ROHNERT PARK, Calif., April 24, 2018 /PRNewswire/ -- Prospective college students may be weighing their options as College Decision day approaches, spending their time comparing academics and price tags of various colleges. While the topic of college value is prominent, college graduates may reflect on their own experience and determine if it was worth it for them. Ameritech Financial, a document preparation company that helps borrowers with federal repayment plan applications, reminds borrowers that value is a matter of perspective, which can be improved through successful management of their student loans.
"The value of a college education might come down to success in a career or simply how easily borrowers are making their loan payments," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Borrowers who have trouble with their student loan payments might decide it wasn't worth it, but they should know that they might have options to make repayment easier, and potentially improve their outlook."
A college degree can cost tens of thousands of dollars or even over a hundred thousand for advanced degrees. Borrowers end up paying more over the life of the loan than the original balance due to interest. In severe cases, loans can inflate tens of thousands of dollars from poor management. However, even those costs may be justified when compared to potential earnings.
College graduates typically earn $20k more per year than those with just a high school diploma. Moreover, they can earn upwards of a million more in lifetime earnings depending on the degree obtained. Those additional earnings can position college graduates to build wealth and sufficiently prepare for retirement. However, the first 10 years or so of borrowers' careers are focused on student loan repayment and may lead to such borrowers falling behind on retirement or other savings.
Student loan borrowers may factor in financial stress when deciding whether college was worth it or not. While many borrowers are experiencing physical symptoms from student-loan related stress, others may simply be overwhelmed by tight finances, letting those negative emotions affect their opinion about college.
Borrowers struggling to manage their loans and the negative feelings associated with them may find a solution in the form of federal income-driven repayment plans (IDRs). Such plans calculate payments based on income and family size and can potentially reduce payments. Smaller payments may also reduce stress and increase saving power.
"Borrowers are past the point of deciding whether college is the right move, so they should focus on making it worth it," said Knickerbocker. "At Ameritech Financial, we help borrowers understand and apply for IDRs that may improve their financial situation. We hope that our clients feel their college degree was worth the cost and that they are able to pursue their financial goals."
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.
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