Ameritech Financial: How to Repay Student Loans When You Don't Have Extra Resources
ROHNERT PARK, Calif., June 6, 2018 (Newswire.com) - Advice found online to repay student loans quickly features the same resources: time and money. Extra payments toward loans will reduce that debt more quickly than simply making minimum payments. Extra time in a borrower’s schedule may allow the individual to take on extra work to earn that extra money. However, not all borrowers are in a position to get either of those. Ameritech Financial, a document preparation company that assists borrowers in applying for federal repayment plans, reminds borrowers that student loan repayment does not need to be quick to be successful.
“It’s okay to take a while to pay down student loans, but being able to work toward other financial goals in the meantime is ideal,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “Borrowers shouldn’t have to delay their lives until their loans are repaid, but not everyone can pay them off quickly.”
It's okay to take a while to pay down student loans, but being able to work toward other financial goals in the meantime is ideal.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
A recent survey showed that 69 percent of borrowers repay their loans within five years. While that may be an ideal scenario, not every borrower can live with their parents, pay extra every month, or take on side hustles. In fact, not all borrowers can afford their minimum payments. Such borrowers may find relief in one of the various federal repayment programs available through the Department of Education.
Whereas the Standard Repayment plan payments are set based on a 10-year payoff schedule, income-driven repayment plans (IDRs) are calculated based on income and family size. The low income that may have prevented many borrowers from making their minimum payments will likely lead to a reduction in their monthly payments under and IDR. Borrowers with large families that may have precluded cheaper living arrangements or side jobs may also affect their payments in an IDR. And after 20 to 25 years of enrollment in an IDR, any remaining balance is forgiven.
Any reduction in student loan payments may allow borrowers to focus on other financial goals, such as saving for retirement, a house, or a vacation with the kids.
“IDRs have a longer payoff term than the Standard 10 years, but they can help borrowers who have limited resources for repayment,” said Knickerbocker. “At Ameritech Financial, we help borrowers understand IDRs and complete the application paperwork to enroll and stay enrolled in the program for as long as they wish.”
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.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
5789 State Farm Drive #265
Rohnert Park, CA 94928
1-800-792-8621
media@ameritechfinancial.com
Source: Ameritech Financial
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