Income-Driven Repayment Plan Recertification Doesn't Have to Be Burdensome, Says Ameritech Financial
Rohnert Park, Calif., June 12, 2018 (Newswire.com) - Student loan repayment can be easy, difficult, or downright impossible depending on many different factors. Loan balance, income, household expenses, emergencies, and many other things can affect repayment. However, many borrowers find that enrollment in a federal income-driven repayment plan (IDR) can help them afford their monthly payments and stay current on their loans. Ameritech Financial is a document preparation company that helps federal student loan borrowers understand and apply for IDRs that can potentially improve their financial situation.
“IDRs have the potential to really help borrowers, but they can feel burdensome for borrowers who feel that they don’t have the time or energy to understand all the requirements,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “It can be much easier and faster to get into forbearance, but that’s not always a great solution.”
IDRs have the potential to really help borrowers, but they can feel burdensome for borrowers who feel that they don't have the time or energy to understand all the requirements.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
Income-driven repayment plans calculate payments on a borrower’s income and family size rather than a set payoff period, such as the standard 10 years. The application to enroll in an IDR requires documentation showing annual income and family size to help servicers calculate the new monthly payment. Such documentation may include pay stubs or statements of income or family size.
However, because income and family size can change, the Department of Education requires IDR enrollees to recertify their information each year to remain in the program. Borrowers who miss that deadline may see their loans switched back to the Standard Repayment plan and their payments increased dramatically.
Ameritech Financial urges borrowers who are in an IDR to be diligent about submitting their recertification early to give their servicer enough time to process the paperwork. The company helps borrowers with the initial application as well as the annual recertification and knows what types of documents servicers look for.
“Just knowing how to fill out the paperwork and what proof to include can be tricky, but our goal is to take the guesswork out of it,” said Knickerbocker. “At Ameritech Financial, we help our clients apply for IDRs and submit the yearly paperwork to remain enrolled if they choose to do so. We hope that our clients feel that the required paperwork is not a burden thanks to our expertise.”
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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