Ameritech Financial Blames Next Financial Crisis on Federal Student Loan Default

With student loan default leaving behind a bleak 2016, the company outlines where the industry is headed, and what you can do about it.

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Ameritech Financial

Mar 30, 2017, 10:40 ET

EL DORADO HILLS, Calif., March 30, 2017 /PRNewswire/ -- Ameritech Financial, a Northern California-based student loan document preparation assistance company who has been an industry leader in assisting borrowers who are looking for help navigating the ever changing and volatile federal student loan landscape.

Reports show, this harrowing landscape saw no improvement for the 2016 with a reported 1.1 million borrowers entering into default for the year.

"We want to get the word out that there is help, real help," said Tom Knickerbocker, Executive Vice President of Ameritech Financial, "Last year, a record-breaking 4.2 million borrowers were reported to have defaulted on their student loans and the Department of Education just released a statistic showing that 3,000 more borrowers are going into default every single day. That's more borrowers going into default than coming out. The problem is only escalating, and we see it as the next financial crisis just waiting to hit the United States. You don't need a crystal ball to see what will happen next."

Looking at the numbers, 2016 wasn't a great year for federal student loan borrowers. According to the Department of Education, about 8 million borrowers have gone at least nine months without making a single payment on their student loans, despite other key economic indicators showing a growing economy and job market. About $137 billion went into default in 2016, which was a 14% increase from 2015.

So why, when all indications point to economic growth, is the student loan default deficit worse than ever?

"Speaking with our clients, it's evident that they don't know where to turn for help, and they don't know who they can trust," stated Knickerbocker, "They're unaware or confused by the programs available to them and the loan servicers are not providing their borrowers with the information they need to make educated decisions."

Knickerbocker continued, "What's worse, of the borrowers who do get into the right programs to help them, around half don't even make it to the second year, usually because they missed the cutoff for reapplication. It's a trap we see borrowers fall into time and time again."

Are you defaulting on your student loans?

Despite an uncertain future ahead, there is a silver lining in an otherwise cloudy sky. "For most federal student loan borrowers, there is hope," says Knickerbocker, "and that's why we are trying to get the word out about options that may be available to struggling borrowers across the country. We have helped thousands of people through the repayment process and can directly help almost anyone facing, or in, default."

Ameritech Financial offers financial analysis and document preparation services for people with federal student loan debt whether they are current, delinquent, or defaulted. After performing their analysis, the certified agents of Ameritech Financial work with the borrower in applying for loan forgiveness and rehabilitation programs offered through the Department of Education. For defaulted borrowers, the agents at Ameritech will assist in the application and enrollment process to help the borrower remove the default status from their loans and credit history, through different rehabilitation programs offered through the Department of Education and third party student loan collection agencies.

About Ameritech Financial

Ameritech Financial is located in El Dorado Hills, California, right next to the California state capital of Sacramento. Ameritech Financial has already helped many student loan borrowers with financial analysis and student loan document preparation services for federal loan forgiveness programs offered through the Department of Education.

Each representative on the phone is certified through the International Association of Professional Debt Arbitrators (IAPDA) and has received the Certified Student Loan Professional certification through Association for Student Loan Relief (AFSLR).

Ameritech Financial prides themselves on their exceptional 24/7 U.S based Customer Service.

Contact

To learn more about The Ameritech Financial Project, please contact:

Ameritech Financial ( www.ameritechfinancial.com )

1101 Investment Blvd Ste. 290

El Dorado Hills, CA 95762

1-800-792-8621

[email protected]

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SOURCE Ameritech Financial