Financial Loans for Assistive Technology Program Offers Great Benefit for Consumers
ABLE Tech continues to provide exciting opportunities for consumers who desire to purchase assistive technology with the goal of gaining, or maintaining independence at home, school, work and the community.
In 16 years, ABLE Tech has provided 1,047 financial loans to Oklahomans to purchase assistive technology, with a total loan value of $6,043,292. The types of loans include interest buy down only, guaranteed loan, or direct loan.
With the inclusion of the direct loan option, which allows the opportunity to loan funds under $2500, we anticipate this number will grow significantly. This allows consumers the opportunity to purchase AT that they might not have been given the opportunity due to poor credit, limited income, or lack of funds to pay in full.
Last month alone, ABLE Tech provided financial loans for six new consumers, totaling $18,818 in funds to purchase AT. Next quarter we will be able to talk about a new piece of AT that was financed for low vision – we can’t wait to hear how well the eSight glasses are helping the consumer maintain her independence!
Highlight on Success
Jeffrey L, Norman, OK
AT purchased: Hand controls for vehicle
Purpose: Community Living
“This was the only way I would be able to get the equipment and be able to pay it out over time and not all up front. This equipment gets me mobile again. I don’t have to rely on my aging mother to take me everywhere from doctor appointments, to the store, or over to other people’s homes and social activities.
Jacfus P., Tulsa, OK
AT purchased: Wheelchair lift for vehicle
Purpose: Community Living
“I chose to use this loan program because everyone was so helpful in helping me get the loan…. The device was very helpful to me to get around, continue to go to church, go to the store, shop, go to the doctor’s office and more. Thank you for being so helpful.”
Chris C., Shawnee, OK
AT purchased: hearing aids
"I have insurance and they paid a portion of the hearing aids, but this was the only reasonable option to pay for non-insurance covered portion of the hearing aids. It was a simple application and credit check, all very timely… I can now hear people talking in big crowds again, I can hear my co-workers better at my work, which is very loud. The hearing aids are also helping address my tinnitus in both ears.”
Financial Tip: National Consumer Assistance Plan
There are new requirements and updates to the guidelines for credit reporting by the three nationwide credit reporting agencies, Experian, Equifax, and TransUnion.
The National Consumer Assistance Plan is a comprehensive series of initiatives that will enhance the accuracy of credit reports and make the process of dealing with credit information easier and more transparent for consumers.
While there are beneficial components to this Plan, one in particular is beneficial to consumers with a disability and / or medical conditions. It requires a 180-day waiting period between the time an account is created and the time it can be recorded on a credit report as due for collection. That will give the consumers and their medical providers time to resolve insurance payments and other billing issues.
This is just one component of the National Consumer Assistance Plan, including standards to increase accuracy in reporting, additional free report for consumers who are trying to resolve a dispute, and enhanced dispute resolution process. For more information on the Plan, you can visit www.nationalconsumerassistanceplan.com.
If you plan to work with a professional to file your 2016 taxes, download our checklist for organizing your financial documents. Being organized and prepared can make the filing process smoother.
Oklahoma ABLE Tech is the statewide Assistive Technology Act Program proudly located at Oklahoma State University in the Department of Wellness. ABLE Tech's mission is to improve access to and acquisition of assistive technology (AT) for individuals with disabilities of all ages. We offer AT demonstrations, short term loans of AT, financial loans to purchase AT, and recycling AT programs.
Oklahoma ABLE Tech
Oklahoma State University | Department of Wellness
1514 W. Hall of Fame | Stillwater, OK 74078