Ameritech Financial to Medical School Borrowers: Debt Repayment Doesn't Have to Be Painful
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ROHNERT PARK, Calif., March 1, 2018 /PRNewswire/ -- In a list of the highest paying professions, medical careers make up the top 11 slots. However, the education required for those medical careers can result in some of the highest student debt balances. While many question the value of a medical career despite the student debt, others find a calling in the medical profession and simply need the resources to help manage that debt. Ameritech Financial, a document preparation company, helps struggling borrowers apply for federal income-driven repayment plans that may help tame unmanageable monthly payments.
"Medical school is very ambitious, but a lot of people would argue it's all worth it," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "For those who need to borrow to get through all that school, a high debt balance can be an intimidating obstacle to achieving that dream."
A medical career requires upwards of 10 years of school and training before the high salary is obtainable. Medical students typically complete 4 to 5 years of pre-med, 4 years of medical school, and then 3 to 10 years in a residency program. In a basic sense, the more time borrowers spend at school, the more they end up borrowing. That becomes painfully clear to medical students. It's common to accumulate over $100,000 in debt; on the higher end, about 14 percent of borrowers start a residency program owing $300,000 or more.
Additionally, medical school often involves periodic exams to monitor progress and proficiencies, culminating in a board exam at the end of residency. Those exams all come with a fee. Furthermore, some experts cite the opportunity cost of medical school: Because school extends beyond the traditional four-year college experience, medical students miss out on earnings for each additional year they pursue education for a medical career. While that does not add to the debt itself, some worry it puts them behind in lifetime earnings.
While many who pursue medical school degrees come from higher-income families, about 86 percent of graduates have student debt. With average debts increasing each year, approaching $200,000, that debt can be a real problem. The good news is that there are several debt relief options offered by states or other entities. However, borrowers who struggle to make monthly payments typically have access to income-driven repayment plans and even the Public Service Loan Forgiveness program if they work for the government or a non-profit employer.
"Medical school debt can be high, but IDRs are worth considering for anyone struggling with payments," said Knickerbocker. "At Ameritech Financial, we help borrowers decide if an IDR would be best for their situation and we help them with the application. We even help guide clients through the PSLF process if applicable."
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.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
5789 State Farm Drive #265
Rohnert Park, CA 94928
1-800-792-8621
customer.service@ameritechfinancial.com
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SOURCE Ameritech Financial
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