Ameritech Financial Reminds Financially Disadvantaged LGBTQ Borrowers of Income-Driven Repayment Plans

Sticker shock is a real problem in the world of higher education funding, especially when recent graduates look at their student loan balances for the first time. Many regret taking out those loans to pay for college, but LGBTQ borrowers feel that regret more than the average borrower. In fact, according to a recent survey, 60 percent of LGBTQ borrowers regret their decision to take out student loans. Ameritech Financial, a document preparation company that assists borrowers in applying for federal loan repayment plans, reminds struggling borrowers that income-driven repayment plans may help relieve that monthly stress.

“The LGBTQ community already faces so many challenges,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “Adding the financial burden that comes with student loans simply makes life harder. At Ameritech Financial, we hope to help.”

Discrimination plays a significant role in LGBTQ lives. From a higher chance of less family support due to non-acceptance to limited career and advancement opportunities, the community may struggle more financially than other communities. In fact, about 28 percent of survey respondents felt that their student debt was unmanageable. This could result from a combination of taking out more loans than average borrowers and difficulties finding a job with sufficient income (more than half of the respondents make less than $50,000).

Additionally, because of financial concerns, LGBTQ borrowers are less likely to contribute to a retirement plan. Some argue that saving for retirement is the last thing on their mind when they have to worry about discrimination everywhere they go. Others may get trapped in overspending habits perpetuated by expectations to play the part of the “rich and successful gay.”

Ameritech Financial reminds borrowers in the LGBTQ community that federal income-driven repayment plans (IDRs) may help them get a handle on their student loan repayment situation. Such plans calculate payments based on income and family size, which can reduce payments to as little as zero dollars. After the 20- to 25-year term, any remaining balance will be forgiven. While that does not address discrimination issues, it may relieve some financial stress and allow them to start a retirement plan if they wish to.

“Higher education, while it does not solve every problem for every individual, should not result in regret,” said Knickerbocker. “A number of members of the LGBTQ community have enough to stress about without considering student loan debt. At Ameritech Financial, we help federal student loan borrowers understand IDR options intended to reduce payments and we help with the paperwork to apply for them. We hope any relief they find from enrollment will allow them to focus on what’s important to them in their lives.”

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