ROHNERT PARK, Calif., June 13, 2018 /PRNewswire/ -- With student loans in America currently totaled at $1.5 trillion dollars, student debt is quickly becoming a national problem, and it seems to hit women and minorities hardest. Indeed, women hold two-thirds of all student debt, and it is unclear when reform will take place to alleviate these issues. Instead of waiting for a bill to pass, like the Employer Participation in Student Loan Assistance Act, perhaps there are more immediate solutions. For example, Ameritech Financial is a document preparation company that helps federal student loan borrowers apply for federal income-driven repayment plans that are intended to relieve financial stress from student loans.
Women represent 56 percent of students enrolled in the fall of 2016 but hold more student loan debt than men, while African-American BA graduates default at five times the rate of white BA graduates. Those high balances can be difficult to pay off, especially considering the persistent wage gap between men and women, and how those inequalities worsen for blacks and Hispanics. Minorities also have difficulty paying off their loans, which is evidenced by their high default rates and a study that reports black graduates default more than white dropouts. There's no easy fix for student loan inequalities, and any future legislation should be analyzed closely to avoid compounding the situation. Many of these students seek help understanding their options with student loans, but they do not know where to begin. Fortunately, Ameritech Financial offers a wide variety of assistance to women and minorities of all backgrounds.
"Student loans can help bridge the economic gap many people face when they start thinking about attending higher education. It's a shame when those same loans deter individuals from really putting their best foot forward in life," said Tom Knickerbocker, executive vice president of Ameritech Financial.
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 likely 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 his or her 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
Women and Minorities Burdened by Student Loans
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SOURCE Ameritech Financial