Ameritech Financial: Paying Off Student Debt Doesn't Always Feel Like a Party
ROHNERT PARK, Calif., May 3, 2018 (Newswire.com) - Paying off a debt can feel extremely satisfying. While the student loan repayment journey ends with a party for some, others may not feel the same sense of accomplishment. Or that accomplishment may not be as momentous as borrowers’ may have to switch focus to other pressing financial goals. Ameritech Financial, a document preparation company that helps borrowers apply for federal student loan repayment plans, reminds borrowers that it’s okay if student loan repayment doesn’t feel worth celebrating.
“Student loan payments are something to check off the monthly to-do list,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “When borrowers have pressing financial obligations, student loans may not be the most urgent or emotionally charged. There’s always going to be another debt to pay off.”
There's always going to be another debt to pay off.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
The sense of accomplishment borrowers might feel when they pay off their student debt may depend on several factors. First, if their goal was to pay off the debt as quickly as possible, they may feel like celebrating more than a borrower who is content making minimum payments and focusing on other financial obligations. Second, borrowers who pay off their student loans only to switch focus to paying off another debt may not feel that accomplishment until they have paid off all their debt.
Depending on borrowers’ financial goals, it may not be important to feel that sense of accomplishment. Longer repayment can allow borrowers to focus on other financial goals, like saving for retirement or building an emergency fund. Borrowers who have trouble making payments may worry more about missing payments than missing out on that sense of accomplishment.
Borrowers who need help affording or reducing their payments may benefit from federal income-driven repayment plans (IDRs) that base payments on income and family size. Such plans extend the payoff term but can reduce payments to as little as zero dollars for certain borrowers. At the end of 20 to 25 years of enrollment, borrowers in IDRs will have the remaining balance forgiven.
“Some borrowers may celebrate when they pay off their loans, while others might celebrate when they are able to keep up with their loans,” said Knickerbocker. “So many borrowers struggle to make their payments that focusing on that final payment may not be comforting. At Ameritech Financial, we help borrowers understand and apply for IDRs that may ease their monthly financial stress.”
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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