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Anyone know about Ameritech ?

Started by UofLgirl, December 20, 2017, 08:07:07 am

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UofLgirl

Good morning everyone,

I recently received a letter in the mail from Ameritech and decided to give them a call. I am on the track for student loan forgiveness (PSLF) via MyFedLoans. They inform me that MyFedLoans is a debt collector that is not looking out for my best interest, they aren't going to try to keep my payments as low as possible. They also told me that there have been lawsuits against this company for not filing the correct paperwork and generally misleading people into thinking they have made qualifying payments when in fact they have not.

Ameritech claims they can make sure my paperwork goes through and that I am making qualifying payments. There is a fee for this service (because nothing is free), which is somewhere around $80 for the first x amount of months and then it drops to $49/month. Currently I pay $105/month for my loans through MyFedLoans.com and I contacted them because I received a raise this year. I needed  to get an idea of what I will be paying next year which they gave me a ball park of $155-$160/month. (Before you say anything, yes I know that is really low compared to what other people pay. I am unable to move out of my parent's house due to my current load of bills. Yes I have cut everything extra I can. My loans will continue to go up every year which makes it harder for me to plan to pay for an apartment.)

Anyways, Ameritech claims my student loan payment would only be $53 next year and then their fee ($82) for a total of $135. It looks like they will save me money and make it a little easier , but I don't know much about this company. I am trying to research and find out it if will be worth the switch. Are they actually going to make sure my paperwork goes through correctly? Are they really going to keep my payments that low? Are they going to make sure I'm making qualifying payments? Or would I be throwing money away by letting them handle my stuff? I don't want to get to the end of my 10 years and find out that only x amount of my payments actually qualified for my PSLF plan and I have much longer to pay.

Any help, advice, or articles would be awesome.

TheCollegeInvestor

December 20, 2017, 08:35:54 am #1 Last Edit: September 16, 2018, 08:35:50 pm by TheCollegeInvestor
First, you never need to pay for any help with your student loans if you don't want to and/or don't feel comfortable. You can do everything for free by calling your lender (Fedloan) or going online and DIY it at StudentLoans.gov.

As for your repayment plan, you can see for yourself what you qualify for at StudentLoans.gov, and apply as well.

We believe that most people can do it themselves for free. But if you want to pay for help, there are firms that can help.

As for your questions -
- Yes, they will make sure your paperwork goes through and is done correctly
- They will keep your payments the lowest you legally qualify for. They can't guarantee anything (no company can) because your income, family size, etc. can change over time
- They can't guarantee you make payments or have the correct type of employer, but they will guarantee you're on the right loan program and repayment program.

** As a side note, PSLF requires three things:
1. Direct Loans
2. Qualifying repayment plan
3. Qualifying employment

Hopefully this helps with your decision.