Ameritech Financial on the Temporary Expanded Public Service Loan Forgiveness Requirements

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May 25, 2018, 02:30 ET

ROHNERT PARK, Calif., May 25, 2018 /PRNewswire/ -- Public Service Loan Forgiveness has had its ups and downs as a federal program. Borrowers who were hoping to benefit in the first round of forgiveness last fall may have been denied because they were not properly aligned with the requirements. In the recent spending bill passed by the federal government, PSLF was granted a temporary fix to allow forgiveness to borrowers who had made 120 otherwise qualifying payments under an ineligible repayment plan. Ameritech Financial is a document preparation company that assists student loan borrowers with applications for federal income-driven repayment plans. The company also helps borrowers align with the PSLF requirements where applicable.

"A lot of public service workers were counting on this confusing program, and while the fix is limited, it is promising for many borrowers," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "It doesn't resolve all the problems with the program though, so we want to ensure our current and potential clients that we will continue to help them meet the loan and repayment plan requirements."

The Public Service Loan Forgiveness program requires federal student loan borrowers to make 120 qualifying payments while working for a qualifying employer. Qualifying payments are those made in one of the income-driven repayment plans, and a qualifying employer is a government agency or 501(c)(3) nonprofit agency. Borrowers must also have direct loans to be eligible for PSLF.

The fix expands the qualifying payment requirement to include payments made in other repayment plans, such as the Extended, Graduated, and Extended Graduated plans. Borrowers who had the correct type of loans and worked for a qualifying employer but got denied due to being in an ineligible repayment plan are encouraged to email FedLoan and request a reevaluation of their application.

Ameritech Financial is a private company that helps borrowers understand and apply for income-driven repayment plans (IDRs). The company also assists in determining if a client works for a qualifying employer and helps those who do align with the other PSLF requirements if the client would like to pursue forgiveness through that program.

"PSLF is too valuable to ignore, so we do what we can to help our clients meet the requirements if they fit the PSLF employment standards," said Knickerbocker. "Even if clients don't work in public service, being in an IDR can help them with their monthly finances. And they still receive forgiveness after 20 to 25 years of enrollment if they have any balance left."

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).

Ameritech Financial prides itself on its exceptional Customer Service.

Ameritech Financial Newsroom

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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