Ameritech Financial on Options for Borrower Defense Applicants Who Receive Only Partial Reprieve
ROHNERT PARK, Calif., March 19, 2018 /PRNewswire/ -- Only a partial reprieve is coming to some student loan borrowers who applied for borrower defense to repayment to the Department of Education. Borrower defense is being utilized by former students who attended various colleges owned by the now-defunct for-profit entity Corinthian Colleges. These borrowers financed what they now believe was a sham education with federal student loans. For borrowers who must now contend with the remaining student loan balance, options are available. Ameritech Financial, a private document preparation company which helps align student loan borrows with federal programs that can potentially lower monthly payments, encourages anyone who experiences only partial relief to consider repayment possibilities.
"Borrowers who received a fake education are in a difficult place if they still have loans for something that may not have been remotely helpful to their lives," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "However, if those borrowers now have to start repayment, they should know what their choices are."
The partial loan reprieve comes in the wake of the Department of Education decision to calculate debt discharge amounts based on the borrower's income relative to the income of graduates of comparable programs. Critics say that this formula doesn't account for the fact that borrowers may have jobs and incomes which are unrelated to their extremely inadequate education. However, the Department proceeded with the rule and has begun to dole out application results.
It's impossible to say whether new rules in the future—perhaps with a different administration—will grant a full loan discharge to borrowers who attended a Corinthian Colleges school. However, these borrowers may be back into repayment on the remaining loan balance for the time being.
Some borrowers may benefit from choosing an income-driven repayment plan (IDR) to help keep their monthly payments affordable. These federal repayment plans base payments on income and family size. The plans require an application and yearly recertification, however, and some borrowers might need extra help with this process. Ameritech Financial provides a service to do just that: help borrowers select, apply for, and recertify enrollment in an IDR for as long as the borrower needs. Ameritech Financial walks through all the necessary documentation with the borrower; the company also assists in preparing the paperwork for the borrower for his or her review and approval. Ameritech Financial helps make what could be a confusing process into a simple one.
Ameritech Financial is a private, independent company which is not affiliated with the Department of Education, any government agency or any loan servicer. Ameritech provides borrower-centered service to help simplify the process of applying for and recertifying IDRs.
"While some borrower defense applicants may be unhappy with the results that they receive regarding loan discharge, they should know that there are multiple repayment possibilities out there," said Knickerbocker. "Ameritech Financial can help borrowers who are struggling with their current repayment plan make sense of the process of applying for a new one."
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
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SOURCE Ameritech Financial
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