiming to be "the best," there is no one-size-fits-all solution. Ameritech Financial, a document preparation company that helps student loan borrowers with federal repayment plan applications, reminds borrowers that there are many options for dealing with federal student loans that may benefit their situation.

"No borrower has the same balance and mixture of student loans, so they shouldn't all be put into the same repayment plan," said Tom Knickerbocker, executive vice president of Ameritech Financial. "We believe payment strategies should be chosen based on how they will benefit a borrower's unique situation, rather than guiding everyone to the most popular strategy."

Borrowers who want to pay off their debt as quickly as possible may choose to use a particular debt payoff strategy. When researching such strategies, borrowers may find an abundance of articles touting the snowball method, which prescribes paying minimum payments on all debts but putting all extra funds toward the debt with the smallest balance. However, some borrowers may choose to focus on the debt with the largest interest rate or the strongest emotional reaction.

Such debt payoff strategies require that borrowers have extra income to throw at their loans. For borrowers who do not have that kind of extra money, federal repayment options may better suit their situation. For those who need a short-term solution, deferment and forbearance can postpone their next due date. Those that need a long-term solution may apply for a different repayment plan.

While every federal student loan borrower begins repayment in the Standard Repayment plan, others may switch to the Graduated or Extended plans to reduce payments. However, there are also a variety of income-driven repayment plans (IDRs) that might provide more flexibility for borrowers in certain situations. Such plans base payments on income and family size and can end in forgiveness after 20 to 25 years of enrollment in the program.

"At Ameritech Financial we help borrowers understand IDRs in the context of their own situation," said Knickerbocker. "If borrowers believe an IDR would work with their unique financial situation, we help with the application and yearly recertification 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.

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]

Related Images

no-one-size-fits-all-solutions.jpg
No One-Size-Fits-All Solutions
Credit: golubovy/Bigstock

image2.png

Related Links

Ameritech Financial home page

Related Video

http://www.youtube.com/watch?v=WRza8MbLvuM

SOURCE Ameritech Financial