ROHNERT PARK, Calif., June 19, 2018 /PRNewswire/ -- According to the New York Times, most states, including California, do not offer specific financial literacy courses. This does not come as a shock to some, as national student loan debt has reached an all-time high of 1.5 trillion dollars. In order to counteract some of this, scholars believe we need to introduce financial literacy classes into high school curriculums. Introducing these classes could help students avoid taking on outrageous amounts of debt, and it could also help current student loan borrowers manage their finances. Ameritech Financial, a document preparation company that helps borrowers understand and apply for federal income-driven repayment plans, encourages clients to learn about their loans and take steps that will benefit their financial situation as a whole.
The 2017 Financial Report Card listed five states as having A ratings, 19 as having B ratings, 12 earned a C, 4 earned a D, and the remaining 10 got an F. In the 24 states that got above a C rating, all require some sort of financial instruction before graduating high school. "Being financially literate helps everyone involved with student loans," says Tom Knickerbocker, Executive Vice President of Ameritech Financial, "because it can greatly improve your financial well being."
Earlier this year, EdSurge, an education meets technology resource, published an article on the importance of equipping students with the resources to have a better financial outcome than their parents, who may have dealt with many financial challenges over the last ten years. These challenges can include credit card debt, financial illiteracy, and the inability to pay off student loan debt. Besides advising them to learn about wants versus needs in financial planning, federal student loan borrowers may find federal income-driven repayment plans (IDRs) useful for managing their student loans. Such plans can reduce payments relative to income and family size, which may allow borrowers to focus on other financial goals.
"At Ameritech Financial, we help borrowers understand their loans and options for repayment," says Knickerbocker. "Without basic knowledge about loans and repayment options, borrowers who can't afford their payments may end up in forbearances that can make their loans more expensive in the long run. Instead, we aim to assist them in applying for IDRs that can potentially improve their whole financial situation."
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:
5789 State Farm Drive #265
Rohnert Park, CA 94928
SOURCE Ameritech Financial