ROHNERT PARK, Calif., June 14, 2018 /PRNewswire/ -- Many Americans with student loan debt complain of how paying back their loans feels impossible and controls their every move, from financial, like wanting to buy a house, to professional, such as wanting to try a new career. They worry about how their financial restraints are taking years off of following their passions. Others have to contend with underemployment when joining the workforce after graduation, which varies from obtaining jobs beneath their skill level or receiving wages lower than they are worth. A potential solution to their problems is to seek out a new loan repayment plan, such as those offered by the Department of Education. With the help of Ameritech Financial, a document preparation company that assists borrowers with federal repayment plan applications, borrowers could alleviate the burden of their debt by switching to an income-driven repayment plan (IDR).
Paying off their student debts faster also has multiple implications for the health of America's economy. For instance, there is currently $1.5 trillion dollars in student debt, which could indicate there is less money flowing to goods and services. In addition, several sources suggest that Americans with high student debt are less likely to take out mortgages on homes, because either their creditworthiness is low or they simply cannot add the additional monthly payments to their budget. This, in turn, could drag the national economy, and many are concerned another big recession could occur as soon as 2020.
Where is the silver lining? While various stakeholders are working on solutions to these problems, graduates do not have to passively wait for a better future. The longer they wait to make a positive change on their debt situation, the more likely it is that they will default on their federal student loans, which is what happens to 3,000 people every day. These borrowers have resources, such as various federal repayment programs.
"It can feel as if student loan debt is preventing you from pursuing your true passions, such as world travel or buying a house, and instead, the monthly payments are absorbing your budget, leaving you with little to live on," said Tom Knickerbocker, executive vice president of Ameritech Financial. "For these types of situations, we recommend that borrowers examine their own situation and if they are struggling, they might be the right fit for help through a federal repayment program."
The future may also hold improvements and systemic changes to the student debt crisis. For example, bills like SIMPLE (Streamlining Income-driven, Manageable Payments on Loans for Education) continue to be introduced in the hopes of ameliorating the issue. Until then, others argue that enrollment in IDRs lessens delinquency and increases credit-worthiness of borrowers, which they suggest could also encourage them to buy homes and therefore stimulate the economy. Ameritech Financial is a private company that assists borrowers in understanding IDRs and completing the necessary application paperwork.
"Student loans don't have to drag the economy down and organizations like Ameritech Financial are attempting to offer borrowers an alternative to the burdensome status quo," said Knickerbocker.
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
IDRs Can Change Lives, Like This Happy Couple
SOURCE Ameritech Financial