Don't Give Up on Your Dreams, Says Ameritech Financial to High-Debt Student Loan Borrowers

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Jul 26, 2018, 08:00 ET

ROHNERT PARK, Calif., July 26, 2018 /PRNewswire/ -- Why do people go to college? For many, it is to attain a liberal arts degree or more specialized education and after graduation, they generally hope to pursue careers in their majors. Their parents may hope their young adult children will learn how to think critically and other soft skills while in school. According to a study, the most important reason that students wanted to attain a degree in 2014 was to get a better job. As the cost of education rises and the threat of student debt looms on the horizon, Americans are starting to look for alternatives. The current model of graduating with thousands of dollars in debt is financially unbearable for many. Ameritech Financial, a document preparation company that assists borrowers to apply for federal repayment plans, suggests that income-driven repayment plans (IDRs) may help borrowers focus on both their financial and career goals.

"You don't have to let your fears about student loans hold you back from your career dreams," said Tom Knickerbocker, executive vice president of Ameritech Financial. "If you're approaching the point where it's time for you to repay your federal student loans, consider alternatives that could help you pay less on your monthly payments if you need a little more flexibility."

Students and graduates who are considering their career goals no longer have to agonize about choosing the most profitable path to repay their loans. Federal student loan repayment plans are based partially on their income and family size. Ameritech Financial helps borrowers apply for an income-driven repayment plan (IDR) intended to reduce payments to a lower monthly rate. The borrower's payments could be drastically reduced every month with a chance at loan forgiveness after 20 to 25 years in a particular IDR. Ameritech Financial also helps clients with the yearly recertification paperwork as long as the borrower stays in the program.

Studies found that over 50 percent of student loan borrowers had to choose jobs outside of their field because of their debt. "It's absolutely ironic," Mark Kantrowitz, the publisher of SavingForCollege.com, said. "You go to a more expensive college -- supposedly the best in your field -- but take on too much debt, so you can't work in your field because of the need to repay the debt." This cycle of debt and backfired dreams can be especially devastating for students who did not understand that they were signing up for expensive student loans when they received financial aid. Not only does it have a detrimental effect on their career goals, but it also has implications for the national economy.

For example, student loan debt is preventing many graduates from buying their first homes, marrying their partners, becoming parents and other goals. This could mean graduates will opt for private-sector jobs because they cannot afford to live on a public-sector paycheck. However, graduates who enter a public service field could have better options with their federal student loans, especially with Public Service Loan Forgiveness (PSLF). However, if graduates opt for the private sector and their income isn't helping them with their high payments, they, too, have better repayment opportunities.

"If your dream is to work as a teacher, in the government, for a nonprofit or many other worthy fields, Ameritech Financial may be able to help you apply for programs and keep paperwork organized as you work toward student loan forgiveness. Public Service Loan Forgiveness can be confusing and we strive to educate borrowers on their options if they opt for public service," added Knickerbocker. "On the other hand, if you like your corporate job, Ameritech Financial can also help you with finding better repayment plans to apply for. The bottom line is: you have choices. Don't give up on your dreams."

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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SOURCE Ameritech Financial