Press Release (ePRNews.com) - ROHNERT PARK, Calif. - Jun 22, 2018 - In an age where internet search engines can quickly answer questions about anything, it would seem that the human race is reaching new heights of intelligence never before seen. However, access to massive amounts of information doesn’t necessarily promise that the users are using the internet for learning. For example, on a quiz about financial literacy, only 24 percent of millennials can answer four out of five questions correctly. Millennials aren’t the only group having difficulties with this topic. According to a study, half of the American population is financially illiterate. Ameritech Financial, a document preparation company that assists borrowers with federal repayment plan applications, is looking to change the conversation by helping student loan borrowers understand income-driven repayment plans (IDRs) that are, offered by the Department of Education, which could help them improve their financial situation.
Why is financial literacy so important? It really does pay to know more: people who plan for retirement and who are more financially literate have twice the wealth of people who don’t. If graduates with student loans were empowered and could use a service such as Ameritech Financial to help them navigate the complex web of student debt, their financial situation may improve. However, consumers who don’t understand finances tend to have higher debt, have fewer financial resources, and are charged with needless fees for financial services. Americans with student debt could greatly benefit from educating themselves about IDRs and becoming more financially literate.
Furthermore, with the future of Social Security uncertain, and Americans living longer than prior generations, it is more important than ever for them to learn how to save. Student loans can make this process difficult, especially with high rates of underemployment and low wages given to graduates new to the workforce. If students have questions about their loans and need education on the best options for them, there are many resources available.
Without basic knowledge about loans and repayment options, borrowers who can’t afford their payments may end up in forbearances that can make their loans more expensive in the long run.
“At Ameritech Financial, we help borrowers understand their loans and some of their options for repayment, and we put it in the context of their financial situation when helping them decide whether an IDR may be appropriate to their situation,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “Without basic knowledge about loans and repayment options, borrowers who can’t afford their payments may end up in forbearances that can make their loans more expensive in the long run. Or worse, they may default. Our goal is to help our clients strategize and apply for programs that would hopefully prevent that.”
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