EL DORADO HILLS, Calif., Feb. 24, 2017 /PRNewswire/ -- Now that 2017 is fully underway and spring is upon us, Northern California based Student Loan Document Preparation Company Ameritech Financial is preparing for the first year of loan forgiveness. That's right! As of October, we will see, for the very first time, loans being forgiven through the Public Service Loan Forgiveness program.
Ameritech Financial, who specializes in federal student loan document preparation and processing services has already begun informing potentially qualified clients of the amazing news. "Many of our clients are potentially up for loan forgiveness this year," Ameritech Financial Executive Vice President Tom Knickerbocker said. "We can't wait to make the call to each one of them to deliver the great news."
While the data looks promising, the Ameritech team isn't jumping the gun just yet. "We want to be prepared for everything," says Knickerbocker. "We're not a loan servicer, and can't make any guarantees. It all depends on the employment history of the borrower. So until their loan servicer gives the green light, it'll be business as usual."
What is Public Service Loan Forgiveness, and do you qualify?
To be one of the people who will qualify this year for loan forgiveness, certain criteria must have been met over the past decade. The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time (at least 30 hours per week) for a qualifying employer.
What is a qualifying employer? Government organizations at any level (federal, state, local, or tribal), not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code, and other types of not-for-profit organizations that provide certain types of qualifying public services.
PSLF only works with loans under the William D. Ford Federal Direct Loan Program. If you have other federal loans such as Federal Family Education Loans or Federal Perkins Loans you can consolidate them into Direct Loans, but the clock resets on your 10 year countdown to forgiveness. In addition to having Direct Loans, a borrower is required to also be enrolled into a qualifying repayment plan. A qualifying repayment plan includes any of the income-driven repayment plans and the 10-year Standard Repayment Plan. Often times people sign up for income-driven repayment plans and think they are set for loan forgiveness, totally unaware of the PSLF program.
You can achieve loan forgiveness through an income-driven repayment plan, such as the Income-Based Repayment plan (IBR) or the Income-Contingent Repayment plan (ICR). However, it can take from 20 to 25 years for borrowers working in the private sector to receive loan forgiveness. Borrowers who qualify for PSLF, who are also enrolled into a 20 or 25 year repayment plan, will potentially be eligible for loan forgiveness 10 years into their 20/25 year repayment. Unfortunately, this isn't a set-it and forget-it scenario, as you will be required to recertify your repayment plan every year as well as make your payments on time.
The PSLF program began on October 1st, 2007, so starting in October Ameritech Financial will be breaking the good news to their qualifying clients. "Our goal is always 100% client satisfaction. The Ameritech Financial customer service team works especially hard to ensure their paperwork is submitted on time and they are taking advantage of repayment programs available to them. "It will be such a joy for everyone involved," said Knickerbocker. "Our employees work so hard for our clients and it will be nice for everyone to get the chance to share the moment when our client's loans are finally forgiven. It's a priceless experience helping people in this capacity."
If you want to find out if you potentially qualify for loan forgiveness, call Ameritech Financial today. They have certified agents who can perform a student loan financial analysis for free. Even if you aren't one of the lucky borrowers achieving loan forgiveness this year, you can see if you qualify for one of the many repayment programs offered through the Department of Education.
About Ameritech Financial
Ameritech Financial is located in El Dorado Hills, California, right next to the California state capital of Sacramento. Ameritech Financial has already helped thousands of people with financial analysis and student loan document preparation services for federal loan forgiveness programs offered through the Department of Education.
Each representative on the phone is certified through the International Association of Professional Debt Arbitrators (IAPDA) and has received the Certified Student Loan Professional certification through Association for Student Loan Relief (AFSLR).
Ameritech Financial prides themselves on their exceptional 24/7 Customer Service.
To learn more about Ameritech Financial, please contact:
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SOURCE Ameritech Financial