ReportWire

Tag: student loan repayment

  • Biden races to enact new student loan forgiveness plan ahead of November

    Biden races to enact new student loan forgiveness plan ahead of November

    [ad_1]

    Biden administration officials on Monday unveiled the details of a new plan to forgive student loan debt, suggesting that millions of Americans could start seeing debt relief as soon as this fall.The new set of proposals, which CNN reported on Friday, have yet to be finalized. It’s President Joe Biden’s second attempt to implement broad student loan forgiveness. His first plan was struck down by the Supreme Court last summer.The new policies, when combined with the more narrow actions already taken by the Biden administration to cancel student debt, would benefit more than 30 million Americans, according to a fact sheet provided by the White House.That means that nearly 70% of all federal student loan borrowers would see their debt reduced or fully canceled due to Biden’s policies.But first, the plans must be finalized – a process that could take months – and must withstand any potential legal challenges.Biden’s new student loan forgiveness proposals could set up another fight with Republicans. Several conservative-led states and groups sued the Biden administration over the first student forgiveness program, arguing that the executive branch had overstepped its authority.”President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way,” White House press secretary Karine Jean-Pierre said Sunday on a call with reporters.After the Supreme Court rejected Biden’s first plan last year, the president vowed to pursue another pathway to delivering student loan debt relief. Since then, the Department of Education has been conducting a formal and lengthy process, known as negotiated rulemaking, to develop a new student loan forgiveness program.It’s a different process from what the Biden administration used in its first attempt to provide sweeping loan forgiveness, which would have canceled up to $20,000 in student loan debt for borrowers earning $125,000 or less a year.The new plans target specific groups of borrowers. If implemented as proposed, borrowers could see relief if they fall into any of the following categories:Those who have balances bigger than what they originally borrowed due to interest. Those who already qualify for student loan forgiveness under existing programs but have not applied. Those who entered repayment at least 20 years ago.Those who enrolled in “low financial value” programs, which left students in debt but without good job prospects. Those experiencing financial hardship.The new proposals unveiled Monday must still go through a public comment period. Then, after reviewing those comments, the Department of Education will publish a final version of the rule.Typically, if a final rule is published after going through negotiated rulemaking by November 1, it can take effect on July 1, 2025.But some exceptions are allowed, and parts of the rule could be implemented early. For example, the Biden administration implemented parts of the SAVE Plan – an income-driven student loan repayment plan – last year while other parts of the plan won’t take effect until July.In the case of the new student loan forgiveness proposals, the Department of Education could start canceling accrued interest for qualifying borrowers this fall, according to the White House.Even though Biden’s sweeping student loan forgiveness got knocked down by the Supreme Court, his administration has still canceled more student loan debt than under any other president – mostly by using existing programs. His administration has made it easier for certain groups of borrowers – such as public-sector workers, including teachers; disabled borrowers; and people who were defrauded by for-profit colleges – to qualify for student loan debt forgiveness.So far, 4 million people have seen their federal student debt canceled under Biden, totaling $146 billion.

    Biden administration officials on Monday unveiled the details of a new plan to forgive student loan debt, suggesting that millions of Americans could start seeing debt relief as soon as this fall.

    The new set of proposals, which CNN reported on Friday, have yet to be finalized. It’s President Joe Biden’s second attempt to implement broad student loan forgiveness. His first plan was struck down by the Supreme Court last summer.

    The new policies, when combined with the more narrow actions already taken by the Biden administration to cancel student debt, would benefit more than 30 million Americans, according to a fact sheet provided by the White House.

    That means that nearly 70% of all federal student loan borrowers would see their debt reduced or fully canceled due to Biden’s policies.

    But first, the plans must be finalized – a process that could take months – and must withstand any potential legal challenges.

    Biden’s new student loan forgiveness proposals could set up another fight with Republicans. Several conservative-led states and groups sued the Biden administration over the first student forgiveness program, arguing that the executive branch had overstepped its authority.

    “President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way,” White House press secretary Karine Jean-Pierre said Sunday on a call with reporters.

    After the Supreme Court rejected Biden’s first plan last year, the president vowed to pursue another pathway to delivering student loan debt relief. Since then, the Department of Education has been conducting a formal and lengthy process, known as negotiated rulemaking, to develop a new student loan forgiveness program.

    It’s a different process from what the Biden administration used in its first attempt to provide sweeping loan forgiveness, which would have canceled up to $20,000 in student loan debt for borrowers earning $125,000 or less a year.

    The new plans target specific groups of borrowers. If implemented as proposed, borrowers could see relief if they fall into any of the following categories:

    • Those who have balances bigger than what they originally borrowed due to interest.
    • Those who already qualify for student loan forgiveness under existing programs but have not applied.
    • Those who entered repayment at least 20 years ago.
    • Those who enrolled in “low financial value” programs, which left students in debt but without good job prospects.
    • Those experiencing financial hardship.

    The new proposals unveiled Monday must still go through a public comment period. Then, after reviewing those comments, the Department of Education will publish a final version of the rule.

    Typically, if a final rule is published after going through negotiated rulemaking by November 1, it can take effect on July 1, 2025.

    But some exceptions are allowed, and parts of the rule could be implemented early. For example, the Biden administration implemented parts of the SAVE Plan – an income-driven student loan repayment plan – last year while other parts of the plan won’t take effect until July.

    In the case of the new student loan forgiveness proposals, the Department of Education could start canceling accrued interest for qualifying borrowers this fall, according to the White House.

    Even though Biden’s sweeping student loan forgiveness got knocked down by the Supreme Court, his administration has still canceled more student loan debt than under any other president – mostly by using existing programs. His administration has made it easier for certain groups of borrowers – such as public-sector workers, including teachers; disabled borrowers; and people who were defrauded by for-profit colleges – to qualify for student loan debt forgiveness.

    So far, 4 million people have seen their federal student debt canceled under Biden, totaling $146 billion.

    [ad_2]

    Source link

  • Student Loan Payments Resume in October: What to Know | Entrepreneur

    Student Loan Payments Resume in October: What to Know | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    After a three-year hiatus, repayments on federal student loans begin again this October. If you already have a student loan that’s previously been suspended because of the Covid-19 pandemic, you will be required to resume paying both the principal and interest due.

    Thanks to the CARES Act, federal student loans were paused in March 2020 with interest at 0%, and it’s stayed that way since. President Joe Biden tried to initiate a plan to forgive $430 billion of student loan debt, but the Supreme Court blocked that plan in June when it ruled the program an unlawful overreach of executive power in a 6-to-3 decision. After this long hiatus, borrowers will have to once again start paying down their loans plus interest.

    As a certified public accountant, there are some common questions you might have about this process that I can help answer. Here’s what you need to know.

    Related: Supreme Court Blocks Biden’s Student Loan Forgiveness Plan — Here’s How It May Affect the Economy

    What loans are affected?

    All federally-backed loans for financing education that have been issued by the U.S. government through the U.S. Department of Education. Loans received from private lenders are subject to separate rules and repayment terms from those borrowers.

