Cities With High Student Debt Not Indicators of Repayment Failure, Says Ameritech Financial
ROHNERT PARK, Calif., June 8, 2018 (Newswire.com) - The student loan problem is a national one, but it’s also a local one. Individuals carry unique amounts of debt, but states and cities have their own statistics about the levels of debt that residents carry. A recent report showed the 10 cities with the highest student loan debt. Ameritech Financial, a document preparation company that assists borrowers with federal student loan repayment plan applications, reminds borrowers that success in repayment depends on their own repayment plan and not where they live.
“It can be discouraging to see your home on a list of the 10 cities with the most student debt, but that is not an indicator of repayment success or failure,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “I encourage all borrowers to do what they can to be successful in their own repayment, and that might include enrollment in federal repayment plans.”
It can be discouraging to see your home on a list of the 10 cities with the most student debt, but that is not an indicator of repayment success or failure.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
The city with the worst debt, according to this report, is Washington, D.C., followed by Atlanta, Georgia, and Richmond, Virginia. Interestingly, the median loan balance for the top 10 cities is not much higher than $20,000, which is below the national averages reported at $30,000 and higher. However, around a quarter of the borrowers in each of these cities has more than $50,000, which is commonly considered high debt. Nationally, less than 15 percent of borrowers have more than $50,000 in loans.
Federal student loan borrowers who struggle with their student debt may be eligible for federal income-driven repayment plans (IDRs) that can potentially improve their financial situation. Such plans are available to federal student loan borrowers nationally and can help those with high payments relative to their income. IDRs calculate payments on income and family size and can end in forgiveness after 20 to 25 years of enrollment.
“At Ameritech Financial, we help borrowers understand and apply for IDRs that we hope help them improve their financial standing,” said Knickerbocker. “No matter what city you live in, repayment is a personal process that might be made easier through enrollment in one of the federal repayment programs.”
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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