Older Americans with Federal Student Loan Debt Have Options, says Ameritech Financial
“While seniors may not seem like the poster children for student loans, they are no doubt feeling the effects of them,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “And we at Ameritech Financial provide services that can help older borrowers who are struggling with their student loans.”
While younger people still hold the lion’s share of student debt, older Americans are accumulating student debt at faster rates than before. Between 2005 and 2015, the average student loan balance for older borrowers almost doubled, going up from around $12,000 to around $23,000.
Seniors’ Social Security benefits are also being seized more often—six times more people experienced this benefits offset in 2013 than they did in 2002. While the government can only take a portion of the benefits to collect on defaulted federal loans, Social Security is often much-needed by borrowers on fixed incomes. If the borrower in question is still working, then wages could be garnished as well.
Ameritech Financial helps eligible borrowers enter into repayment plans offered by the Department of Education by assisting them in the application process. The company also helps borrowers maintain enrollment. These plans include income-driven repayment, which bases monthly loan payment amounts on income and family size. For an eligible borrower, the monthly amount could drop significantly. Some borrowers qualify for payments as low as zero dollars; under these plans, even a zero-dollar payment could keep a borrower in good standing and out of default.
“Many older student loan borrowers probably didn’t expect to be saddled with this kind of debt later in their lives,” said Knickerbocker. “But just because they are approaching retirement, or already retired, doesn’t mean their student loans have to be a huge burden. Ameritech Financial helps make repayment less intimidating for all kinds of borrowers at all stages of life.”
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of people 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.
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