Press Release (ePRNews.com) - ROHNERT PARK, Calif. - May 29, 2018 - Optimism is typically an admirable quality, but optimism bias might be dangerous during student loan repayment. Optimism bias describes a situation in which an individual expects a better outcome than what actually happens. Student loan borrowers with optimism bias may risk falling into default if they expect a future event will enable them to pay down their loans and such expected occurrence fails to take place. Ameritech Financial, a document preparation company that helps student loan borrowers apply for federal repayment plans, encourages optimism through repayment but also urges borrowers to plan for potential pitfalls.
“In a world where student loans are the next big problem and sad stories occupy the media, it’s refreshing to hear some optimism,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “But that optimism should be paired with action to manage both outcomes and the loans efficiently.”
According to a TED talk on the subject, about 80 percent of people have an optimism bias. Such tendencies to expect that everything will work out, in the end, can result in procrastination to guide outcomes to actually work out. In relation to student loans, optimism bias may delay borrowers from looking into repayment options when they struggle with their payments. After all, the next review at work could result in a raise that would help with finances; or they can always get another source of income later to make up for missed payments now.
In a world where student loans are the next big problem and sad stories occupy the media, it’s refreshing to hear some optimism.
However, Ameritech Financial argues that it’s best to be proactive about student loans and get into a favorable repayment situation before falling behind. Federal student loan borrowers have a variety of options for managing their loans, including short-term payment delays and long-term repayment plans. Deferment and forbearance can postpone the due date, but should only be used for temporary relief from payments. Income-driven repayment plans (IDRs) are long-term programs that base payments on income and family size and can end in forgiveness after 20 to 25 years of enrollment.
“We hope that our clients can adopt an optimistic mindset about their loans,” said Knickerbocker. “At Ameritech Financial, our goal is to help borrowers understand IDRs and determine if they may benefit in enrollment. Then, we help with the application and recertification paperwork as long as they wish to remain 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.
Ameritech Financial Newsroom
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
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