When the Decision to Start a Family is Increasingly Financial, IDRs for Student Loans May Help, Says Ameritech Financial

The decision to start a family can depend on several factors. While some individuals know that they want to have kids and are willing to make it work in any situation, others may wish to get their ducks in a row first. For many, deciding if or when to have kids comes down to finances. In fact, it has become much more of a financial decision as housing costs have increased, income has stagnated and debt has figured prominently in household budgets. Ameritech Financial, a document preparation company that assists federal student loan borrowers with repayment plan applications, reminds individuals with student loan debt that it doesn't have to get in the way of having kids.

"Kids can be expensive, so it makes sense that student loan borrowers would want to wait until they don't have to pay hundreds of dollars every month toward their student debt," said Tom Knickerbocker, executive vice president of Ameritech Financial.

In a recent poll, half of the respondents who have student loans said their loans affected their decision about having children. Also, millennials are getting married an average of seven years later than young adults in 1960 and for the first time ever, more women in their thirties are having children than women in their twenties.

While having kids is primarily a women's issue, student loans also disproportionately burden women. Making up a greater portion of student loan borrowers, women also carry higher loan balances and still experience a wage gap, making those loans more difficult to pay down. Having a high loan payment and potentially less ability to make headway on it, it's no surprise that they may hesitate to have kids while paying down student loans.

The Department of Education offers a variety of repayment plans for federal student loans that may provide some relief. Federal income-driven repayment plans (IDRs) can reduce payments by calculating them based on income and family size. Borrowers with high payments or low income may receive lower payments. Also, IDRs benefit families — bigger families can mean lower payments. Even unborn children can be counted in family size and help lower payments.

"Starting a family is a big deal and some planning may be necessary if potential parents are worried about being able to afford an addition to the family," said Knickerbocker. "At Ameritech Financial, we help borrowers understand IDRs in the context of their financial and family situation. And if they want to apply, we help with the paperwork so they can focus on what's important to them."

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.

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Contact

To learn more about Ameritech Financial, please contact:

Ameritech Financial
5789 State Farm Drive #265
​Rohnert Park, CA 94928
1-800-792-8621
​media@ameritechfinancial.com