Ameritech Financial: Student Debt Can Coexist With the Music Industry

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Jun 28, 2018, 08:00 ET

ROHNERT PARK, Calif., June 28, 2018 /PRNewswire/ -- Musicians need money and audiences want music. What happens when neither group has the financial freedom to pursue their passion for music, be it as a performer or listener? Art has long thrived on the patronage of those capable of supplying the capital needed to allow artists to concentrate on their trade. Without the proper time to devote to their craft, artists will see their product suffer. For many musicians who have studied music in college, student loans may contribute an added financial burden to an already difficult situation. Ameritech Financial, a document preparation company that helps those with student loans apply for federal income-driven repayment plans, is one possible avenue for those who wish to either perform or attend live music despite the student debt they may carry.

Tom Knickerbocker, Executive Vice President of Ameritech Financial, explained that "everyone enjoys music, but not everyone knows the stress of trying to make a living in a music career. That stress might be good for lyric writing, but it hurts a person's day to day life. Missing out on music that a person loves to listen to is no fun either."

A study by the Future of Music Coalition, based on an online survey of over 5300 American musicians, showed that graduates with a degree in music make significantly more money on average than musicians without a music degree. So to make a good living at music, a degree is probably necessary, yet those degrees often come at the cost of extended debt that may force an aspiring musician to consider giving up the art for a more lucrative or stable profession. In addition, student loans saddle the younger generation, the people most likely to attend concerts, shows, and festivals, with enough debt that they may be forced to forgo the live music that they wish they could see in exchange for making monthly payments towards their student loans. The overhanging issue of student debt has cast a shadow on the music industry. Artists are being forced to ask themselves if they should give up their craft for a higher paying or more stable job in order to pay off student loans, and music lovers are being forced to reconcile spending money on entertainment with monthly payments towards their debt.

The industry is taking note. Full Sail University, a for-profit school focusing on degrees pertaining to entertainment and media, has recently sponsored a stage at the popular Warped Tour. Spotify offers student discounts for their music streaming services. Hundreds of companies are now offering student loan assistance to their workers. These measures show a concern for the problem but do not provide a solution. The issue lingers.

One tactic that music performers and lovers may benefit from is an income-driven repayment plan, or IDR, that allows borrowers to make a monthly payment towards their student loan based on their current income and family size. If their income is low enough, they can possibly even have a monthly payment of $0 and still remain current on their loan. Knickerbocker sees these IDRs as a potential shift from a financial situation in which a person gives up on live music to one where live music can continue to be either the focus of a person's professional life or entertainment options.

"IDRs can be a potential game-changer for people who either need stability in their music careers or who want to experience the live music they have a passion for," he explained.

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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