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
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
Minority Students May Need Extra Assistance in Student Loan Repayment
Credit: Rawpixel.com /Bigstock
Ameritech Financial home page
View original content with multimedia:http://www.prnewswire.com/news-releases/ameritech-financial-supports-minorities-who-may-need-extra-assistance-in-federal-student-loan-repayment-300649721.html
SOURCE Ameritech Financial