ROHNERT PARK, Calif., April 24, 2018 /PRNewswire/ -- Change is one of life's constant truths. It may be cliché, but anything can change and leave individuals scrambling. Good or bad, planned or unexpected, changes can affect individuals' financial situations. And when that involves student loans, any change may also cause emotional reactions and stress. Ameritech Financial, a document preparation company that helps federal student loan borrowers with federal repayment plan applications, reminds borrowers that federal income-driven repayment plans can help them stay current on their student loans in a variety of situations.
"When life changes, your ability to pay your student loans may change as well," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "Or worse, you might delay positive changes because of how they will affect student loans."
Unexpected changes that can affect student loan repayment may include emergencies that require funds previously earmarked for student loans or other debt. Those who make up the majority of Americans who do not have an emergency fund of $500 for those unexpected expenses may need to decide which bill will go unpaid for the month. Many student loan borrowers may choose to deprioritize their student loan payment.
Not all changes that can affect student loan repayment are bad. Couples may bring a new family member into the world or individuals might land their dream job, both of which can come with a change in finances. Whether such changes represent an increase or decrease in either income or expenses, student loan repayment might suffer.
Federal student loan borrowers may be eligible for a flexible repayment option: income-driven repayment (IDR). Such plans base payments on income and family size. So whenever either changes, borrowers will never be expected to pay more than a percentage of their discretionary income. Ameritech Financial helps borrowers understand IDRs and helps with the initial application to apply for the program as well as the annual recertification.
"No matter what happens in life, IDRs can help borrowers stay current on their student loans," said Knickerbocker. "At Ameritech Financial, we encourage our clients to reach out to us whenever such a change occurs so we can assist them with the paperwork to submit in an effort to get their loans to reflect their new 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.
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