Subjects: VET, DIS
Ameritech Financial on Veteran Disability Discharge and Student Loan Management Strategies for Ineligible Borrowers
ROHNERT PARK, Calif., April 19, 2018 /PRNewswire/ -- Veterans, like millions of Americans, may have student loan debt weighing them down. The Department of Education recently announced plans to make the student loan discharge process easier for permanently disabled veterans. Changes in the tax law may have even enabled a process for such veterans to automatically have their federal student debt forgiven. Ameritech Financial, a document preparation company that helps federal student loan borrowers with federal repayment plan applications, encourages borrowers who have high debt and are not eligible for discharge to look into federal income-driven repayment plans.
"We have a lot to thank veterans for, and discharging their student loans is a great way to show that gratitude," said Tom Knickerbocker, Executive Vice President of Ameritech Financial. "But there are millions of Americans who could also use some relief from high federal loan payments."
A previous review between the Department of Education and Social Security Administration exposed 387,000 individuals eligible for permanent disability discharge, 170,000 of whom had defaulted and may have their social security benefits garnished. This new review brings in the Department of Veterans Affairs to include veterans who are not on social security, but who may be eligible.
The veterans that are discovered in this review will be sent an application for total and permanent disability (TPD) as well as an explanation of loan discharge eligibility. To receive this type of federal student loan discharge, veterans must be disabled according to the TPD requirements.
Borrowers who are not eligible for discharge, either through TPD discharge or other means, and who may be struggling with their loan payments may find relief from enrollment in income-driven repayment plans (IDRs). Such plans calculate payments based on income and family size and can potentially reduce payments to as little as zero dollars under certain circumstances. Any remaining balance after 20 to 25 years of enrollment will be forgiven.
"Student loan payments can be tough for many different borrowers to keep up with," said Knickerbocker. "When borrowers might be eligible for discharge, they should absolutely know about it. If not, they may also have options. At Ameritech Financial, we help borrowers explore federal repayment options and submit applications for federal IDRs if they decide it's the best option 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.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
5789 State Farm Drive #265
Rohnert Park, CA 94928
1-800-792-8621
[email protected]
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SOURCE Ameritech Financial
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