    What types of federally backed student loans are there?

    The most popular federally-backed student loan program are Direct Subsidized Loans, where the U.S. Department of Education pays the interest while a borrower is still in school at least half-time, for the first six months after they left school and during a period of deferment (a postponement of loan payments). There are also Direct Unsubsidized Loans where borrowers are responsible for paying the interest during all periods. Other student loan options are available such as the Parent PLUS, Graduate PLUS and Direct Consolidation programs.

    Who services these loans?

    There are currently eight federal student loan servicers:

    When you receive a federal student loan, it’s automatically assigned to one of these servicers. Servicers are allowed to transfer loan accounts between each other.

    When does repayment begin again?

    Your first payment will be due in October 2023 and you should be receiving notice from your loan provider about 21 days before your due date. Interest restarted on Sept. 1, 2023.

    What if I don’t receive notice?

    The first thing you should do is reach out to the previous company servicing your loan to find out its status and whether or not it’s been transferred to another service provider. You can also look up your loan status in the National Student Loan Data System.

    Related: How Student Loans Are Crushing Millennial Entrepreneurialism

    Is there any grace period remaining?

    Yes, if you left school within the last six to nine months, you are still in your automatic grace period.

    What payment options do I have?

    There are currently seven options for paying back your student loans.

    1. Standard Repayment Plan: 10-year term with fixed payments.
    2. Graduated Repayment Plan: 10-year term with lower payments earlier, then gradually increasing.
    3. Extended Repayment Plan: 25-year term with both fixed or graduated repayment options.
    4. Saving on a Valuable Education (SAVE) Plan (formerly known as Pay As You Earn Repayment Plan): Payback is based on 10% of your discretionary income (the money you have left after paying taxes and personal necessities, such as food, shelter, and clothing) but no larger than what you would pay under the Standard Repayment Plan.
    5. Income-Based Repayment Plan: 20-25 year terms with payments based on 10-15% of discretionary income with any remaining balance forgiven.
    6. Income-Contingent Repayment Plan: The lesser of payments of 20% of your discretionary income or what you’d pay back over 12 years.
    7. Income-Sensitive Repayment Plan: 15 years of monthly payments based on annual income.

    Can I change my payment plan?

    Yes, you can usually change your payment plan at any time at no charge. You should contact your loan service provider to do this.

    Which payment plan is best for me?

    This depends on various factors including your income, assets and ability to pay back your loans. It’s best to consult with a financial advisor to answer this question.

    What are the interest rates on student loans?

    Interest rates vary by loan type, but they are currently in the range of 5.5% to 8.05%.

    How do I know if my loan has been forgiven?

    The Biden Administration has, through executive orders, changed the terms of some of the federally-backed student loans that have resulted in forgiveness for certain debtors. To find out if your loan is eligible for forgiveness, you should contact your loan service provider.

    What if I can’t afford to pay my loans?

    Your best bet is to talk to your loan service provider to see if there’s a better payment plan to accommodate your financial situation.

    Related: Why You Should Care About Student Loan Debt

    What if I default on my student loans?

    Your federally-backed student loan is like any other long-term debt commitment. If you fail to meet those commitments you’ll find yourself dealing with collection agencies, paying penalties and interest, seeing your credit scores negatively affected and being potentially ineligible for any future student or federal aid, among other consequences.

    What if I’m already in default?

    The government offers options to get your loans back in good standing. Call 1-800-621-3115 and ask about their Fresh Start program where you can work out a repayment plan and have your loan transferred to the Default Resolution Group which can assist in getting the loan back into “in repayment” status.

    Where can I go for additional help?

    Start with the Department of Education’s main website for federal student loans. Make sure you have an online account. If you’re unable to log in to find your service provider or get the status of your loan, call 1-800-4-FED-AID (1-800-433-3243) or 1-800-621-3115.

    [ad_2]

    Gene Marks

    Source link

  • 99% Rejection Rate From PSLF Program Doesn’t Bode Well for Current or Future Applicants, Says Ameritech Financial

    99% Rejection Rate From PSLF Program Doesn’t Bode Well for Current or Future Applicants, Says Ameritech Financial

    [ad_1]

    Press Release
    –


    updated: Nov 30, 2018


    ROHNERT PARK, Calif., November 30, 2018 (Newswire.com)
    –
    Getting rejected doesn’t feel good, and it is some people’s worst nightmare. Depending on what someone got rejected from, it may feel like there are long-term repercussions to deal with from getting rejected, and in a way there is. Student loan borrowers applying for Public Service Loan Forgiveness (PSLF) programs, may have recently felt that type of rejection recently. Ameritech Financial, a document preparation service company, says getting rejected from what is supposed to be a life-bettering program may be devastating for the many borrows who experienced it.

    99% of applicants for the PSLF were denied. Only 96 borrowers out of 30,000 were accepted by the program to have their student loans forgiven after 10 years of qualified payments while working in a public service position. Many of those who applied had been working for their ten years, only to apply and find out for some reason their loans and payments weren’t the right kind needed to qualify for the loan forgiveness. Borrowers relying on things going as anticipated to plan out beyond those ten years now have to make crash course adjustments to their life. “Struggling with student loan repayment for years, then finding a way to make it better, all to find out you didn’t qualify while doing a public service, that’s a harsh idea, but for many, a harsh reality,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial.

    Struggling with student loan repayment for years, then finding a way to make it better, all to find out you didn’t qualify while doing a public service, that’s a harsh idea, but for many, a harsh reality.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    Going to college to get an education requires loans for most people. If someone doesn’t have the money to pay for it themselves, it may feel like being punished for being born into the wrong family. Getting help from a professional, like Ameritech Financial, may help borrowers better understand their situation so as to avoid a painful notice saying someone has been denied PSLF. Other federal forgiveness programs may be an option as well for borrowers, ones that can potentially lower monthly payments and get a borrower on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle, and for too many borrowers it is. That’s why we’re so dedicated to helping our clients and being a student loan advocate,” said Knickerbocker.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • Ameritech Financial: Degrees Don’t Guarantee Smooth Repayment, Especially for Minorities

    Ameritech Financial: Degrees Don’t Guarantee Smooth Repayment, Especially for Minorities

    [ad_1]

    Press Release
    –


    updated: Nov 29, 2018


    ROHNERT PARK, Calif., November 29, 2018 (Newswire.com)
    –
    The idea is to take out student loans to afford college, get a degree and then work on repayment for a few years after landing a good-paying job with the earned degree. For many student loan borrowers, that’s not the case. For borrowers of color and international students, who have higher chances of difficulty in handling the repayment period, repayment is not just a hassle but a burden. Ameritech Financial, a document preparation service company, says that a degree doesn’t guarantee a job, and an education doesn’t guarantee an easy life.

    “So many factors play into the sort of repayment a borrower will have, often well beyond a borrower’s control,” said Tom Knickerbocker, executive vice president of Ameritech Financial.

