ROHNERT PARK, Calif. - April 13, 2018 - (Newswire.com)
Student loan borrowers may feel like their debt is holding them back in life. In fact, many are delaying making life decisions because of their student loans, like buying a house or starting a family. However, paying down student loans does not have to preclude other financial goals. Ameritech Financial, a document preparation company that helps borrowers apply for federal income-driven repayment plans, suggests that borrowers simply get the ball rolling with a plan.
“Even borrowers who are keeping up with the Standard repayment plan payments may feel that something needs to change before they can pursue other financial goals,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “Those who are struggling to make payments might especially benefit from establishing a plan and getting started on enacting it.”
Financial goals take work, and the first step is to make a plan. Whether individuals want to put more money toward a retirement account or they want to save up for a down payment, they may have to first focus on their debt, which could entail starting a payoff plan or simply reducing payments to create budget room to pursue other goals. The important thing is building momentum.
Individuals researching strategies for paying off debt may run into the snowball and avalanche methods. Such strategies target debts in order of either lowest balance or highest interest rate, while individuals must still make minimum payments on all other debt. These plans are great for momentum because each time a debt account is paid off, it creates a sense of accomplishment and desire to pay off the next one.
However, individuals must have extra money to put toward their targeted debt. That may be difficult for student loan borrowers who struggle with their monthly payments. To create funds for extra payments toward debt or other financial goals, individuals can work to increase their income or reduce their debt payments. Many federal student loan borrowers enroll in federal income-driven repayment plans (IDRs) that reduce payments for eligible borrowers and may allow them to dedicate more funds to their financial goals.
“Any plan becomes easier once momentum can carry you through, but it can be tough to start building that momentum,” said Knickerbocker. “At Ameritech Financial, we help borrowers who think that they would benefit from enrollment in an IDR to complete the necessary application paperwork. Then, to keep the momentum going, we help with the yearly recertification as long as they wish to be 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
customer.service@ameritechfinancial.com
Related Links
Ameritech Financial home page
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Original Source: Ameritech Financial Helps Federal Student Loan Borrowers Get the Repayment Ball Rolling
