Ameritech Financial Addresses College Affordability and the Great Weight of Student Debt

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The average student loan borrower now graduates with nearly $40,000 in loans. Some may not even realize how high their debt is until they receive the bill long after graduation. Why has the cost of college risen 129 percent for private schools and 213 percent for public schools in the last 30 years? Why are more kids choosing public schools, while some aren’t choosing college at all? Ameritech Financial, a document preparation company, does not have the answers to these questions. Instead, they focus on providing document preparation services that could open the door to more affordable repayment plans for their clients, such as income-driven repayment plans (IDRs). Federal student loan borrowers could research IDRs as a way to potentially reduce their monthly payments.

“College affordability is an issue of our times,” acknowledged Tom Knickerbocker, executive vice president of Ameritech Financial. “It’s easy to get distracted by the headlines that might say otherwise. Look at the numbers, look at how supply and demand have created this situation, which can be unbearable for many students and their families.”

An outsider looking in at the student loan debt crisis in America would be shocked to learn that $1.5 trillion is the collective cost of college for today’s youth. What about the emotional cost of carrying that debt? For example, the stress from student loans can cause “significant” to “very significant” stress in 80 percent of workers with student loan debt. One could argue the millennials affected by this stress and debt, and who can’t “go on vacation, buy a car, pay rent or get necessities like food and clothing,” are also not able to contribute to the economy. At least, not in a way that is meaningful to the businesses in their communities. Worse consequences include not being able to buy a home, get married or have children — all of which have long been considered signposts of a successful and healthy capitalistic and democratic society.

College affordability is an issue of our times.

Tom Knickerbocker

Executive Vice President of Ameritech Financial

There are plenty of things people can do to keep their debt down, from learning how not to default on their student loans to everything else. But many of these websites, blogs and articles don’t offer any recommendations for systemic change. They report on possible changes to the student loan debt system, such as legislation like the PROSPER Act. But what can American citizens do about their debt and frustration today? Perhaps current student loan borrowers can look into how income-driven repayment plans will help them better manage their debt. For example, their monthly payments could be greatly reduced if they have a low income and large family size. If they are in the public service field, such as law enforcement, public teaching or other professions, they could also look into Public Service Loan Forgiveness (PSLF). The process for applying for IDRs and PSLF can be very confusing, which is why a document preparation service may be the right alternative for borrowers.

“Ameritech Financial does not pretend to have the cure-all solution for this crisis,” Knickerbocker began. “But we can point to IDRs and PSLF as ways to slowly crawl out of the debt hole.” 

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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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


Categories: Financing and Student Loans, Financial News

Tags: college affordability, federal student loans, income-driven repayment


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About Ameritech Financial

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Ameritech Financial is a document preparation company that helps borrowers enroll in the federal repayment program that matches their individual financial needs, potentially lowers payments and gets them on track for student loan forgiveness.