    So many factors play into the sort of repayment a borrower will have, often well beyond a borrower’s control.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    Minorities suffer the worst when it comes to loan repayment and have difficulties completing college in the first place. International students have to work on campus, receiving fewer hours and less pay than those who keep jobs off campus. When trying to pay for day-to-day necessities to avoid having to take out more loans, a student job may not be enough. African-American college graduates owed almost $7,500 more than white graduates and have an average default rate more than five times higher too. With often less-stable socio-economic backgrounds to help them afford college without loans and frequently facing discrimination in the hiring process, a hard-earned degree doesn’t necessarily mean they’ll have an easier time of bettering themselves. African-American youth are also more likely to leave college without a degree. Not obtaining a degree sadly does not mean they will be excused from loan repayment and they will likely struggle even more in repayment than their counterparts who did obtain a degree.

    It’s often recommended to get a degree to get a better job to afford a better life, but it’s not that simple. The majority of Americans will need financial assistance to attend college at an attempt at personal betterment. Many of those borrowers will struggle with repayment. Ameritech Financial may be able to help qualified student loan borrowers apply for federal income-driven repayment programs that can potentially lower their monthly payments and get them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our borrowers and being a student loan advocate,” said Knickerbocker.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    ​Rohnert Park, CA 94928
    1-800-792-8621
    ​media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • AFBC: Johns Hopkins University May Have Just Done Away With Student Loans for Good

    AFBC: Johns Hopkins University May Have Just Done Away With Student Loans for Good

    [ad_1]

    Press Release
    –


    updated: Nov 29, 2018


    EMERYVILLE, Calif., November 29, 2018 (Newswire.com)
    –
     Not everyone can rely on scholarships to take them through school. Instead, most will have to rely on student loans to attend college, which repaying those often takes far longer than advertised as taking and costing more money. American Financial Benefits Center (AFBC), a document preparation service company that has helped many struggling student loan borrowers apply for certain federal student loan repayment programs, says that a recent donation may make a world of difference for students hoping to avoid student loans.

    At Johns Hopkins University in Baltimore, more students than ever before will have a chance to utilize scholarships to attend college, as former New York City Mayor Michael Bloomberg has announced that he will donate an unprecedented $1.8 billion to his former college. The previous largest donation to an educational institution was made by the Bill & Melinda Gates Foundation in 1999 to the tune of $1 billion over 20 years. The donation by Bloomberg, one of the world’s richest people, will give the university a chance to move away from the students’ ability to pay tuition and towards their ability to perform academically to determine admission. “It takes assistance from all varieties of groups and people to help fight the student loan crisis that America currently faces. The more help, the better,” said Sara Molina, manager at AFBC.

    It takes assistance from all varieties of groups and people to help fight the student loan crisis that America currently faces. The more help, the better.

    Sara Molina, Manager at AFBC

    The donation was only recently announced, so it will likely take a while before it is given and students can begin receiving the benefit of such a wonderful gift. Not all college attendees will be able to benefit from this donation, though. Even previous students from Johns Hopkins may not see a direct benefit from this event and will have to continue with student loan repayment. Struggling with student loan repayment is something all too many Americans have to deal with. AFBC has helped thousands of student loan borrowers apply for federal income-driven repayment plans that have potentially lowered their monthly payment and gotten them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our clients better their loan situation how we can and through the yearly recertification process,” said Molina.

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center
    1900 Powell Street #600
    Emeryville, CA 94608
    1-800-488-1490
    info@afbcenter.com

    Source: American Financial Benefits Center

    [ad_2]

    Source link

  • From Floods to Fires: Ameritech Financial Discusses What Climate Change Could Mean for Student Loan Borrowers’ Finances

    From Floods to Fires: Ameritech Financial Discusses What Climate Change Could Mean for Student Loan Borrowers’ Finances

    [ad_1]

    Press Release
    –


    updated: Nov 28, 2018


    ROHNERT PARK, Calif., November 28, 2018 (Newswire.com)
    –
     From the recent California wildfires to detrimental hurricanes like Sandy and Katrina, it has become more apparent that we may need to better prepare ourselves for these natural disasters. Scientists believe that climate change and global warming could be behind some of the disasters we are facing today. When thinking about being more prepared for emergencies, one has to think about what this means for their bottom line or, more specifically, their student loans. Ameritech Financial, a document preparation company, will continue to help borrowers overwhelmed with student loan debt apply for and maintain enrollment in federal programs, such as income-driven repayment plans (IDRs) that can possibly lower monthly payments based on income and family size.

    “No matter what happens with climate change, our goals at Ameritech remain clear,” said Tom Knickerbocker, executive vice president of Ameritech. “We help borrowers who are unable to keep up with their student loan debt. We guide our clients through the sometimes overly complex processes and act as their trusted advocate as they deal with their loan servicers.”

    No matter what happens with climate change, our goals at Ameritech remain clear.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    When feeling the heat on one’s budget, what is the first thing that comes to mind? For many, it’s housing. This is especially important for those who live on the coast or in areas that may soon become flood regions. Getting a home in these areas may be more difficult because of changes in mortgages, property value and insurance. Banks want to make sure that a property continues to hold its value. If the borrower defaults, the bank wants to know if it can get its money back from the property and if the homeowners can continue paying off their loan. Giving loans for properties in flood-prone areas will get riskier as time goes on. Interest rates will soon begin to reflect this. What if someone lives in an area with potential for fire damage, like in California? Insurance for this natural disaster will continue to rise and be more and more difficult to get. Escalating costs for wind damage, water damage and fire damage will end up getting passed onto the consumers in higher premiums.

    If insurance is rising and property value is in flux, what does that spell for everything else that goes into a home, like food and energy costs? Prices for food that is developed in areas that face natural disaster damage have already begun to increase. For example, higher temperatures can cause dehydration which prevents pollination and can lead to slowed photosynthesis. Science Magazine has also released studies about how increases in temperature will likely increase our energy demand, as well as change our ability to produce electricity and deliver it reliably. For student loan borrowers that may already struggle with their finances, increases in food and electricity could spell disaster. Income-driven repayment plans (IDRs) may be able to help. IDRs allow for student loan borrowers to possibly reduce monthly payments, which could help those battling rising costs.

    “It’s always difficult to predict when this will all happen,” said Knickerbocker. “But we will continue helping our clients, working with them for years to come and assisting them in applying for certain repayment programs.” As a culture living with climate change, people may have to start budgeting for it. They have to think about potential changes in housing, increases in food and energy costs, and even increases in medical costs. Saving for these natural disasters will be increasingly necessary, especially for those living in the most affected areas.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    Rohnert Park, CA 94928
    1-800-792-8621
    media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • AFBC: Want to Be Paid to Move? Tulsa, Oklahoma, May Be Looking to Do Just That

    AFBC: Want to Be Paid to Move? Tulsa, Oklahoma, May Be Looking to Do Just That

    [ad_1]

    Press Release
    –


    updated: Nov 28, 2018


    EMERYVILLE, Calif., November 28, 2018 (Newswire.com)
    –
     Figuring out where to plant some roots and begin a new chapter in life isn’t always easy. There are all sorts of things to consider before moving and no one’s going to cover the costs to move. Or will they? American Financial Benefits Center (AFBC), a document preparation service company that has helped many student loan borrowers, says that more and more towns and states are trying out ways to entice people to move to their area and that student loan borrowers may have a golden opportunity ahead of them if they’re willing to relocate.

