Public Service Loan Forgiveness Not a Myth; Ameritech Financial Helps Position Qualifying Clients for PSLF Success

Amidst turmoil surrounding the Public Service Loan Forgiveness (PSLF) program 10 years after its inception, headlines describing PSLF failures are all too common. However, the first reports of forgiveness are surfacing and can be a source of hope. After 10 years in a program with complicated and often confusing requirements, it would be natural to feel a sense of relief that there is light at the end of the tunnel. Ameritech Financial, a private document preparation company, assists clients in applying to enroll in income-driven repayment plans and determining whether they are eligible or on track for PSLF.

Public Service Loan Forgiveness was introduced in 2007, and October 2017 was the first-month eligible borrowers could apply for forgiveness. In the months leading up to October 2017, news articles had been announcing horror stories about borrowers who believed they had been on track only to learn that they were not and had to start over. CNN recently reported that of the approximately 7,500 applications, less than 1,000 were likely to qualify.

“It’s easy to get discouraged when all you hear are horror stories,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “Ameritech Financial clients, however, can feel confident that we are staying on top of the various plans’ rules in hopes to ensure that they get the relief they are entitled to. With that, the optimism for success gets a little stronger.”

To receive Public Service Loan Forgiveness, borrowers must make 120 qualifying payments while working for an eligible government or non-profit employer. A qualifying payment is one made on time for the full amount due under the Standard or one of several income-driven repayment plans. Also, the loans must be Direct Loans; other types of loans must be consolidated to a Direct Consolidation loan before they can be considered eligible.

Recently, one Reddit user announced that her application for PSLF had been approved and her loans had been forgiven. She posits that because she worked for the same employer for the entire 10-year duration, her application was likely simple for the Department to review, though it still took longer than the 60-day estimate the Department had given her after receiving her application. Several Redditors responded with congratulations and optimism that forgiveness is real, while others asked questions about what they should expect after submitting their own applications.

While the fate of PSLF is unknown for future borrowers, those who are in repayment now may continue to work toward and apply for Public Service Loan Forgiveness. However, those who are not eligible can still take advantage of other forgiveness programs. For example, income-driven repayment plans, which most PSLF applicants are already enrolled in, may end in forgiveness after 20 or 25 years.

“We’re happy to finally hear a success story about PSLF,” said Knickerbocker. “We hope more stories like that surface as more applicants receive forgiveness. At Ameritech Financial, we help our clients who work in public service or for the government apply for and stay in PSLF eligible repayment plans that are also intended to keep their payments affordable. We encourage everyone working toward PSLF to stay positive — there is an end in sight.”

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

customer.service@ameritechfinancial.com