On February 7, 2018, this company was sued by the Federal Trade Commission for practices related to their student loan debt relief operation. The United States District Court entered a Preliminary Injunction Order on November 29, 2018, and appointed a Receiver to take possession and control of American Financial Benefits Center d/b/a AFB and AF Student Services, AmeriTech Financial, and Financial Education Benefits Center. The Receiver conducted an investigation, issued a report to the Court, and has permanently suspended operations of the businesses.
STUDENT LOAN REPAYMENT SOLUTIONS FOR BUSINESSES AND EMPLOYEES
Achieve recruiting, salary and retention goals by positively impacting the financial lives of your employees and their families.
Alltech Financial offers employers and corporate partners a complete end to end turnkey solution to help employees and their families reduce their monthly student loan obligations and prepare them for total loan forgiveness.
REDUCE AND POTENTIALLY ELIMINATE YOUR EMPLOYEES’ STUDENT LOAN PAYMENTS
Alltech Financial has successfully assisted thousands of clients in enrolling into repayment plans that are inline with their personal financial situation. We help each borrower get on the road to loan forgiveness and maximize the benefits available to them through the Department of Education. In many cases, a borrower’s payment can drop to as low as $0 per month.
FREE UP ADDITIONAL MONEY FOR RETIREMENT OR A HOME
With a lower monthly student loan payment, employees can start thinking about saving for retirement or possibly purchasing a home. With the burden your employees’ student loan payments now under control, they will feel more confident about planning for the future.
STUDENT LOAN MANAGEMENT MADE EASY
From juggling multiple loan servicers, to staying on track with various payment schedules, managing student loans can be a daunting and frustrating process. Alltech Financial provides employees with the tools they need to keep track of their federal student loans.
INCREASE NET COMPENSATION WITHOUT INCREASING WAGES
Today, the average student loan payment is $351 per month. From a wage perspective such a payment would cost your business roughly $540 when accounting for payroll taxes, income taxes, and other costs. By reducing or possiblyeliminating your employees monthly payment, your total compensation packages will become more competitive without having to increase wages.
ACHIEVE YOUR RECRUITING AND RETENTION GOALS
Student loans aren’t going anywhere, and with 70% of college graduates entering the workforce with student loansemployers must account for these expenses when recruiting new talent. With student loan debt being so prolific, candidates want an employer who can offer student loan repaymentbenefits. Alltech Financial allowsyou to break the mold by offering aone-of-a-kind solution to a growing problem. Astound potential candidates, and retain happy employees!
GROW YOUR BUSINESS, NOT YOUR COSTS!
Our tool assists your company in satisfying salary requirements while managing costs. We will not only assist your employees with their monthly student loan payments, we will also help them get on track for loan forgiveness! With only 3% of companies offering student loan supplementary benefits, you will remain competitive, while retaining happy and loyal employees.
Did you know?
80% of job-seekers said they would like to work for a company that offers student loan repayment assistance, and 53% are making job decisions based on current student loan debt.
At Alltech Financial, we know federal student loans. See what some of our many thousands of clients have to say after working with us:
STUDENT LOAN INDUSTRY FACTS
More than 40 Million people in the U.S. have student loans. That’s almost 1 out of 8 Americans.
Those40+ million Americans currently hold over $1.26 trillion in student loan debt. Over 6 million people have defaulted on their student loans, and nearly 5 million are delinquent. That means over one-quarter of our nation’s borrowers aren’t current on their loans. Only 12% of student loan borrowers are in Income-Driven Repayment Plans.
AMOUNT OF STUDENT LOAN DEBT
Student Loan debt is the 2nd largest household debt in America, seconded only by home mortgages.
This statistic is alarming for several reasons. For example, real estate is a considered “Secured,” so if a borrower defaults on their mortgage, then the bank can repossess the home. Student loan debt is “Unsecured,” meaning that there is no collateral. Unlike other loans, student loans can’t be discharged by bankruptcy. Sink or swim, current or defaulted, student loans will stay with the borrower for the total life of the loan – until the entire principle and interest accrued are paid in full or forgiven.
COLLEGE GRADS IN THE WORKPLACE
Student loans are virtually the only consumer debt that cannot be discharged in bankruptcy except in the rarest of cases.
70% of graduates enter the workforce with student loans, and 83% of employment candidates say student loan benefits would influence where they choose to work. As an employer armed with such a competitive benefit, you will witness a higher retention rate, as fewer employees will be less likely to change companies. You’ll gain a competitive edge from a recruiting standpoint, offering what only 3% of businesses are currently offering. Finally, you’ll be in a better negotiating position when recruiting top-tier candidates, as employees will accept better benefits in lieu of a higher salary.
PERCENTAGE OF STUDENTS PAYING ON TIME
Student Loan Debt has nearly tripled in the past decade alone! Only 33% of students are paying their loans on time, while the other 67% are in default or delinquent.
Only 4.9 million, or 12%, are actually in an IDR plan which will reduce monthly payment scalable to their income. These figures show how mismanaged student loan debt can be and how people need help to properly approach their student debt.
Want to learn more?
Sign up to see our next webinar! We’ll give you a comprehensive breakdown of our service as well as a Q&A.