Your Student Loan in Times of Disaster: Ameritech Financial on Hurricane Season

ROHNERT PARK, Calif., June 27, 2018 (Newswire.com) - Hurricane season has once again fallen upon us. Another summer on edge hoping to avoid catastrophe will likely be the daily life for many people. A natural disaster can possibly shape the financial future of those affected by the destruction that comes with the earth's wrath. And for people living with the burden of student loans, any situation that demands extra and immediate money can be potentially disastrous on a personal level. Ameritech Financial, a document preparation company that helps federal student loan borrowers with repayment plan applications, may be the key to working towards long-term stability in the face of the immediate needs that arise when a person lives through a natural disaster.

Tom Knickerbocker, Executive Vice President of Ameritech Financial, explains that "natural disasters don't hurt the earth, they hurt people. And when people get hurt, they need help. The federal government supplies immediate options, but individuals are often left to their own devices over the long haul."

Natural disasters don't hurt the earth, they hurt people. And when people get hurt, they need help. The federal government supplies immediate options, but individuals are often left to their own devices over the long haul.

Tom Knickerbocker, Executive Vice President of Ameritech Financial

The federal government does provide immediate relief to those who need time to get their finances, and life, back in order after a hurricane, earthquake, or fire. However, as Knickerbocker says, these options trend towards the short-term issues, especially when concerned with student loans. For example, debtors might qualify for the forbearance of loan repayments for 90 days. Though interest still accrues during this period, that interest will not be added to the principal balance. This forbearance may then be extended by 30-day increments for up to one year. In addition, late payments may be counted as on time, defaulted loans may be suspended for up to 90 days, involuntary collections of those defaulted loans, like wage garnishments, may be temporarily suspended, and many deadlines may be extended by 15 days. For the financial issues facing a borrower that arise immediately out of disaster, the government has options to help.

But when nature strikes, the short-term issues take immediate priority at the expense of long-term issues, such as credit scores, that may be pushed to the back burner by the necessity to cope with the after-effects of a natural disaster. While the federal government provides options to those with student loans for the short-term cycle of problems, options for the long term are not as obvious. Financial issues may potentially undergo a snowball effect, becoming larger and more dangerous as time goes on. The government does supply an option to move towards long-term stability for those who have difficulty making ends meet while also owing money for student loans: income-driven repayment plans, or IDRs.

An IDR allows a person to pay back their loan with payments derived from their income and family size. This may allow a person to remain current on a student loan while dealing with the aftermath of a disaster, while also freeing up much-needed cash to address the immediate needs. But for some, the process may seem difficult, and recertification is needed yearly. "Ameritech Financial," says Knickerbocker, "aims to reduce the hassle of navigating the federal student loan repayment options by helping borrowers apply for and maintain an IDR." For anyone who has to deal with the aftereffects of a natural disaster, this long-term stability may be paramount in restoring a sense of normalcy.

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

[email protected]

Source: Ameritech Financial