    Tulsa, Oklahoma, has recently created Tulsa Remote, which is a special program designed to entice people to move there. Eligible applicants who agree to move to and live in Tulsa for a year while working remotely will receive $10,000 over a period of time; $2,500 will be received in the beginning to cover relocation expenses, $500 a month for a year and then $1,500 once the program is completed. Sounds pretty good, doesn’t it? “Student loan borrowers often need all the help they can get. Even if some programs aren’t inherently designed to help them, they may find new opportunities to help ease the struggle,” said Sara Molina, manager at AFBC.

    Student loan borrowers often need all the help they can get. Even if some programs aren’t inherently designed to help them, they may find new opportunities to help ease the struggle.

    Sara Molina, Manager at AFBC

    The point of the program, of course, is not to just have people move in for a year, but to encourage them to move and stay to help with economic and community growth. Job-seeking young professionals, from researchers and writers to tech-savvy opportunity seekers that are 18 or older and willing to work for a company already based out of Tulsa County, making a pledge to move to Tulsa and live there for the year-long requirement might just be a newfound opportunity some may have hoped for. For now, only around a dozen people will be selected to participate, but Ken Levit, an executive director of George Kaiser Family Foundation, says the city hopes to have up 300 workers in the program someday. At that time, they may even open up the restrictions a little to not only have semi-locals able to relocate but some people looking to move into this opportunity.

    When student loan repayment is at the forefront of the mind, it can be hard to find opportunities that help with the situation instead of potentially making it an even harder struggle. Borrowers struggling with student loan repayment may be able to find help with the grant systems more places are starting up, but also with federal-level programs. AFBC has helped thousands of struggling student loan borrowers apply for income-driven repayment programs that have potentially lowered their monthly payment and gotten them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our clients better their loan situation and through the yearly recertification process,” said Molina.

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center
    1900 Powell Street #600
    ​Emeryville, CA 94608
    1-800-488-1490
    ​info@afbcenter.com

    Source: American Financial Benefits Center

    [ad_2]

    Source link

  • Ameritech Financial Talks Notable Government and Business Policies Which May Lower Student Loans Like the Student Loan Repayment Acceleration Act

    Ameritech Financial Talks Notable Government and Business Policies Which May Lower Student Loans Like the Student Loan Repayment Acceleration Act

    [ad_1]

    Press Release
    –


    updated: Nov 27, 2018


    ROHNERT PARK, Calif., November 27, 2018 (Newswire.com)
    –
    Ameritech Financial is closely following the Student Loan Repayment Acceleration Act that Senator Cory Gardner of Colorado proposed recently. If this bill passed it would allow employers to contribute up to $10,000 per year towards their employee’s student loan debt. If an employer decided to use this bill they would be able to decide whether they would match an employee’s contributions, either fully or partially, or pay a certain amount regardless of an employee’s contributions. While this Act would drastically help many borrowers if it were passed, there are many corporate policies that may help borrowers today. Ameritech Financial, a document preparation company, assists student loan borrowers in applying for federal income-driven repayment plans available now but believes legislation enabling student loan assistance benefits would also benefit borrowers.

    “Student loans are a problem that everyone is trying to solve,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “With all of the alternative plans available to a borrower and all of the new policies enacted to confront student loans, it feels like we may be making steady progress towards solving the student loan crisis.”

    With all of the alternative plans available to a borrower and all of the new policies enacted to confront student loans, it feels like we may be making steady progress towards solving the student loan crisis.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    The Student Loan Acceleration Act would be a huge benefit to borrowers, but there are already corporate policies in place which may be able to help. Companies like PwC have already created a program to help their employees repay their student loans by up to $1,200 per year. Contributions like these may become more common due to a recent IRS ruling that allowed companies to make student loan assistance a part of their tax-deductible 401(k) plans. However, these benefits only apply to people involved in specific organizations that are using this ruling.

    One of the most successful policies for student loan assistance may be the income-driven repayment (IDR) plans available to all borrowers of federal student loans. Aligning with an IDR can potentially lower a student loan borrower’s monthly student loan bill to 10 to 15 percent of their monthly discretionary income and result in federal student loan forgiveness after remaining in the plan for 20 to 25 years. The navigation of the different options and completion of paperwork may be difficult or overwhelming for some, but the program provides a long-term solution to pay down student loans while having the repayments adapt to a borrower’s individual situation. IDRs are currently available to most borrowers who have federal student loans, though due to bad information given by some student loan servicers, many borrowers may not realize the options available to them.

    “We see the difficulties that student loan borrowers face and we are happy that so many people are doing all they can to help solve the student loan problem,” said Knickerbocker. “We hope to help student loan borrowers find the plan that they need in order to regain control over their own finances.”

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • Making Poor Assumptions About Student Loan Borrowers’ Financial Situation Does No One Any Favors, Says AFBC

    Making Poor Assumptions About Student Loan Borrowers’ Financial Situation Does No One Any Favors, Says AFBC

    [ad_1]

    Press Release
    –


    updated: Nov 27, 2018


    EMERYVILLE, Calif., November 27, 2018 (Newswire.com)
    –
    The majority of Americans attending college will need some sort of financial assistance. People who don’t need financial assistance for college, or much else in life, and sometimes even people who also need help, seem to harshly judge those who don’t fit their image of who needs assistance and who doesn’t. American Financial Benefits Center (AFBC), a document preparation service company that has helped many struggling student loan borrowers says judging borrowers from a distance is all too easy compared to how much harder it is to get them the help they need.

    With the average cost being around 10k just for in-state colleges, that says a lot about why the majority of Americans will be needing help. Not all borrowers will take out a loan to cover the full cost of their higher education, but even a few thousand may take longer than anticipated to pay off, which means paying off the accumulated interested, as well.

    People deserve to have a quality life, regardless of where they started, and student loan repayment often threatens people’s standard of living when it shouldn’t realistically do so, through no fault of the borrower.

    Sara Molina, Manager at AFBC

    “People deserve to have a quality life, regardless of where they started, and student loan repayment often threatens people’s standard of living when it shouldn’t realistically do so, through no fault of the borrower,” said Sara Molina, manager at AFBC.

    The trouble with trying to decide who deserves assistance, student loan related or not, is that it’s very easy to not fit the preconceived notion of what it means to look poor. When someone is walking around with designer clothes, designer accessories, and looking healthy, bright, and clean, it can be difficult to picture them needing financial assistance. But appearances can be deceiving. Someone wearing all designer stuff could have any number of reasons for owning them. Shopping at second hand or discounted overstock stores, or being gifted items is a great way to get ahold of luxury items and an all too good way to have people judging an individual. Not to mention, affording a few brand name items is still remarkably cheaper than affording a college education.

