Ameritech Financial Addresses Concerns About What to Do if Borrowers Fall Behind on Student Loan Payments
ROHNERT PARK, Calif., May 23, 2018 (Newswire.com) - Student loan debt is not an isolated issue, and it looks different for each borrower. While data might show that high balance borrowers are less likely to fall behind than low balance borrowers with no degree, the hard truth is that any borrower can fall behind for any reason, regardless of his or her degree, income or balance. Ameritech Financial, a document preparation company that assists federal student loan borrowers with federal repayment plan applications, reminds borrowers who are struggling that they likely have options to help them stay current on their loans.
“Falling behind on payments might be a lot easier than you expect it to be,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “What do you do when you fall behind, though? There’s no one answer for all delinquent borrowers, but the Department of Education offers a variety of potential solutions.”
There's no one answer for all delinquent borrowers, but the Department of Education offers a variety of potential solutions.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
The solution to falling behind on student loan payments depends on several factors. Some borrowers might fall behind on their student loans because they needed to use their student loan payment to cover a one-time or emergency expense. Such borrowers may benefit from a month or two of deferment or forbearance, which simply delays their due date. Once they are able to go back to making their normal payments, they can leave deferment or forbearance and continue their monthly payments.
Borrowers who fall behind because they cannot afford their normal monthly payments may benefit from enrolling in a different repayment plan. Every borrower is placed in the Standard Repayment plan initially, but if those payments are too high relative to their income, they might be better off in an income-driven repayment plan (IDR). Such plans base payments on income and family size and can end in forgiveness after 20 to 25 years of enrollment.
“Federal loans have these borrower protections built in that are intended to keep borrowers current on their loans in many different situations,” said Knickerbocker. “At Ameritech Financial, we specialize in assisting borrowers in applying for IDRs that can help them keep up with their payments, even if those payments are zero dollars.”
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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