Ameritech Financial Supports Borrowers on the Path to Successful Repayment
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ROHNERT PARK, Calif., March 7, 2018 /PRNewswire/ -- With increasing default rates on student loans, some may be wondering what it takes to be successful at repaying their loans. However, successful repayment may be more complicated than it appears. For other types of debt, successful repayment means keeping up with payments by not falling behind and paying off the debt within or before an established term. For federal student loans, those two conditions are not always concurrent. Ameritech Financial, a document preparation company, reminds borrowers in income-driven repayment plans (IDRs) that even if their balance is increasing, they are not necessarily failing to repay their debt.
"Struggling borrowers may wonder if there is a secret to successful repayment," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "What they might not realize is that there are different ways to approach that concept."
Reports like this one track repayment rates for different types of borrowers. In that report, researchers talked about high-balance borrowers and described a low repayment rate. That means that borrowers were not making payments sufficient to lower their loan principal. Instead, they were either paying in an income-driven repayment plan with payment amounts less than the interest that accrues or they were in deferment or forbearance.
This article, which references the aforementioned report, points out that those high-balance borrowers who are not making progress on their principal for any reason are costing taxpayers and the federal government money by not reducing their principal. Therefore, the article suggests, they are not successfully repaying their loans.
However, borrowers may take a more personal approach. For those who cannot afford their loan payments in the Standard Repayment plan, successful repayment may simply require being able to make payments and avoid delinquency. That may be possible through enrollment in an IDR. For borrowers whose goal is to pay off the debt as quickly as possible, success relies on decreasing the principal until it is gone.
For either goal, there are some common characteristics of successful borrowers, from being informed about loan balances and interest rates to taking advantage of beneficial repayment plans.
"It's possible for borrowers to be successful at repaying their loans as long as they know what they want that success to look like," said Knickerbocker. "At Ameritech Financial, we help federal loan borrowers seeking relief from high payments to understand and apply for IDRs that may be able to improve their situation. We hope all our clients feel that they have everything they need to find success in their repayment process."
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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