Ameritech Financial: It's Possible to Save Money and Cover Work Expenses While Paying Student Loans

While millennials are reportedly saving money at faster rates than other generations did at their age, many still struggle. With high student loans and other debt payments demanding attention each month, it can be difficult for many young adults to put any money aside. However, when their employer expects them to front work expenses, it becomes important to build a savings account. Ameritech Financial, a document preparation company that assists federal student loan borrowers with applications for income-driven repayment plans, may be able to help borrowers reduce their monthly student loan payment so that they can prepare for extra work costs.

Every job includes expenses that employees are expected to cover. Things like transportation to and from work are usually the employee's responsibility. Travel for work or during work hours, on the other hand, is usually covered by the employer. So are things like restaurant bills for wine-and-dine or sales outings, lodging for extended out-of-town work obligations and costs for supplies or equipment. Some employers expect the employee to front the cost, promising to reimburse them later. While some employees welcome the opportunity to put work expenses on credit cards for rewards, others may find it difficult to cover those costs due to a lack of savings or credit.

"When a big portion of your monthly income goes to student loans, it can be difficult to put any money aside in savings," said Tom Knickerbocker, executive vice president of Ameritech Financial. "But when your employer expects you to front work expenses, any tight budget can get a little tricky."

Student loan borrowers working in jobs that may require out-of-pocket expenses should communicate with their employer about what that process entails. If reimbursement is standard, they should ask how long it usually takes to receive reimbursement. For those who do not have money in savings because their student loan payments have prevented them from setting money aside, they should prepare a plan to deal with any extra expenses.

Saving money is possible while paying down student loans. For some borrowers, creating and sticking to a strict budget might be enough. For others, a change in repayment plan might be in order. The Department of Education offers several income-driven repayment plans (IDRs) that calculate monthly payments as a percentage of discretionary income. For many, their payments may drop significantly based on their income and family size. Any monthly savings due to a repayment plan switch can be set aside to cover extra work or personal costs.

"Work expenses are not always avoidable, and when they are high, it's nice to have savings to cover them," said Knickerbocker. "When student loans get in the way of saving, we encourage borrowers to consider IDRs. At Ameritech Financial, we help borrowers understand and apply for IDRs that we hope help them work toward their financial goals, whatever those goals may be."

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