    With the recent college semester bringing the total student loan debt amount to over $1.5 trillion, more people are making the choice to better themselves through higher education. A college degree of some sort is deemed a necessity by most of society, and too often people are looked down on when they struggle with repayment of loans they took out to try and meet those expectations. AFBC has helped thousands of struggling student loan borrower’s apply for federal income-driven repayment programs, that have potentially lowered their monthly payments and gotten them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so dedicated to helping our clients apply for much-needed repayment programs and through the yearly recertification process,” said Molina.

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center

    1900 Powell Street #600

    Emeryville, CA 94608

    1-800-488-1490

    info@afbcenter.com

    Source: American Financial Benefits Center

    [ad_2]

    Source link

  • Ameritech Financial: Ohio Student Loan Borrowers May Not Need to Choose Between Repayment and Buying a House

    Ameritech Financial: Ohio Student Loan Borrowers May Not Need to Choose Between Repayment and Buying a House

    [ad_1]

    Press Release
    –


    updated: Nov 26, 2018


    Rohnert Park, Calif., November 26, 2018 (Newswire.com)
    –
    Immigration between states is nothing new as people are always looking for a situation that suits them better. Some states have better job prospects for certain fields, others may have more affordable housing. The reasons people move vary, but they move because they’re seeking something better. That’s fine and good for states that have large stable populations already, but some lower population states are struggling to keep people around. A recently proposed Ohio bill may have at least part of a solution for that. Ameritech Financial, a document preparation service company, says prospective home-buyers may have more options if they’re stuck dealing with student loan repayment.

    Senate Bill 334, which was introduced on November 13th of this year, would potentially help around 400 low- to middle-income families afford housing better by canceling out much of their student loan costs. Depending on the cost of the house, there might be some loans to repay afterward, still, but the amount would be greatly minimized. Home buyers would have to live in the purchased home for 5 years for the full effects to set in. But for locals struggling with long-term living situation choices, this could be a huge boon. Even better, it would also work with the first-time buyer programs currently available in Ohio, as well.

    The student loan issue at hand will need several options to help get it under control, and I’m happy to see different groups taking the initiative to assist.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    This idea came from the already instated Maryland SmartBuy program from 2016. So far, it has been so successful that it has had another $3 million added to its funding to expand the program further. For people struggling to afford homeownership due to student loans in those states, it may be what they need. It may even encourage other states to follow suit. “The student loan issue at hand will need several options to help get it under control, and I’m happy to see different groups taking the initiative to assist,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial.

    For borrowers in other states who are struggling with student loan repayment, there may be options for help at the federal level. Ameritech Financial helps qualified student loan borrowers apply for federal income-driven repayment programs that can potentially lower their monthly payments and get them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our clients and being a student loan advocate,” said Knickerbocker.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • Student Loan Repayment Isn’t Only a Problem for the Young, Says Ameritech Financial

    Student Loan Repayment Isn’t Only a Problem for the Young, Says Ameritech Financial

    [ad_1]

    Press Release
    –


    updated: Nov 25, 2018


    ROHNERT PARK, Calif., November 25, 2018 (Newswire.com)
    –
    People say stuff like “it’s only downhill from here”, trying to say that it gets easier. In theory, as people have had more time to climb their professional ladder, save up some money, and get comfortable in their home, it should be easier later on in life. But for older student loan borrowers that is not necessarily the case. Ameritech Financial (ATF), a document preparation service company, says that student loan repayment can have hurdles that are hard to pass at any age.

    Many people hear that it will take them about ten years to repay their student loans when they first take them out, as that’s supposed to be the estimated amount of time. But for many borrowers that’s not the case. Every missed payment pushes out the end of the repayment period, and a minimum payment likely won’t cover much of the principal, if it touches any at all. Which then leads to borrowers owing for decades longer than they would have anticipated when they first took out that loan. It doesn’t paint a very happy picture of the future that way.

    Regardless of who the loan was taken out for, paying off student loans later in life interferes with a lot of things. Saving for retirement, potentially forcing someone to live in a less comfortable situation when they’ve worked so hard to afford some time to rest, and many other reasons make repaying student loans later in life trickier. Not that repayment is an easy situation in general.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    Other times it’s not even their college experience that older people may be paying for, but those of their children or grandchildren. With ParentPLUS loans, a parent or guardian can take our loans in their name to pay for a dependent’s education. It may be much easier on the college attendee, but then comes the trouble of repayment for the ones who took it out. This is especially true if they took out multiple loans to put multiple people through college.

    “Regardless of who the loan was taken out for, paying off student loans later in life interferes with a lot of things. Saving for retirement, potentially forcing someone to live in a less comfortable situation when they’ve worked so hard to afford some time to rest, and many other reasons make repaying student loans later in life trickier. Not that repayment is an easy situation in general,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial.

    Struggling with student loan repayment isn’t exclusive to any age group. ATF helps qualified student loan borrowers apply for federal income-driven repayment programs that can potentially lower their monthly payments and get them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our clients and being a student loan advocate,” said Knickerbocker.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • Student Loans: A Quick Head Start or Long Term Problem? AFBC Weighs In

    Student Loans: A Quick Head Start or Long Term Problem? AFBC Weighs In

    [ad_1]

    Press Release
    –


    updated: Nov 23, 2018


    EMERYVILLE, Calif., November 23, 2018 (Newswire.com)
    –
    EMERYVILLE, Calif., November 23, 2018 (Newswire) -​​Student loans have a bad reputation at this point, and it’s not entirely undeserved. But is it the loans themselves that are an issue, or the industry that makes them a necessity and that handles repayment? American Financial Benefits Center (AFBC), a document preparation service company that has helped many struggling borrowers, says that every issue has multiple facets to it for people to consider.

    A recent study following 20,000 students over a five year period found that taking out loans lent itself to students being able to accomplish more things during their time at college. They were able to work less and provided extra financial security if an emergency came up. Not having to focus as much on working outside of schooling also meant less stress from that job, allowing students to better focus instead on studying. Aside from making attending college less stressful, students who took out student loans on average earned more credits per school year and higher grades overall.

    There’s good and bad to every decision, even student loans. It’s just a matter of deciding if the good and bad are worth it to an individual.

    Sara Molina, Manager at AFBC

    As a result, the researchers concluded that schools that attempt to discourage students from taking out loans may be doing them a disservice in the long run. Student loan borrowers often lament their loans during the repayment period, thinking about how they’d likely be able to better afford things if they weren’t focused on their loans. However, in the cases that borrowers are able to get jobs thanks to their degree, that statement likely isn’t true because they wouldn’t have that job if it weren’t for attending college with a loan. “There’s good and bad to every decision, even student loans. It’s just a matter of deciding if the good and bad are worth it to an individual,” said Sara Molina, manager at AFBC. 

    But a degree-related job doesn’t necessarily make repayment easier. Many borrowers still struggle to make ends meet and need some sort of assistance during the repayment period. AFBC has been there for thousands of struggling student loan borrowers, to help them apply for federal income-driven repayment programs that have potentially lowered their monthly payments and gotten them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so dedicated to helping our clients in the ways that we can,” said Molina.

