BUSINESS - COMPANY NEWS
Monday, May 7, 2018
BUSINESS - COMPANY NEWS
Source : Ameritech Financial
Student loans are ubiquitous. That's because over 2,700 colleges and universities are considered Title IV schools and participate in the federal student aid program. Borrowers across a wide variety of institutions and disciplines may have federal loans. And because these diverse borrowers have federal loans, they may be eligible to participate in a variety of repayment plans. Ameritech Financial, a document preparation company that helps borrowers apply for federal repayment plans, encourages borrowers who studied across a variety of fields to consider their repayment options.
"Student debt affects a huge range of former students — their field of study, location, income levels," said Tom Knickerbocker, executive vice president of Ameritech Financial. "Whether student loans have a negative impact, however, often depends on what kind of repayment setup the borrower has."
The term Title IV refers to a section of the Higher Education Act. Title IV schools are compliant with rules outlined in that section and are therefore eligible to receive federal funds as payment. Students who attend Title IV schools can receive federal aid to attend.
Higher education in the United States includes a colorful variety of institutions and Title IV schools reflect this. Borrowers can finance an education at the Sonoran Desert Institute in Scottsdale, Arizona, which offers associate's degrees and certificates in firearms studies or borrowers can ponder the big questions of life in a Master of Divinity program at the San Francisco Theological Seminary in San Anselmo, California. Borrowers may be attending public universities like the University of Michigan in Ann Arbor or City College of New York in Manhattan. Or borrowers may be honing their visual art skills at a school like Savannah College of Art and Design in Savannah, Georgia.
When it comes time to repay their loans, though, borrowers of federal loans are not divided into type of college, but rather type of loan or when they borrowed. Repayment options for borrowers of federal loans may include income-driven repayment. Income-driven plans base monthly payments on borrower income and family size, so they may be more affordable for some borrowers.
Ameritech Financial is a private, independent company that helps student loan borrowers identify, apply for and stay enrolled in income-driven repayment plans. The company offers a financial analysis and document preparation services related to applications for repayment plans. Borrowers who need extra help as they work to get on track with their loan repayment might want to consider engaging the services of Ameritech Financial.
"We have helped thousands of borrowers from all different kinds of educational backgrounds apply for and successfully enroll in a repayment plan that better fits their financial situation," said Knickerbocker. "Ameritech Financial is here to help federal loan borrowers as they figure out their best path to repayment."