While many think of professors as holed up in their ivory tower, many academics are actually closer to the masses below. And not for lack of learnedness or intelligence, but for lack of funds. Some professors, especially those not in tenure-track positions, make little money teaching and still must contend with — if they have them — their student loans. Ameritech Financial, a private document preparation company that helps student loan borrowers apply for federal repayment programs, encourages borrowers in all professions to explore their repayment choices.
“While some professors, especially those who have tenure, are doing very well financially, there are many other academics who don’t have large incomes,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “And to get to the place where they are now, they may have taken on a high student loan balance.”
Professors in most disciplines need a doctorate to teach at the college level. Some fields, like creative writing, may only require a master’s degree. But while Ph.D. studies may be funded for a number of years, there are any number of ways academics can rack up student loans along the way. Between undergraduate years, a harder-to-fund master’s degree, an unfunded Ph.D. or a high cost of attendance, student debt is possible at many points in a professor’s own schooling.
Borrowers who have federal student debt may be interested in income-driven repayment plans (IDRs), which could present a more affordable option in terms of loan repayment. Borrowers who have a high loan balance relative to their income may see a drop in their monthly payments if enrolled in an IDR. These plans require an application and yearly recertification to enroll, however.
Ameritech Financial is a private, independent company that helps borrowers select, apply for and maintain their enrollment in income-driven repayment plans. While borrowers are free to apply to federal repayment plans by themselves, even the most credentialed borrower may still need or simply desire an extra helping hand. Hiring Ameritech Financial to act as an assistant in the process may be beneficial to certain borrowers.
“While their education was essential in getting them into the field that they are in now, it still may be holding some professors and academics back because they’re in debt because of it,” said Knickerbocker. “Those with federal student loans, however, have options and Ameritech Financial can be an additional resource in understanding those options.”
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).