ROHNERT PARK, Calif., Sept. 24, 2018 /PRNewswire/ -- Many public service workers may be able to get their student loans forgiven. The Public Service Loan Forgiveness program (PSLF), created in Fall 2007, grants public service professionals loan forgiveness after 10 years. This allows public service workers to pursue a more reasonable repayment plan compared to the standard 10-year repayment plan. Since Fall 2017, only a few people have followed the program to completion. Many have not understood the plan or have done something that has taken them off the plan without realizing it. Many more nonprofit professionals, such as nurses or librarians, may qualify for this plan but not realize it. Ameritech Financial, a document preparation service company, may help such clients understand and align with the appropriate federal loan program in an attempt to receive forgiveness.
"This program was designed to help people escape their financial trouble, but many people do not realize how to take advantage of it or follow it," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "If more nonprofit employees were informed they qualified for loan forgiveness, and were told how to pursue it, they would probably handle their student loans very differently."
All non-profit employees who are working for a 501(c)(3) organization, which may include religious, charitable, scientific, literary, or educational institutions, may be eligible for this program. However, even if they are eligible, the program has many pitfalls which might lead someone into failing to meet the necessary requirements in any given month. Borrowers have failed to meet a deadline by paying too much of their debt per month, having private loans or non-qualifying federal loans, being in the wrong repayment method, and no doubt several other errors we have not heard of.
Ameritech Financial may be able to assist non-profit employees who wish to pursue PSLF by helping them navigate through the confusing paperwork and helping them apply for an income-driven repayment program (IDR), an integral part of the PSLF process. With an IDR a borrower may be able to reduce each student loan payment to 10 to 15 percent of their discretionary income every month. In addition, borrowers will be able to obtain loan forgiveness after 20 to 25 years of continued enrollment, whether they qualify for PSLF or not. Ameritech assists borrowers with any necessary paperwork, including annual recertification, and with understanding the programs in the context of each borrower's financial situation.
"Ameritech Financial may be able to help align public servants with a repayment plan that gives them loan forgiveness after 10 years if they work for a PSLF-qualified employer," said Knickerbocker. "We hope to remove any confusion for this strategy of loan repayment. We want to help everyone receive student loan forgiveness who qualifies for such a plan."
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.
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
Public Servant Volunteer
SOURCE Ameritech Financial