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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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Patsy
January 21, 2019
Have you gotten anywhere with this lawsuit and will we be notified by mail of the outcome? It would be nice to get back my money so I could REALLY pay on my loans.
FTC Staff
February 20, 2019

In reply to by Patsy

The case is still active in court. When there are updates, we will write a new  blog post.

TammyFern
February 10, 2019
Has this case been resolved? I know it will take time, it appears a lot of people including myself were deceived.
FTC Staff
February 20, 2019

In reply to by TammyFern

The case is still in court. The FTC sued the company seven months ago and it is not yet resolved. When there are updates, we'll write a new blog post.

TBmcwane
February 18, 2019
AFBC is no longer doing business, has there been resolution to this case? How do I get my money back from this obvious scam? Do I need to pursue my own lawsuit?
Shone J
March 01, 2019
I wanted to find out the status of Ameritech because I, too, was told that the payments would go to my student loans. Now, I have nothing to show for it.
DebZ
March 16, 2019
How long will it be before we hear from The Fair Trade Commission in regard to the settlement? What are the chances of us getting most of our money back?
BoberttreeDon'…
March 19, 2019
Why is this taking so long? How soon will this case be over with so we can get our money? Why isn't that man who stole our money in jail yet?
pkerek
March 28, 2019
i just found out about this scam now. i was doing my taxes and looking for the 1098 forms that show the interest i have paid on my student loans. i went to access my account and saw the website was taken down. i called their 1-800 number to only hear that the business has been shut down. this whole time, i thought this company was paying my student loans for me as i had my account set up on auto debit. i cannot believe that the past three years, my money has gone into the pockets of this scumbag! what am i suppose to do now? i want my money back!!
Penny
May 07, 2019
I would like to sue Ameritech for breach of contract. Is anyone out there pursuing this? Anyone have any idea how to accomplish this. My agreement with them was for 10 years then the remaining balance of my student loans would be paid off. I have been paying them for approximately 3 years
Hot Rod
May 10, 2019
What is the latest update on this case?
*VICTIM-STUDENT*
June 05, 2019
Hi there, Does anyone knows the current STATUS on this? I 've spent 3 1/2 years paying this heartless men from (2015-2018 )People are getting more evil now days.
Unpleasant2019
July 28, 2019
I paid this company for two years. There were times I would call ahead and tell them I could not make a payment on a certain date, I would receive a confirmation number and they would still take the payment out on that date. I feel bad for those workers who believed in this company and lost their jobs. I would like a refund, however, if I do not receive one I understand there is a greater power that will bless me and all those individuals who lost their jobs because of this company's fraudulent practices.
debfre43
September 21, 2019
I have pay almost 4 years on my student loans and it wasnt going towards my loans. My student loan gotten higher instead of lower. I had pay them 250.00 dollars for 3 years and then when I couldnt pay them 250.00 they knock it down to 50.00 dollars. Then I couldnt understand why no more money wasnt coming out of my checking account. I call them several times and no answer until I heard about a lawsuit which I wasnt inform about. What is being done and what can I do?
crawfordb
October 24, 2019
I was a member, who do I contact for a refund? Help please
Bebita
November 02, 2019
Been with Ameritech Financial since the 4th of April 2016. I was promised / informed that i would be forgiven and owe nothing to my Student Loans. I was happy that I would have the opportunity to get back on my feet, after a bad divorce. After i received the letter. I am so sad to find out that i was lied to and my money stolen.
Bebita
November 02, 2019
Will we still be receiving correspondence in reference what we could do to get our money back?
Suzyieq
November 15, 2019
I been paying AmeriTech for 3 to 4 years with a automatic withdraw of 108.00 every month for the Public service loan forgiveness and only realized when they are no longer legitimate from getting notifications from my student loans that I have late payments and now with interest added on it is just way too much for me to pay it.
erin k
January 11, 2020
Has there been any progress with this? I would like a refund of the thousands of dollars I paid this company, for nothing.
shiarlad
March 22, 2020
I have been paying for over two years and it really hurts to know I will not get my loans forgiven. Is there any way to know how much money I lost or will be able to gain back if they are found at fault? I am so angry.
shiarlad
March 22, 2020
Has this case closed?
Krista
March 31, 2020
The person Ameritech company who scammed people out of money for student loans. He plead guilty to the charges back in December and is suppose to go to court for sentencing April 30th. I’m wondering when people who were victims to his scam would get up dates?
Krista
March 31, 2020
How would this work if the order Ameritech to pay people back would it be for the amount they have paid with interest? Or maybe all student loans?
ayellowh
August 06, 2020
Wow, I too has been a victim of Americredit scam. They Charge me 250.00 for 5 months, then I was paying to 99.00 for a little over a year. They said that they'll help with my student loan payment and cut my loan in half of what I originally owe.
Shiarla
September 10, 2020
Is the case settled yet?
MaR
March 25, 2021
It's now been years of litigation and thousands of dollars down the drain. Will I get my money back???
Cwill
April 10, 2021
I filed a complaint in 2018 and still have heard nothing regarding this. Is this still in court? Are there additional steps I need to take?
Maggie Donovan
November 16, 2021
I was scammed by AFBC for two years and I still have not received any compensation/refund for it. I was a teacher for ten years and I was falsely led to believe this was a company that was helping educators through the teacher forgiveness program. Please help me answers on how to get my money back. Thank you!
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