Ameritech Financial Warns of Common Complaints About Federal Student Loan Servicers
ROHNERT PARK, Calif., April 2, 2018 /PRNewswire/ -- Loan servicers are supposed to help borrowers be successful in repayment — many say so on their website "About" pages. However, complaints compiled by the Consumer Financial Protection Bureau (CFPB) have shown that is not always what happens. When borrowers can't trust that they will get the best guidance from their servicer, what can they do? Ameritech Financial, a document preparation company that helps borrowers with federal repayment plan applications, suggests that borrowers do their homework before each conversation with their servicer and seek help from other resources if they need to.
"Student loan repayment can be very challenging for some borrowers, and they might not get the support they need from their servicer," said Tom Knickerbocker, executive vice president of Ameritech Financial. "If they feel that they need additional support, they can do research on their own or seek help from a professional."
Federal student loan servicers are contracted by the Department of Education, though they are confined to rules and processes outlined by the department. While the department recently announced that states do not have oversight power over servicers, many lawmakers and lay people still recognize that servicers should have oversight to make sure borrowers are getting information that will help them in repayment.
The CFPB's complaint database houses thousands of complaints about student loans, both federal and private. While some servicers receive more complaints than others, borrowers complain about similar things regardless of which company services their loans. The top complaints describe how servicers mishandled payments, miscommunicated or gave bad information, and failed to mention flexible repayment plans as options for reducing payments.
Borrowers who need help with their student loans are encouraged to reach out to their servicer, but Ameritech Financial suggests doing some research first. Going into a conversation with a goal can help borrowers guide the conversation toward a solution that may help them, especially since some feel that servicers have a track record of only suggesting forbearance, even when deferment or income-driven repayment might be a better option. Income-driven repayment plans (IDRs) calculate payments relative to income and family size and may be a good option for borrowers who need a long-term solution for payment affordability.
Additionally, borrowers can reach out to professionals like ombudsmen, who are neutral student loan experts not directly affiliated with servicers. Also, Ameritech Financial is a private company that helps borrowers understand IDRs and submit applications to enroll in such programs.
"At Ameritech Financial, we know how hard student loan payments can make life," said Knickerbocker. "But with IDRs, it can become substantially easier. We believe that eligible borrowers should have all the resources they need to enroll in IDRs. In fact, our primary function is helping borrowers with the application and yearly recertification to do so."
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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