Ameritech Financial Helps Borrowers With FFEL Program Loans Take Steps to Access Federal Repayment Options
ROHNERT PARK, Calif., April 6, 2018 /PRNewswire/ -- Before the Direct loans that students see today in their financial aid award letters, students were taking out FFEL program loans. Such loans were originated by private lenders and guaranteed by the federal government. In 2010, Congress eliminated the FFEL program and the Department of Education purchased FFEL program loans from private lenders to be serviced by federal servicing companies. While FFEL program loans are serviced identically to Direct loans today, they are not eligible in their current form for many of the federal repayment plans that are intended to help borrowers manage their loans. Ameritech Financial is a document preparation company that helps federal student loan borrowers understand their federal repayment options and take necessary steps to apply for the program that may be most appropriate to their situation.
"Borrowers with FFEL program loans may not realize that they can't enroll in most of the income-driven repayment plans," said Tom Knickerbocker, executive vice president of Ameritech Financial. "But often it simply takes an extra step to gain access. We help borrowers with that extra step as well as all others necessary in the application process."
FFEL program loans are not eligible for Public Service Loan Forgiveness (PSLF) or most of the repayment plans. However, FFEL Consolidation loans are eligible for the Income-Based Repayment plan, but borrowers cannot get FFEL Consolidation loans anymore. Instead, borrowers with FFEL program loans can consolidate them into a Direct Consolidation loan and gain access to the spectrum of repayment plans. They can even become eligible for PSLF if borrowers are making payments while working in eligible employment situations.
Borrowers who have FFEL program loans who are having trouble managing them may consider consolidating into Direct loans. Especially if a borrower wishes to pursue PSLF, the transition to Direct loans is essential. While recent legislation expanded PSLF eligibility to include Direct loans in non-IDR repayment plans, FFEL program loans remain ineligible.
Ameritech Financial is a private company that specializes in federal student loans and repayment options. The company has helped thousands of borrowers understand and apply for enrollment in the various income-driven repayment plans (IDRs). Ameritech Financial representatives have extensive experience in helping borrowers navigate the federal student loan landscape and take the necessary steps toward successful management of their loans.
"The student loan industry seems to be constantly changing," said Knickerbocker. "At Ameritech Financial, we stay informed on the latest news and help our clients while considering both current policies and potential future changes. Plus, we stick with our clients through annual recertification that is necessary for IDR enrollment as long as they wish to remain in the program."
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
[email protected]
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SOURCE Ameritech Financial
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