Ameritech Financial to Public Service Workers in Extended Repayment Plans: You May Be on Track for PSLF
ROHNERT PARK, Calif., March 29, 2018 /PRNewswire/ -- There are many repayment plan options for federal student loans, each with its own advantages and disadvantages. The Standard Repayment plan, which calculates payments based on a 10-year payoff term, is the one that all students begin repayment in. For many borrowers in public service jobs, those payments may have been too high. Before income-driven repayment plans (IDRs) were available, borrowers may have turned to the Extended Repayment plan. Ameritech Financial, a document preparation company that assists borrowers with federal repayment plan applications, helps borrowers in public service align themselves with eligibility requirements to receive Public Service Loan Forgiveness.
The omnibus spending bill that passed last Friday, March 23, included funds for a one-time expansion of PSLF. The expansion was earmarked specifically for applicants who had been enrolled in an ineligible payment plan; namely, the Extended plan, which simply extends the term of the loan to up to 25 years and thereby reduces monthly payments. That reduction in payments may have been essential for borrowers working in public service who, starting in 2007 when PSLF was introduced, hoped to receive forgiveness through PSLF.
"For many individuals, PSLF is a complicated and confusing program and because of that, a lot of borrowers have complained that they wasted years of payments," said Tom Knickerbocker, executive vice president of Ameritech Financial. "But the recent expansion in the program is promising for those and similar borrowers."
To be eligible for PSLF, borrowers must have Direct Loans and make 120 full on-time payments in an income-driven repayment plan while working for a qualifying public service employer. However, borrowers have often been told by their servicers that they were on track only to find out — sometimes years later — that they had not been. Some had been in the wrong repayment plan, while others had the wrong type of loans.
Ameritech Financial is a private company that helps borrowers navigate through and apply for certain federal student loan repayment options. The company works closely with clients who are employed by PSLF-eligible employers to apply for IDRs, which are PSLF-eligible and often beneficial for lower-income borrowers to enroll in.
"This expansion in funding means that we can potentially help more people who may be eligible for PSLF," said Knickerbocker. "It's important to us that our clients, and borrowers in general, are getting the support they need to find success in repayment, especially if that success saves them money."
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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https://ameritechfinancial.com
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