ROHNERT PARK, Calif., June 26, 2018 /PRNewswire/ -- The nation's capital is also the capital of student loan debt, with nearly 10 percent of borrowers owing more than $100,000. A recent survey by Lending Tree found that much of that high debt load can be attributed to the high number of individuals with advanced degrees. Nearly 25 percent of the Washington, D.C. adult population holds a Master's or other advanced degree, which is more than double the national average. Ameritech Financial, a document preparation service company that helps borrowers apply for federal loan repayment programs, advises students to carefully analyze how much debt they are incurring in pursuit of their degree and the likelihood a future career in that field will enable borrowers to pay off loans.
"There are much better job prospects in Washington, D.C. for people who went to law school, for example, and borrowed $100,000. Whereas in other parts of the country, if you borrowed $100,000 for law school the salary you can expect might be relatively low and it would be much harder to make it work," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "We strongly urge students to examine how much debt they will incur and the feasibility of repayment."
Though Washington, D.C. ranks first with the highest median loan balance in the U.S., only 16.8 percent of students have left college before finishing — a critical factor in a borrower's ability to repay student loans — more than four percent lower than the national average of 21 percent. Therefore, borrowers in the capital may be more likely to accumulate the capital to more comfortably pay off their student loans.
Atlanta, the metro area with the second highest median loan balance, is also highly educated. About 37% of Atlanta residents ages 25 and over have completed at least a four-year education, and more than 13% have a graduate or professional degree. The survey discovered that education drives this high number of advanced degrees due to the preponderance of higher learning institutions such as Emory University, John Marshall Law School, Morehouse College, and Spelman College. Unfortunately, one in five Atlanta residents left college before finishing a degree, which is slightly below the national average and significantly impacts prospects for repayment.
Borrowers who find that they cannot comfortably afford their student loan payments may be eligible for federal income-driven repayment plans offered by the Department of Education. Such programs calculate borrowers' payments based on their income and family size and can end in the forgiveness of any remaining balance after 20 to 25 years of enrollment.
"No matter where you live, incurring student debt isn't necessarily a bad thing. When return on investment for those who leave school with degrees that are valued in the marketplace makes the investment favorable, it can be well worth it," said Knickerbocker. "Challenges arise when students take on debt to attend programs they are unable to complete, or when career prospects are weak or change while a student is in school. For any of these challenges, we can help borrowers access federally available programs such as income-driven repayment plans that can possibly reduce their payments."
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
High Student Debt in Washington, D.C.
SOURCE Ameritech Financial