From Floods to Fires: Ameritech Financial Discusses What Climate Change Could Mean for Student Loan Borrowers’ Finances
"No matter what happens with climate change, our goals at
When feeling the heat on one's budget, what is the first thing that comes to mind? For many, it's housing. This is especially important for those who live on the coast or in areas that may soon become flood regions. Getting a home in these areas may be more difficult because of changes in mortgages, property value and insurance. Banks want to make sure that a property continues to hold its value. If the borrower defaults, the bank wants to know if it can get its money back from the property and if the homeowners can continue paying off their loan. Giving loans for properties in flood-prone areas will get riskier as time goes on. Interest rates will soon begin to reflect this. What if someone lives in an area with potential for fire damage, like in
If insurance is rising and property value is in flux, what does that spell for everything else that goes into a home, like food and energy costs? Prices for food that is developed in areas that face natural disaster damage have already begun to increase. For example, higher temperatures can cause dehydration which prevents pollination and can lead to slowed photosynthesis.
"It's always difficult to predict when this will all happen," said Knickerbocker. "But we will continue helping our clients, working with them for years to come and assisting them in applying for certain repayment programs." As a culture living with climate change, people may have to start budgeting for it. They have to think about potential changes in housing, increases in food and energy costs, and even increases in medical costs. Saving for these natural disasters will be increasingly necessary, especially for those living in the most affected areas.
About Ameritech Financial
Ameritech Financial is a private company located in
Each Ameritech Financial telephone representative has received the Certified Student Loan Professional certification through the
Ameritech Financial prides itself on its exceptional customer service.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
1-800-792-8621
[email protected]
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SOURCE Ameritech Financial
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