ROHNERT PARK, Calif. - June 1, 2018 - (Newswire.com)
High student loan balances are becoming common. Borrowers may end up with high balances simply because they borrowed a lot to get through school or because their loans grew during repayment. Or in some cases, both might be true, which is the case for the orthodontist whose $600,000 loans grew to the one million dollar balance it is today. Whatever the reason or cause, Ameritech Financial reminds borrowers that federal income-driven repayment plans may help make their payments affordable. The company assists borrowers to apply for such plans that are offered through the Department of Education.
“Loan balances change over time as borrowers either pay them down or let interest accumulate,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “Large balances might hint at a lack of responsibility, but that is often far from the truth of the situation.”
Students can end up with high loan balances for a variety of reasons. The school they attended may charge higher-than-average tuition costs, living costs can be high, parental assistance can be low. Students might switch majors and extend their college stay, or they might pursue an advanced degree. Masters, professional, medical, law, and other advanced degrees require more time in college without the assumption of parental assistance. Such students can borrow up to the cost of attendance in federal loans, which can include living expenses.
When repayment begins, balances can decrease if the borrowers can make their payments, or balances can increase if borrowers cannot make those payments. However, depending on the payment plan, borrowers may or may not be considered in good standing on their loans. In the Standard Repayment plan, for example, borrowers who cannot make their payments fall behind. In any of the federal income-driven repayment plans, borrowers’ payments are often low and may not cover the interest that accrues. But as long as they keep up with those payments and stay in the program, they are considered in good standing, even as their balance increases.
“At Ameritech Financial, we help borrowers understand and apply for federal IDRs that can potentially reduce their payments and get them on track for loan forgiveness,” said Knickerbocker. “We also help with the required annual recertification paperwork if the client wants to stay 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
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Ameritech Financial home page
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Original Source: Ameritech Financial Decodes High Balances and Recommends Struggling Borrowers Look Into Income-Driven Repayment Plans
