​​​​Millennials, or anyone with intimidating student debt balances, may be tempted to focus their finances on life experiences rather than loan payments. Many individuals who may see their loans as a source of stress might spend any extra cash on fun activities in an attempt to find happiness. However, financial stress is persistent and those fun activities may not be enough to stave off that stress. Ameritech Financial, a document preparation company that assists borrowers in applying for income-driven repayment plans, recommends that borrowers focus on their student loans and try to gain control over them.

“Student loans may feel like an obstacle to fun and rewarding experiences, but taking control of them can be rewarding, as well,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “Even something as simple as creating a budget and seeing exactly where your money is going can reduce financial stress and help with making a financial plan that could even include funds to go toward fun experiences.”

Recent reports have shown that millennials value experiences over things. When deciding what to spend money on, they often turn to concert tickets, meals and drinks out with friends, or traveling. One blogger suggests that in an unfair world, these experiences remind millennials that life can still be good, and those smaller bills are easier to afford than often-hefty student loan bills.

However, not paying those student loan bills simply delays financial freedom that can enable more experiences. Plus, the stress of potentially high loan payments lingering in the background can reduce — or diminish — the fun of any experience. The blogger suggests a change in mindset from looking at student loan payments as “things” and, instead, transforming the act of paying down the loan to an “experience” that will improve individuals’ lives.

Ameritech Financial agrees that to be successful in student loan repayment, a change in mindset may be required. Prioritizing those loans may be necessary to find success in repayment. While many borrowers may focus on eliminating the debt as quickly as possible, another method may simply be to make payments more affordable, enabling borrowers to work toward other financial goals while staying current on their student loans.

Federal income-driven repayment plans calculate payments based on income and family size. For some borrowers, payments can decrease to as little as zero dollars and any remaining balance left at the end of the 20- to 25-year term in such a program will be forgiven. Any room in the budget that a reduction in student loan payments may create can go toward other financial goals or expenses like experiences to foster happiness.

“Student loan borrowers shouldn’t feel like happiness is unattainable when they have student loan debt,” said Knickerbocker. “At Ameritech Financial, we help borrowers take a close look at their income and expenses to determine if applying for an IDR may improve their finances and potentially reduce financial stress. We hope those who enroll in IDRs feel free to pursue other financial and life goals.”

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