ROHNERT PARK, Calif.,
May 16, 2018 /PRNewswire/ -- Higher
education is touted as the vehicle to middle class, but not every
college-goer experiences that. While minorities are growing as a
percentage of college students, student loans remain a large
barrier to success after graduation. Some experts attribute
insufficient state funding for colleges as a factor contributing to
growing student loans, but that doesn't change the fact that those
overburdened with loans may experience additional hardship.
Ameritech Financial is a document preparation company that helps
federal student loan borrowers apply for federal income-driven
repayment plans that are intended to ease financial stress from
student loans.
"Everyone should have an equal shot at a college education and
the social mobility that education promises," said Tom Knickerbocker, Executive Vice President of
Ameritech Financial. "Minorities might have an especially hard time
on that pathway, both in school and when they have to pay their
loans."
According to a recent report, by 2030, students of color will
make up the majority of college students. Being a minority on a
college campus can be difficult, but those difficulties can extend
well past graduation for those who needed student loans to fund
their education. This is especially true as tuition increases,
which some experts blame on decreased state funding, and minority
students might need more loans than their peers.
Depending on the job students get after college, and other
factors like their living situation, minority borrowers may have a
hard time paying down their student loans. However, if they have
federal student loans, they have access to several repayment
options that might help. For example, if they need to delay their
loan payments for a short period of time, they can defer or forbear
their loans. If they need a longer term solution, they may turn to
income-driven repayment plans.
The Department of Education offers several income-driven
repayment plans (IDRs) that differ in the details. However, all
share the basic principle that payments are calculated as a
percentage of discretionary income, which uses income and family
size information, and any remaining balance is forgiven after 20 to
25 years of enrollment in the program of choice. Borrowers may see
a reduced monthly payment through enrollment in an IDR, which can
hopefully help them improve their overall financial situation.
"No matter what your college experience looked like, federal
IDRs are intended to be an available option to help improve student
loan repayment outcomes," said Knickerbocker. "At Ameritech
Financial, we help any struggling borrower to understand and apply
for an IDR that will hopefully improve their personal financial
situation."
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.
Ameritech Financial Newsroom
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
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Minority Students May Need Extra Assistance in Student Loan
Repayment
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SOURCE Ameritech Financial