Ameritech Financial Can Help Retired Student Loan Borrowers Keep Their Golden Years Shining
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ROHNERT PARK, Calif., March 5, 2018 /PRNewswire/ -- Paying down debt and saving for retirement can be in direct opposition. With legislation that's been introduced recently that would allow student loan borrowers to delay their retirement in exchange for student loan discharge, that has never been truer. That conflict in financial goals may hold back retirement saving, but what happens if that student loan debt is still around once retirement has begun? Ameritech Financial, a document preparation company that assists clients with federal income-driven repayment plan applications, believes that no matter their age, borrowers should be able to successfully manage their student debt.
Older adults approaching or in retirement are carrying increasing amounts of student debt. They may take on that debt for children or grandchildren, or they may have taken it on for themselves later in life. Considering it's taking longer for student loan borrowers to pay off their debt, it's not surprising that student loan debt is affecting those in retirement as much as it is.
"Retirement is that pot of gold at the end of the rainbow of a potentially long career," said Tom Knickerbocker, executive vice president of Ameritech Financial. "It's a time when you can work on what interests you or not work at all. The last thing you want to do is worry about paying student loans."
When income is limited like in retirement, it can be difficult to manage debt. Therefore, experts usually advise those approaching retirement to do what they can to eliminate the debt before they retire. However, that isn't possible for everyone. When student debt gets in the way of a comfortable retirement, those borrowers may consider looking into federal options for handling the debt.
The Department of Education offers a variety of repayment plans that are intended to help borrowers manage and stay current on their loans. Among those options, income-driven repayment plans (IDRs) are popular because they base monthly payment amounts on income and family size. Monthly payments on IDRs can be as low as zero dollars, depending on the income and family size. Plus, at the end of the 20- to 25-year term, any remaining balance is forgiven.
That may sound like a long term for adults in retirement and some may wonder if they will reach the end of that term. However, if the unfortunate does happen before the end of the term, the Department of Education will discharge federal student loans of the borrower, even if the debt was taken to fund a child's education.
"For anyone struggling with finances, IDRs have the potential to ease stress on the budget," said Knickerbocker. "At Ameritech Financial, we help borrowers decide whether their situation would benefit from enrollment in an IDR and we help with the application paperwork to get the process going."
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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