Ameritech Financial Message in Financial Aid Awareness Month: Borrow Smart
ROHNERT PARK, Calif., February 20, 2018 (Newswire.com) - February is Financial Aid Awareness Month, which is a great time to think about, learn about and prepare for all types of student aid. Ameritech Financial, a private document preparation company that assists borrowers in understanding and applying for federal income-driven repayment plans, reminds students that knowledge is power when it comes to both college study and college funds.
“Student loans are in the news because borrowers owe so much these days, but they are not the only way to fund college,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “Students looking to fund college should do so with a plan. That takes some foresight, which can be difficult when the future is so unpredictable.”
Student loans are in the news because borrowers owe so much these days, but they are not the only way to fund college.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
Filling out the FAFSA is the first step in getting financial aid. However, only about 3 out of 5 students fill it out, and low-income students are less likely to do so than others, missing out on valuable resources. Completing the FAFSA can allow students to access scholarships and grants, work-study funds and federal student loans. Common advice for students is to max out the “free” money (scholarships and grants) before accepting student loans.
Students also should know that it is possible to negotiate for a more favorable student aid award with their school’s financial aid office. While students may find more success the earlier they attempt to do so, it may be worth trying at any point.
With the student loan default rates above 10 percent and increasing, it’s especially important for students to be aware of the financial aid they accept, especially when it comes to loans. One thing students can do to borrow smart is to estimate what their payments will be before accepting loans. However, because it’s so easy to keep borrowing year after year, especially for those extending their school career, it can be difficult for borrowers to plan ahead.
When, despite any level of effort to prevent it, borrowers find themselves with loans they may struggle to pay down, Ameritech Financial suggests looking into income-driven repayment plans (IDRs). Those plans base payment amounts on income and family size, intending to make any loan balance more affordable for the borrower. Plus, any balance remaining after 20 or 25 years is forgiven.
“Student loans are complicated and so easy to take out,” said Knickerbocker. “No one should feel like they can’t handle the loans that were supposed to set them up for a successful future. At Ameritech Financial, we help borrowers apply for IDRs so they can feel empowered by their education.”
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.
Ameritech Financial is a member of the Association for Student Loan Relief (AFSLR) and each representative on the phone 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
customer.service@ameritechfinancial.com
Source: Ameritech Financial