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center

    1900 Powell Street #600

    Emeryville, CA 94608

    1-800-488-1490

    info@afbcenter.com

    Source: American Financial Benefits Center

    [ad_2]

    Source link

  • ATF: Fifth in Population, Thirty-Third in Size, But Can Pennsylvania Really Be the Worst State for Student Loans?

    ATF: Fifth in Population, Thirty-Third in Size, But Can Pennsylvania Really Be the Worst State for Student Loans?

    [ad_1]

    Press Release
    –


    updated: Nov 22, 2018


    ROHNERT PARK, Calif., November 22, 2018 (Newswire.com)
    –
     With 50 states in our country, of course one of them is going to rank the worst in a few categories. The worst may depend on who is asked, and those that live in the mentioned state may have a slightly biased opinion. Ameritech Financial, a document preparation service company that works with struggling student loan borrowers, say “the worst” will always change based on what angle is being looked at. But an editorial piece written by a Pennsylvania local goes on about why Pennsylvania is the worst state when it comes to student loan problems.

    “Every state has problems on some level, and that includes how colleges and funding interact with college attendees. States with larger populations are going to have more problems because it’s hard to get more cohesive work done when there are many parts,” said Tom Knickerbocker, executive vice president of Ameritech Financial.

    Every state has problems on some level, and that includes how colleges and funding interact with college attendees. States with larger populations are going to have more problems because it’s hard to get more cohesive work done when there are many parts.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    The average graduate in Pennsylvania has about $36,000 in student loans. With a student loan amount matching the average salary, that’s a heavy burden to bear. Having the kind of loan amount to repay heavily limits how much that borrower can participate in the economy. Not being able to save up, buy a house, a new car or afford replacements of much truly limits not just the local and national economy but the borrowers’ quality of life. The editorial went on to place much of the blame on state officials, saying the continual cutting and freezing of state funding for colleges resulted in shifting the financial responsibility onto students and parents. Auditor General Eugene DePasquale has acknowledged that there is a problem with funding, but is worried about colleges taking the received funding and spending it on flashy attractions to encourage students to attend rather than working on funding a quality education for students.

    The student loan debt crisis that the country is currently facing is going to take many groups working together and a fair amount of time. But borrowers currently struggling in the face of repayment don’t have time to wait for things to get better. Ameritech Financial may be able to help qualified student loan borrowers better their situation by helping them apply for federal income-driven repayment programs. These programs can potentially lower monthly payments and get a borrower on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so dedicated to helping our clients and being a student loan advocate,” said Knickerbocker.

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    ​Rohnert Park, CA 94928
    1-800-792-8621
    ​media@ameritechfinancial.com

    Source: Ameritech Financial

    [ad_2]

    Source link

  • American Financial Benefits Center Shares Some Strategies to Take Control of Student Loans

    American Financial Benefits Center Shares Some Strategies to Take Control of Student Loans

    [ad_1]

    Press Release
    –


    updated: Nov 22, 2018


    EMERYVILLE, Calif., November 22, 2018 (Newswire.com)
    –
    Having student loans is common, but knowing successful repayment strategies is not. Knowing the different options available for private and federal loans can reduce repayment by thousands of dollars, provide a flexible repayment schedule, or allow a borrower to have greater control over their finances. Despite this, either due to a lack of knowledge or due to receiving bad information from a servicer, many borrowers are not implementing the repayment strategy that would help them pay off their debt best. American Financial Benefits Center (AFBC), a document preparation company, suggests looking into repayment strategies, such as alternative repayment programs, to potentially find more efficient ways to lower their student loan payments.

    “For many borrowers, the right repayment strategies are kept oddly out of reach,” said Sara Molina, Manager at AFBC. “Since student loans dictate the finances of millions of Americans, every step toward improving them could be a step in the right direction.”

    For many borrowers, the right repayment strategies are kept oddly out of reach. Since student loans dictate the finances of millions of Americans, every step toward improving them could be a step in the right direction.

    Sara Molina, Manager at AFBC

    The first strategy that borrowers may want to consider is borrowing as little as possible while prioritizing federal loans over private loans. Federal loans generally have a lower interest rate than private loans and have access to alternative repayment methods known as income-driven repayment plans (IDRs). An IDR potentially reduces a borrower’s monthly student loan payments to 10 to 15 percent of their monthly discretionary income and leads to student loan forgiveness after 20 to 25 years in the program. By aligning with IDRs, borrowers can form an effective long-term strategy to pay off their student loans without letting student loans dictate their financial life.

    Many students may need more help than what the federal loans can provide for higher education and seek out private loans, as well. Private loans often have a higher interest rate than the federal loans and do not have the repayment options that the federal loans have. Because of this, the most popular repayment strategies for private loans require making extra payments and reducing the debt quickly.

    There are three popular strategies that can be implemented to reduce private student loan debt: The debt avalanche, the debt snowball, and loan refinancing.

    1. The debt avalanche – This strategy requires that extra payments be made to the loan with the highest interest, reducing the interest paid over time. A borrower may need to inform their servicer to apply any extra payments toward the loan with the highest interest, instead of dividing it among all loans.
    2. The debt snowball – This strategy requires that extra payments be made to the loan with the smallest balance, removing smaller loans quickly. A borrower may need to inform their servicer to apply any extra payments toward the loan with the smallest balance, instead of dividing it among all loans.
    3. Refinancing lumps some or all of the student loans together into one loan with a potentially lower interest rate depending on a borrower’s credit rating or the credit rating of their co-signer. Refinancing federal loans into private loans, unfortunately, removes alternative repayment options like IDR or deferment, so it should be viewed as a last effort after the borrower is sure they can successfully repay the loan.

    With these strategies, it may be possible to significantly reduce the amount a borrower will repay for their student loans no matter what their loan type happens to be.

    “Education is often considered necessary. Knowing the best way to pay off student loans could be just as necessary,” said Molina. “We want borrowers to know the best options available to them to let them take control of their student loans, take control of their own finances, and take control of their financial well-being.”

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center

    1900 Powell Street #600

    Emeryville, CA 94608

    1-800-488-1490

    info@afbcenter.com

    Source: American Financial Benefits Center

    [ad_2]

    Source link

  • Ameritech Financial: What Low Unemployment and Low Wage Growth Could Mean for Student Loan Borrowers

    Ameritech Financial: What Low Unemployment and Low Wage Growth Could Mean for Student Loan Borrowers

    [ad_1]


    ROHNERT PARK, Calif., November 21, 2018 (Newswire.com)
    –
     Since the 2008 recession hit, the labor market has been slowly gaining traction in an attempt to get back to those glory days. While the market is doing very well, with a low unemployment rate, there is surprisingly a very low amount of wage growth accompanying it. What does this mean exactly? It shows that while everyone can seem to get a job and stay employed, wages are not increasing at the same rate. This can mean many things, but for student loan borrowers it could mean not being able to stay on track for student loan repayment. Ameritech Financial, a document preparation company, assists student loan borrowers in applying for income-driven repayment plans (IDRs), which may be especially important during times of low wage growth.

