Consumer Alert
Student loan debt relief customers: Take 2 steps
Do you have student loans? Did you respond to an ad from Ameritech Financial claiming to offer you debt relief? The FTC has sued Ameritech for deceptive practices and just sent letters about the case to thousands of customers. The court hasn’t ruled, but there are steps you can take now to make sure your payments are going toward your loans. In addition, Ameritech may have changed your Federal Student Aid (FSA) account information. There are steps you can take to protect your financial privacy.
Here are answers to questions consumers are asking.
How do I know if Ameritech Financial is the company I do business with?
In addition to the name Ameritech, the company uses the names American Financial Benefits Center, AFB, AF Student Services, and Financial Education Benefits Center (FEBC).
I’m making monthly payments to Ameritech. Are those payments going toward my student loans?
No. Your monthly payments to Ameritech do not go toward paying your student loans. And Ameritech does not make payments on your behalf to your loan servicer.
Why is the FTC suing Ameritech?
According to the FTC, Ameritech failed to deliver on its promise that people could permanently reduce their monthly payments or get total loan forgiveness. The FTC also says the company charged illegal upfront fees. In addition, the FTC alleges the company told people their fees would go toward their student loan balances, but that wasn’t true.
Do I need to pay Ameritech to take advantage of loan repayment or forgiveness programs?
No. The Department of Education doesn’t charge borrowers to enroll in repayment and forgiveness programs. That means you are currently paying Ameritech for things you can get for free on your own from the Department of Education.
Can I stop making monthly payments to Ameritech?
Yes. To cancel your membership, call Ameritech at 1-800-792-8621. Canceling will not impact your student loans.
Will I get my money back?
The FTC works to return as much money as possible to consumers. But this case is still in court, so there’s no way to know if it will result in refunds. Legal actions take time, so please be patient. As soon as we have updates, we’ll post them here.
How can I tell the FTC about my experience with Ameritech?
File a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
What can I do to protect my financial privacy?
Ameritech may have changed your Federal Student Aid (FSA) account information. So you may want to change your login and review your account. Call Ameritech at 1-800-792-8621 or contact your loan servicer to regain control of your account.
How can I check the status of my loans and the security of my account?
Contact your loan servicer.
I’ve seen other companies claim they can reduce my student loan debt. How can I protect myself from questionable practices?
Visit www.ftc.gov/studentloans. One tip: It’s illegal for companies to ask for money up front for so-called debt relief services. Don’t do business with anyone who makes you pay before getting the results they promise.
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I'm very upset with this company I've been paying for 2 years and the constant call my student loan and to find out that no money has been going towards that and I work so hard to earn money to pay off my debt for someone to keep stealing my money I even requested a
In reply to I'm very upset with this by Maryannsmith5
To report your experience to the FTC, file a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
In reply to I am Deaf and am victim of by DP
You can report your experience to the FTC. Go to FTC.gov/complaint. The information you tell the FTC will be saved in a secure database. The FTC and other law enforcement agencies use the information for investigations.
When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
You can also do the Steps you can take that are listed in the letter from the FTC.
In reply to I have been paying $100 for by Trip
To report your experience to the FTC, file a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
In reply to I received the letter about by Bex
You can give your contact information to the FTC, when you file a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
In reply to My student loans tripled in by mg
Your monthly payments to Ameritech do not go toward paying your student loans. Ameritech does not make payments on your behalf to your loan servicer.
To check the status of your loans, contact your loan servicer.
You can stop making payments to Ameritech. To cancel your membership, call Ameritech at 1-800-792-8621. Canceling your membership with Ameritech will not have an impact on your student loans.
Ameritech may have changed your Federal Student Aid (FSA) account information. You may want to change your login and review your account. To regain control of your Federal Student Aid account, call your loan servicer, or call Ameritech at 1-800-792-8621.
In reply to My student loans tripled in by mg
In reply to I am curious why student loan by Curious
Ameritech may have changed your Federal Student Aid (FSA) account information. You may want to change your login and review your account. Call Ameritech at 1-800-792-8621 or contact your loan servicer to regain control of your account.
In reply to I received a post card from by DAJenn
The money you pay to Ameritech does not go toward paying your student loans. Ameritech does not make payments on your behalf to your loan servicer. The payments are not applied to your student loan balance.
You can stop paying Ameritech. To cancel your membership, call Ameritech at 1-800-792-8621. If you cancel, it won't have an impact on your student loans.
You could enroll in a repayment or loan forgiveness program. The Department of Education doesn’t charge borrowers to enroll in repayment and forgiveness programs. Go to studentaid.ed.gov to get Department of Education information.
You can tell the FTC what happened to you by filing a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
In reply to I know my payments have not by MicheleT42
You can contact your loan servicer to check on the status of your loans. You could learn about repayment options offered by your lender or loan servicer.
The Department of Education doesn’t charge borrowers to enroll in repayment and forgiveness programs. Get information about the programs at studentaid.ed.gov.
In reply to So there is absolutely no by E.R.
The money you pay to Ameritech does not go toward paying your student loans. Ameritech does not make payments on your behalf to your loan servicer.
You can stop paying Ameritech. To cancel your membership, call Ameritech at 1-800-792-8621.
You can sign up on your own for a loan repayment program or a loan forgiveness program with the US Department of Education. You don't need to pay anyone to get enrolled in those programs. Learn how to enroll in those programs at studentaid.ed.gov.
In reply to I tried to file a complaint by Fran J
Please file a complaint with the FTC at FTC.gov/complaint, even if you can't answer every question. Give as much information as you have, and are willing to give. It's OK if you can't answer every question.
When you finish filling out the form and you submit your complaint, you'll get a complaint number or file number. You can save that number and come back later to fill in details if you want.
In reply to For the last 3yrs 1/2 I have by UPSET1000
You can tell the FTC what happened to you by filing a report at FTC.gov/complaint. Your information will go into a secure database the FTC and other law enforcement agencies use for investigations. When you go to FTC.gov/complaint, click on: Credit and Debt, then Debt, and then A company offering debt management or credit counseling.
In reply to I paid $700 up front for them by bghaleb
If you are sending money to Ameritech, it is not going to pay your student loans. Ameritech does not make payments on your behalf to your loan servicer.
The Department of Education doesn’t charge borrowers to enroll in repayment and forgiveness programs. You can enroll in the repayment and forgiveness programs for free with the Department of Education at www.studentaid.ed.gov.
To cancel your membership, call Ameritech at 1-800-792-8621. Canceling your membership does not have an impact on your student loans.
In reply to Whats the latest news, is the by Burnersteve
The FTC filed the case five months ago. It has not been closed. We will publish another blog when there is more informtion.