Press Release (ePRNews.com) - ROHNERT PARK, Calif. - Nov 15, 2017 - November marks six months after many students graduated from college. For federal student loan borrowers, that means the end of their grace period and the start of student loan repayment — a confusing and stressful time for many recent graduates. Ameritech Financial, a private document preparation company that aligns student loan borrowers with federal repayment plans, helps eligible borrowers at all stages of repayment apply to enroll in repayment plans through the Department of Education that potentially lower their monthly payments.
With the increasing rates of default, it’s especially important that borrowers approaching repayment are prepared. The Department of Education offers many different repayment plans, from extended options to options that calculate a borrower’s payments on his or her income. The options were created as a safety net for those who could not afford their payments on the Standard plan. Therefore, every borrower should be able to find an option that works for his or her situation.
“Repayment plan options can be confusing for anyone, but it’s important to understand them so you set yourself up for successful repayment,” said Tom Knickerbocker, Executive Vice President at Ameritech Financial. “For many borrowers, the Standard repayment amount is too high, but it’s what everyone starts out in. Borrowers that assume that’s the only option may be setting themselves up for failure — or at the very least a difficult financial life.”
Repayment plan options can be confusing for anyone, but it’s important to understand them so you set yourself up for successful repayment.
The best thing recent graduates can do to prepare for repayment is to gather information. First, they should find out who services their loans by checking the National Student Loan Data System. Some borrowers have multiple servicers, so it’s a good idea to get organized; some individuals even track their loans in a spreadsheet. It’s a good idea to keep track of what company services which loans, loan balances and interest rates, as well as contact information for each servicer.
Next, recent graduates should research the repayment plans. Borrowers who don’t select a repayment plan start out in the Standard plan, which bases monthly payments on a 10-year payoff term. While that is the most cost-effective plan, the Standard monthly payments for many borrowers are too high. Those borrowers might benefit from enrolling in an income-based repayment plan, which bases monthly payment amounts on their income and may end in forgiveness after 20 to 25 years.
“Sometimes it’s hard to decide what to do with your student loans,” said Knickerbocker. “Sometimes all a borrower knows is that he or she can’t afford the monthly payments. Ameritech Financial helps eligible borrowers apply to enroll in repayment plans that may relieve strain on their finances and give them some peace of mind. The sooner borrowers can set themselves up in the best repayment plan for their situation, the better their situation may be in the long run.”
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of people with financial analysis and student loan document preparation for federal student loan forgiveness 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:
5789 State Farm Drive #265
Rohnert Park, CA 94928
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