Ameritech Financial Reminds Borrowers in IDRs to Check on Their Recertification Deadline

ROHNERT PARK, Calif., May 31, 2018 (Newswire.com) - Student loans are meeting alarming milestones. Reports of borrowers with over a million dollars in student loans introduce impossible repayment situations. Many borrowers find relief from high payments in federal income-driven repayment plans (IDRs), which base payments on income and family size and can end in forgiveness after 20 to 25 years of enrollment. Ameritech Financial is a document preparation company that assists borrowers in applying for and maintaining enrollment in IDRs. The company reminds borrowers that they must resubmit paperwork every year to stay in the program.

“Income-driven repayment plans help countless borrowers stay current on their loans, but even they aren’t foolproof,” said Tom Knickerbocker, executive vice president at Ameritech Financial. “These programs require yearly paperwork to keep payments down and stay on track for loan forgiveness.”

Income-driven repayment plans help countless borrowers stay current on their loans, but even they aren't foolproof.

Tom Knickerbocker, Executive Vice President of Ameritech Financial

Because IDRs base payments on income and family size, which can change at any time, borrowers who are enrolled in such plans must report that information to their servicer every year. This requirement can feel burdensome, but it is intended to keep payments at a manageable percentage of their discretionary income depending on the specific IDR.

Income can increase or decrease in any career as individuals get raises, change careers or lose jobs. Any such change can affect their ability to pay their student loans, making continued IDR enrollment valuable. Additionally, changes in family size, which doesn’t just mean children but also includes others living with the borrower and who receive a certain amount of financial support from the borrower (including housing), can also affect student loan repayment.

Ameritech Financial suggests that borrowers who are in IDRs check on their recertification deadline and submit their paperwork early to make sure that their servicer has enough time to process it. The company also reminds borrowers that if they experience a reduction in income or addition in family size that jeopardizes their student loan repayment, they may recertify before their deadline to request a recalculation at any time.

“IDRs may provide more accommodating payments to borrowers who struggle in the Standard Repayment plan,” said Knickerbocker. “At Ameritech Financial, we understand how these programs work and aim to help our clients get the most out of them. We are happy to help new clients with the initial application paperwork, as well.”

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

Contact

To learn more about Ameritech Financial, please contact:

Ameritech Financial
5789 State Farm Drive #265
​Rohnert Park, CA 94928
1-800-792-8621
​[email protected]

Source: Ameritech Financial