Philadelphia, PA (PRWEB) August 27, 2014
National Debt Relief shares in a recent article published last August 25, 2014 how student loan borrowers has another option in consolidating their college debt. The article titled “Should You Go Social To Consolidate your Student loans?” explains how there is a rising student loan consolidation option in peer-to-peer lending that college debt holders can look into.
The article starts off by explaining that the overall student loan debt is already over $1 trillion. The justification for this amount can be deduced from the number of students borrowing annually to defray the cost of higher education. With about 20 million college students every year, there are 60% or close to 12 million who rely on student loans to settle their cost of attendance. And debt at graduation (combining federal and private loans) increased an average of six percent each year from 2008 to 2012.
WIth all these numbers, there are student loan borrower looking for a way to make the repayment as easy as possible and one option is to consolidate student loans. But with this, the article explains that there is a social community that is helping college debt holders with another loan consolidation option.
Social Finance, Inc. or SoFi is a network that covers 550 colleges and universities and offers loans to alumnus of one of these schools. More commonly known in the finance industry as peer-to-peer lending, SoFi is able to offer lower interest rates because group is certain that the borrowers will repay the community that backed them.
The article explains that there are eligibility requirement to be able to get a loan from SoFi. The primary requirement is that the borrower needs to be an alumnus of one of the 550 member schools. SoFi also looks into the credit score of the borrower as well as employment history.
One unique advantage SoFi has is that it is able to consolidate both federal and private student loans. The article explains that this process fetches different opinions from a lot of people. There are pros and cons in combining the two and the borrower needs to carefully weigh the program. To read the rest of the article, click on this link: http://www.nationaldebtrelief.com/go-social-consolidate-student-loans/.