    “The reasoning behind low unemployment and low wage growth is largely a mystery, but it is something worth watching and being aware of in the short term,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “What we do know is that when people make more money, they may be able to pay off their student loans at a higher rate. Low wage growth doesn’t help that.”

    The reasoning behind low unemployment and low wage growth is largely a mystery, but it is something worth watching and being aware of in the short term.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    If the U.S. has a strong employment rate, why would wage growth be down? The New York Times early last month wrote about this topic and laid out a couple hypotheses. One is that while some may blame an actual decline in inflation, it is not the sole culprit. In theory, with inflation, we would see wages grow in order to cover the inflation and a decline in inflation would cause a decline in wage growth. However, the decline in inflation is not nearly close enough to that of the decline in wage growth. Another hypothesis is the workforce is now older than it was in 2001, meaning the main cohorts are less likely to have an increase in their wage. However, wage growth is still lower for everyone (no matter age, gender or education) than pre-recession. Okay, so if not inflation or the fact everyone is older, how about productivity? But this year even the most skilled workers, and those who are typically the most productive, still did not see any bump in wage growth. Wage growth is still down across jobs of all skill levels.

    While all these hypotheses hold some possibility, one does not stand out above the rest as the sole reason for lower wage growth. For student loan borrowers, low wage growth might mean difficulty staying on track for repayment because borrowers may possibly be experiencing a strain on their finances. If this is the case, borrowers could turn to an income-driven repayment plan (IDR) in order to stay on top of repayment. IDRs allow borrowers to repay what they can based on income and family size, which can help when faced with low wages.

    “One thing is certain — in order for student loan borrowers to feel secure about staying on track for repayment, there needs to be wage growth. We want to help our clients navigate what some may consider to be a complex process of applying to enroll in IDRs so they are able to do what they can with what they have,” said Knickerbocker. “We want to help them worry less about what they don’t have and focus more on the goals they want to achieve with what they do have.”   

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    ​Rohnert Park, CA 94928
    1-800-792-8621
    ​media@ameritechfinancial.com

    Source: Ameritech Financial

    Related Media

    [ad_2]

    Source link

  • ATF: The Struggle Towards College Starts for Some People Before They’re Even Enrolled in School

    ATF: The Struggle Towards College Starts for Some People Before They’re Even Enrolled in School

    [ad_1]


    ROHNERT PARK, Calif., November 20, 2018 (Newswire.com)
    –
     Gearing up for college doesn’t just begin in high school for a lot of people. Sometimes it begins before they’re even born. Parents saving up for college may begin as soon as they hear they’re expecting, especially if they have multiple children they hope will attend college. Even with years of saving, and years of extracurricular activities to try and spruce up a college application in hopes of scholarships, individuals still often struggle to afford college. Ameritech Financial, a document preparation service company, says that even with extra activities early on, many college hopefuls will have a hard time affording a higher education.

    Continual sports games mixed with never-ending practices, music lessons, volunteer work, almost anything that can be added later on to a college application story and letter, wind up being a focal point of many children’s lives. Cramming in something to every possible moment fits in well with the narrative of the hardworking American, but children often don’t take well to the extreme stress of being overloaded like that. Some parents who have their children’s schedules filled up do understand that it’s extreme, but their driving need to help them succeed in life makes it difficult to stop.

    Wanting the best for your kids is the sign of a good parent, and a lot of hard work goes into trying to get the best things for them.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    All the work parents and children put in to be accepted into the top schools then comes with the price tag of an elite school. The majority of college attendees need financial assistance of some sort to attend, leading to the $1.5 trillion debt for student loans in America. Many of those student loan borrowers will struggle at one point or another with repayment. Ameritech Financial helps struggling student loan borrowers apply for federal income-driven repayment programs, which can potentially lower their monthly payments and get them on track for forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle, that’s why we’re so committed to our clients and being a student loan advocate,” said Knickerbocker. 

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    ​Rohnert Park, CA 94928
    1-800-792-8621
    ​media@ameritechfinancial.com

    Source: Ameritech Financial

    Related Media

    [ad_2]

    Source link

  • Be Aware of Short-Term Financial Choices in College That Could Have Long-Term Impact, Advises Ameritech Financial

    Be Aware of Short-Term Financial Choices in College That Could Have Long-Term Impact, Advises Ameritech Financial

    [ad_1]


    ROHNERT PARK, Calif., November 19, 2018 (Newswire.com)
    –
     College is a series of choices a student must make. From the big decisions like what subject to choose as a major, to the daily “what am I going to eat for lunch” question, college presents a never-ending stream of trade-offs. Majoring in Art means not majoring in Engineering. Getting a taco for lunch means no sandwich. The toughest choices a college student may have to make, however, will likely revolve around finances. Ameritech Financial, a document preparation company, advises students to make informed decisions concerning their student loans and overall financial situation.

    Tom Knickerbocker, executive vice president of Ameritech, explains that “It’s kind of too bad, but the system we have right now requires teenagers to make financial decisions that might affect them for decades or even the rest of their life. We want them to have at least a rudimentary understanding of where their loan balance will stand when they’re done with school.”

    It’s kind of too bad, but the system we have right now requires teenagers to make financial decisions that might affect them for decades or even the rest of their life.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    According to the U.S. Department of Education, 60 percent of students borrow money annually for college. That means three out of every five college students must face decisions about the money funding their education before they know how much money they will earn in the job market. In this situation, there are some common trade-offs students make that could end up costing them in the long run.

    One common mistake is to borrow too much money. The money is available, so temptation can lead a person to get as much cash on hand as possible. Unless that money is vital to a borrower’s finances, though, it should be left on the table. Establishing and understanding a personal budget is crucial. Borrowing those extra few hundred dollars a semester might seem like a good idea, but the trade-off could potentially be thousands of dollars in student loans owed because of hundreds of dollars borrowed.

    Moreover, if borrowers make small monthly loan payments while attending college, they can potentially save thousands of dollars in the long run. In today’s gig economy, $50 weekly payments are a fairly modest and attainable goal. If a student takes 10 semesters to graduate and pays back just $50 dollars a week to their loans, they could pay back $13,000 over the course of their education. Graduating with that much less student debt is a trade-off all students should consider.

    If federal student loans do become a thorn in a borrower’s side, Ameritech offers assistance in applying for federal programs intended to reduce monthly payments down to an affordable level. Income-driven repayment plans, or IDRs, cap loan payments based on income level and family size so that a borrower only pays 10 to 15 percent of discretionary income.

    “Enrolling in an IDR is another trade-off college students and grads should mull over,” Knickerbocker began, “and we can help them find their way through the paperwork that may get a little confusing at times.”

