Can student loans be revoked? The Ministry of Education says yes
ROHNERT PARK, Calif., September 27, 2018 /PRNewswire/ — Recently, some student borrowers in default have been notified that their loans have been cancelled. People can be very hesitant when it comes to news about their student loans, especially when it’s not a common thing to hear about. But this reminder is very real. Ameritech Financial, a document preparation services company that helps troubled borrowers apply for federal repayment programs, says this kind of change could potentially benefit troubled borrowers in the long run.
“There is always a need for changes to the student loan crisis that we have. Hopefully the upcoming changes are for the best,” said Tom Knickerbocker, Executive Vice President at Ameritech Financial. So what does a recalled student loan entail? Collection agencies are normally responsible for collecting funds from delinquent loans, but after some inspections, the Department of Education (DoE) found that these collection agencies only have a collection rate of a little more than 3%. So now the DoE is taking back control of these loans, in a way it says is friendlier to borrowers, and will also cost taxpayers less since there will be no third-party fees.
It will take some time for the DoE to buy back more student loans, and even longer to see how effective it all is. But seeing the DoE working on issues like this will hopefully prompt changes in other aspects for the better as well. For borrowers currently struggling with their loans, qualified borrowers can seek assistance from Ameritech Financial to apply for Federal Income-Based Repayment Plans. These repayment plans can potentially lower a borrower’s monthly payments and put them on track for student loan forgiveness after 20 to 25 years of participating in the particular repayment program. “At Ameritech Financial, we believe borrowers shouldn’t have to struggle with repayment, and that’s why our business strives to help borrowers better understand their situation and help them in the ways we we can toward financial well-being,” Knickerbocker said.
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of consumers complete financial analyzes and prepare student loan documents to apply for federal student loan repayment programs offered by the Department of Education.
Each Ameritech Financial telephone representative has received Certified Student Loan Professional certification from the International Association of Professional Debt Arbitrators (IAPDA).
Ameritech Financial prides itself on its exceptional customer service.
For more information about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, California 94928
SOURCE Ameritech Financial