Ameritech Financial Poised to Adapt in Case of Future Federal Student Loan Policy Changes
ROHNERT PARK, Calif., Feb. 9, 2018 /PRNewswire/ -- Back in May 2017, the Trump administration released a proposed budget that foreshadowed changes that are currently making their way through Congress under the name PROSPER. The Act, which is the latest reauthorization of the Higher Education Act of 1965, would make sweeping changes to the student loan programs in an attempt to simplify them. Ameritech Financial, a private document preparation company that assists borrowers in understanding and applying for income-driven repayment programs offered through the Department of Education, remains poised to adapt to any potential policy changes and will continue in its mission to help improve its clients' financial situations.
The PROSPER Act's attempts to simplify the federal student loan industry would focus on reducing the current offerings to one federal grant program, one loan program and two repayment plans: the standard plan based on a 10-year repayment period and a single income-driven repayment program. It would also eliminate subsidized loans and the Public Service Loan Forgiveness Program. While initial analysis argued that the proposal would be good for low-income borrowers, many others, supported by a recent Congressional Budget Office report, are worried that the changes in the PROSPER act would cost students more money in the long run.
"Changes in student loan policy can mean even more confusion around already confusing topics," said Brandon Frere, CEO of Ameritech Financial. "We're watching the news for new developments in this legislation and are eager to see what the future holds. However, no matter what changes or remains the same, we'll always be there for current and future clients."
Due to the PROSPER Act's proposed elimination of subsidized loans, students borrowing under the new legislation's policies would rely solely on unsubsidized loans. When they begin repayment, they would owe more than the amount they initially borrowed because of the interest that would have accrued on the unsubsidized loans during their time at school. Students paying on the proposed income-driven repayment plan would end up paying higher monthly payments due to a higher interest rate and those higher loan balances than in the current system.
"The PROSPER Act legislation is still going through Congress, so it's impossible to tell whether those changes will go into effect," said Frere. "That doesn't change our mission at Ameritech Financial. Our main goal is to help borrowers understand the repayment options available to them at any given time and assist them in applying for the option that fits their unique needs."
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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