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial
    5789 State Farm Drive #265
    ​Rohnert Park, CA 94928
    1-800-792-8621
    ​media@ameritechfinancial.com

    Source: Ameritech Financial

    Related Media

    [ad_2]

    Source link

  • Being Lazy Could Cost Too Much When It Comes to Student Loan Repayment, Says Ameritech Financial

    Being Lazy Could Cost Too Much When It Comes to Student Loan Repayment, Says Ameritech Financial

    [ad_1]


    ROHNERT PARK, Calif., November 19, 2018 (Newswire.com)
    –
     Putting something on the back burner may feel temporary. But for some, it can manifest into a way of life. Being lazy isn’t a crime, but it definitely isn’t a mentality that will save anyone money. When it comes to student loans, forgetting or simply failing to recognize their importance can cause individuals to fall behind on payments. Ameritech Financial, a document preparation company, helps thousands of people across the country find potential solutions to overwhelming student loan debt. They skillfully guide clients through the processes of applying for and maintaining enrollment in federal programs, such as IDRs, that can possibly lower suffocating monthly payments.

    “Being lazy could really be costing you, and not just when it comes to having to get your favorite coffee drink over making it at home,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial. “What really can drag you down is the compounding of all your lazy activities. If you don’t want to walk somewhere, you can get a taxi. If you don’t want to make dinner, you can eat out. Those small expenses can add up and affect your ability to pay bills like student loans.”

    Those small expenses can add up and affect your ability to pay bills like student loans.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    According to the Washington Post, there are quite a few things individuals could be overspending on and just downright being lazy about. The article mentions different ways to save money including the rule of five, comparison shopping, and bringing lunch from home. Follow the five-minute rule by asking, can this be made in five minutes at home? If so, it may not be worth paying extra for elsewhere. Shopping without a list is another mistake that can be grouped under laziness. Without a list there is the possibility of overspending on food that may not be needed. Take the time and write out a list in order to save. How much does it really cost to go get a sandwich from the corner store, instead of bringing one from home? Well, those almost homemade sandwiches sure can add up. For example, if someone spends an average of $10 each workday on lunch, that is about $2,400 annually that could be saved.

    The list can go on, but the bottom line is that laziness costs more than previously thought. If someone is already on a tight budget, income-driven repayment plans (IDRs) may be able to give some relief. For student loan borrowers, IDRs allow them to repay their loans based on their income and family size.

    “Not being able to pay your student loans because your funds are being funneled elsewhere may lead borrowers to venture off track. In order to stay on track for student loan repayment they may have to evaluate if laziness is partly to blame,” said Knickerbocker. “We are here as an option for student loan borrowers who may need help getting back on track. We want borrowers to know all the options available to them, and know that they have an advocate to assist them in applying for what may be the best repayment options for them.”

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    Related Media

    [ad_2]

    Source link

  • American Financial Benefits Center: After-Midterm Election Ramifications and Student Loans

    American Financial Benefits Center: After-Midterm Election Ramifications and Student Loans

    [ad_1]


    SAN RAMON, Calif., November 16, 2018 (Newswire.com)
    –
     History has been made with this most recent election period, now drawn to an end and the dust is settling out. Colorado has its first black congressman, 117 women won congressional seats, and Nevada elected a man who had passed away about a month prior. Many recently elected officials spoke on the topic of student loans which clearly many voters related to. American Financial Benefits Center (AFBC), a document preparation service company that has helped many struggling student loan borrowers apply for federal repayment programs, says this recent midterm election will bring with it changes to the student loan playing field, one way or another.

    After the past couple of years, many policies from the previous presidential era have come, gone, and been changed. As usual, some people have benefited from certain policies more than others. Recently, an Obama-era rule was reinstated, giving more borrowers a chance to better help themselves. It will take time to see how well these newly elected officials hold to their goals and promises, keeping in mind that there is only so much each individual can do within a political sphere, but for many, this midterm season has been seen as a sign of hope. “Big changes are likely coming for student loans from this election, even if they’re changes that won’t really take effect for a few years yet,” said Sara Molina, manager at AFBC.

    Big changes are likely coming for student loans from this election, even if they’re changes that won’t really take effect for a few years yet.

    Sara Molina, Manager at AFBC

    For borrowers that have needed help before these recent elections, companies like AFBC have been doing their part. Helping clients apply for federal income-driven repayment programs that have potentially lowered their monthly payments and gotten them on track for student loan forgiveness after 20-25 years of being in the program is just a part of the good AFBC has done for student loan borrowers. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so dedicated to helping our clients and being a student loan advocate,” said Molina.

    About American Financial Benefits Center

    American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

    Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

    American Financial Benefits Center Newsroom

    Contact

    To learn more about American Financial Benefits Center, please contact:

    American Financial Benefits Center

    1900 Powell Street #600

    Emeryville, CA 94608

    1-800-488-1490

    info@afbcenter.com

    Source: American Financial Benefits Center

    Related Media

    [ad_2]

    Source link

  • ATF: Differences in Student Loan Types Can Be Confusing, and May Have Detrimental Consequences for Borrowers Who Are Left With Questions

    ATF: Differences in Student Loan Types Can Be Confusing, and May Have Detrimental Consequences for Borrowers Who Are Left With Questions

    [ad_1]


    ROHNERT PARK, Calif., November 16, 2018 (Newswire.com)
    –
    ​Sometimes the differences between private and federal student loans, tools often necessary to attend college, aren’t made explicitly clear to borrowers. Borrowers could look up the needed information, but if they don’t know that they don’t know something, it gets especially difficult in finding information for repayment when questions come up. Ameritech Financial, a document preparation service company, has some information that aims to help clear up some questions that borrowers may not even know they have.

    Both loan types have loan servicers, the companies that collect the owed money. Private loans come from banks, rather than the government, and have the ability to be refinanced, which can help a borrower get a lower interest rate on their loans later on. Private loans do not currently have repayment programs, but they do have a statute of limitations to them. After a certain amount of missed payments, the loans may be written off so to speak, and a borrower will no longer be responsible for repayment. However, a significant amount of damage can be done to a borrower’s credit and financial situation before that, and in some extreme cases servicers may send out a warrant for arrest due to unpaid loans. Or in some cases, there may be some less than scrupulous tricks servicers that are willing to try to attempt to get borrowers to pay back their loans. “When struggling with handling a loan situation, if possible, it may be best to seek out professional help,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial.

    When struggling with handling a loan situation, if possible, it may be best to seek out professional help.

    Tom Knickerbocker, Executive Vice President of Ameritech Financial

    Sometimes even just browsing the Federal Student Aid website can give helpful answers to quick questions for federal loans. Federal loans have repayment programs for when payments become too much for a borrower to handle. Companies like Ameritech Financial help qualified student loan borrowers apply for federal income-driven repayment programs, that can potentially lower their monthly payments and get them on track for student loan forgiveness after 20-25 years of being in the program. “We believe student loan repayment shouldn’t have to be a struggle. That’s why we’re so committed to helping our clients and being a student loan advocate,” said Knickerbocker.  

    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.

    Ameritech Financial Newsroom

    Contact

    To learn more about Ameritech Financial, please contact:

    Ameritech Financial

    5789 State Farm Drive #265

    Rohnert Park, CA 94928

    1-800-792-8621

    media@ameritechfinancial.com

    Source: Ameritech Financial

    Related Media

    [ad_2]

    Source link