ROHNERT PARK, Calif., March 30, 2018 /PRNewswire/ -- Low-income students, especially first-generation students, have a lot of resources for funding a college education, but that doesn't mean the process is easy. Whereas middle- or upper-income students may have experience with the higher education process, low-income and first-generation students may stumble or make mistakes. Ameritech Financial, a document preparation company that helps borrowers with federal repayment plan applications, reminds borrowers who ended up with unmanageable student loan payments that they may find some relief in income-driven repayment plans.
"College promises big things for a low-income student's future," said Tom Knickerbocker, executive vice president of Ameritech Financial. "They can potentially earn more in their lifetimes and achieve the 'American Dream' of social mobility. Inexperienced families should therefore not let annoying paperwork or other factors get in the way of working toward an affordable college education."
There are several ways to reduce the costs of college, including choosing one with minimal living expenses and getting through the degree program as quickly as possible — additional terms to make up classes or explore majors will add to the cost. Many students find value in attending a community college first, which is usually a cheaper option, and then transferring to a four-year school.
However, perhaps the biggest way to reduce the cost is to be careful about how to fund it. There are a variety of need-based financial aid offerings for low-income and first-generation students, including grants, scholarships and work-study funds. But to access those funds, students must fill out the FAFSA, which can be a long process if they do not have the necessary information on-hand. However, low-income students should complete the FAFSA as soon as possible to avoid missing out on need-based aid.
Each school will offer their own financial aid packages and families should analyze those carefully. Some may look more expensive but offer more need-based aid than others. Before accepting any aid, they may choose to speak to a professional.
Even with experience behind them, borrowers may end up with more loans than they can manage. Because students take loans on a yearly basis, and tuition, living costs or other expenses can increase, it's difficult to predict how much debt will have accumulated by graduation. Borrowers who find themselves struggling with federal loans may consider federal income-driven repayment plans (IDRs), which base payments on income and family size rather than a set 10-year payoff term.
"First-generation and low-income students may be surprised by the amount of debt they leave college with, but they should know that it's not the end of the world," said Knickerbocker. "At Ameritech Financial, we help borrowers understand and apply for IDRs that we hope greatly improve their financial situations and allow them to strive for that social mobility they attended college to jumpstart."
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
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SOURCE Ameritech Financial