Press Release (ePRNews.com) - ROHNERT PARK, Calif. - Mar 12, 2018 - Young adults go to great lengths to pay down their student debt. Choosing to live with parents to minimize living expenses is common. While that may not be an ideal plan for either party, financial experts may advise parents to invite their college graduate children back home to deal with their debt. However, parents already help out their adult children, whether they live at home or not. About three-fourths of parents provide financial help to their adult children who are working full-time and living on their own. Ameritech Financial, a document preparation company, helps student loan borrowers apply for income-driven repayment plans that can potentially lower their student loan payments and make living independently more feasible without parental assistance.
“I know a lot of parents are happy to help their kids, but that help might not, and probably shouldn’t, be indefinite,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “Young adults who take control of their loans can set themselves up for success and let their parents focus on their own finances.”
Increasing student debt balances combined with increasing living costs and low income for recent graduates often results in young adults struggling to gain independence. Whether they need help because their income is insufficient or because of weak financial skills, nearly a quarter of young adults who work full-time jobs are receiving financial assistance from their parents.
Young adults who take control of their loans can set themselves up for success and let their parents focus on their own finances.
The most common bills that parents cover for their adult children are for their cell phone and car insurance, though student loans are not far behind. However, young adults hoping to gain independence may consider one of the various federal income-driven repayment plans (IDRs) for their student loans. IDRs base student loan payments on income and family size, which has resulted in lower payments for countless borrowers.
“Any extra room in a budget created by reduced payments due to IDRs can go toward covering other bills and minimizing the financial help borrowers need from their parents,” said Knickerbocker. “At Ameritech Financial, we help borrowers understand IDRs and, if they are the best option for a borrower’s financial situation, we help prepare the application paperwork.”
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.
Ameritech Financial is a member of the Association for Student Loan Relief (AFSLR), and each representative on the phone 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.
To learn more about Ameritech Financial, please contact:
Ameritech Financial Source :
5789 State Farm Drive #265
Rohnert Park, CA 94928