Have Student Loans Held Back Recovery From the Great Recession? Ameritech Financial Suggests Personal Loan Maintenance for Financial Success

ROHNERT PARK, Calif., May 30, 2018 /PRNewswire/ — About ten years after the height of the Great Recession, Americans may wonder if the U.S. has recovered. While unemployment rates have decreased, the stock market has improved, and employers have been adding jobs to the market, there is one lingering consequence that seems to be holding back Americans: student loans. Student debt can hold back the economy and individuals as borrowers have limited saving and spending capabilities thanks to their student loans. Ameritech Financial is a document preparation company that assists federal student loan borrowers with applications for income-driven repayment plans offered by the Department of Education.

“It can feel like student loans are holding you hostage, and the same could be said about the local and national economies,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “For things like this, we recommend that borrowers examine their own situation and, if they are struggling, they might be eligible for help through a federal repayment program.”

Many students during the Great Recession went or returned to school to increase their chances of getting a good job. After all, a college degree is supposed to improve employment and earning prospects. However, because of many factors, those students relied heavily on student loans to fund that college education. And while tuition rose, and is still rising each year, student loan balances are on the rise, as well.

Student loan borrowers are no strangers to increasing balances and monthly payments. Many delay important life decisions, such as saving for retirement or buying a house, because of their student loans. While recovering from the Great Recession is a national goal, individual borrowers may simply want to focus on their own financial health. Ameritech Financial suggests that they can do so through federal repayment plans.

Federal income-driven repayment plans, for example, calculate payments on income and family size and can potentially reduce monthly payments of struggling borrowers. Any reduction in monthly payment can allow borrowers to focus on their other financial goals. Additionally, IDRs can end in the forgiveness of any remaining balance after 20 to 25 years of enrollment.

“IDRs help a lot of federal student loan borrowers manage their loans and ease financial stress,” said Knickerbocker. “At Ameritech Financial, we help borrowers understand and apply for income-driven federal programs so they can work toward a sort of recovery of their own.”

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.

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