Study Suggests That Those With Student Debt Are Less Likely to Be Financially Satisfied, States Ameritech Financial
ROHNERT PARK, Calif., June 19, 2018 (Newswire.com) - Student debt was the only kind of household debt to continue to increase throughout the Great Recession, eclipsing credit card debt to become the second-largest type of debt owed, according to a recent Pew Research Report. The study looked at households of those 40 years old and younger. For these people, average income is unaffected by student debt and, as expected, is nearly twice as much for those who have completed college when compared to those that have not. But those who have graduated from college without student debt have nearly eight times the average net worth as those with student debt. Ameritech Financial is a document preparation service company that can possibly help borrowers seeking to get out from beneath the burden of student debt and possibly improve their net worth by assisting in completing the application for federal loan assistance programs such as income-driven repayment plans (IDRs).
“No doubt, student debt has become a huge cloud over both the national economy and the lives of individuals who have worked hard in college and find themselves scuffling,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “When individuals find themselves wanting to increase their net worth by possibly reducing their student loan payments, we can assist them in applying for IDRs.”
No doubt, student debt has become a huge cloud over both the national economy and the lives of individuals who have worked hard in college and find themselves scuffling.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
The grim news does not stop at the sharp difference in net worth. Those with student loan debt are much more likely to have higher credit card debt and auto debt than those without. Those with student loan debt are about 20 percent more likely than those without to have either credit card debt or auto loans, thus further indebting them and lowering their net worth. When combined, a typical college graduate with outstanding student loans has twice the debt load of those without student loans. And the outcomes are even more unfavorable for those with student loan debt who did not graduate — their debt load is 10 times what their counterparts with no student debt have acquired.
The study found that those with student loan debt were 15-20 percent more dissatisfied with their financial situation, and are much less likely to feel that their education paid off.
“It is indeed unfortunate that student debt is such an accurate predictor of net worth and that it affects borrowers’ debt to income ratios and satisfaction with their financial situations so much,” said Knickerbocker. “Though there are no easy solutions to this national crisis, it is important for individuals to remember that there is help available. At Ameritech Financial, we assist borrowers in understanding IDRs and help them determine if they may benefit from enrollment and hold their hand through the application process. Then, we can assist them with the yearly recertification paperwork for as long as they wish to remain in the program.”
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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