Income-Driven Repayment Plans May Help Student Loan Borrowers Shift Focus to Pursuing Aspirations, Says Ameritech Financial
ROHNERT PARK, Calif., October 18, 2018 (Newswire.com) - Many student loan borrowers would like to pursue their passions and aspirations or bring something new into the world, but student loans get in the way. If they had a choice, many people may want to be defined by the businesses they are starting, the passions that they pursue or the skills that they want to develop. Unfortunately, borrowers may not feel they have a choice, as their student loans may dictate their financial decisions. Ameritech Financial, a document preparation company, may be able to help such borrowers find the right repayment option to potentially reduce the monthly amount that a borrower needs to pay for their student loans.
“Student loans can warp a borrower’s personal finances around them,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “The truth is, most borrowers have options for their federal loans. If a borrower’s lifestyle is dictated by their student loan repayments, then they may find an alternative repayment plan to give them the life that they want.”
Many borrowers develop a strategy to pay off their student loans. Two of the most popular methods of repayment are the Avalanche method, which pays off the loans with the highest interest rate first to decrease interest that accrues over time, and the Snowball method, which pays off smaller debts so people don’t need to deal with them in the future. Either way, these strategies encourage living life in a way to pay off the debt as fast as possible, instead of in the way they want to.
The truth is, most borrowers have options for their federal loans.
If borrowers want their income to dictate how much they pay for their student loans then Ameritech Financial may be able to help them align with an income-driven repayment plan (IDR). An IDR can potentially reduce the amount due each month down to 10 to 15 percent of their discretionary income and may result in federal student loan forgiveness after 20 to 25 years. By choosing an IDR, a borrower may be able to focus on their aspirations instead of their student loans.
“Debt should not stop borrowers from pursuing the life that they went to an institution of higher learning to pursue,” says Knickerbocker. “Ameritech Financial may be able to help borrowers make a plan that helps them regain the freedom to live life the way they want.”
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.
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
Source: Ameritech Financial