Denver, CO (PRWEB) August 10, 2014
Need to know how Coloradans are doing with debt? Interested in how Coloradans’ credit card debt ranks with the other 49 states? The simple answer is that Coloradans are having a problem with credit card debt, as the average resident owes $5,625, ranking it next to Alaska, which ranks first. When it comes to student loan debt, the picture is just as bleak as 52%of Colorado students graduate owing an average of nearly $25,000 on their student loans ranking the state 42nd in the nation.
While there are several reasons for this, the primary one is thought to be the cost of going to college in Colorado. As an example of this the total cost for an in-state student to attend the University of Colorado-Boulder is now $26,933 and to attend Colorado State University-Ft. Collins is $24,524. An in-state resident will pay a total of $18,743 to attend Mesa State University and $31,023 to attend Colorado School of Mines.
In response to this problem, the company Studentloanconsolidationreviews.org recently did an analysis of the companies available to Coloradans that could help them find relief from their student debts. What Studentloanconsolidationreviews.org found is that the top two providers of these services are National Debt Relief and SoFi (Social Finance Inc.) and of these two it ranked National Debt Relief as the best option.
One of the main reasons why National Debt Relief was ranked number one is because it operates in such an ethical manner. As an example of this, the company charges its customers nothing unless it can find them a better student loan repayment plan than what they currently have.
What can National Debt Relief do to help Coloradans trapped in student loan debts? As National Debt Relief spokesman, Paul Ritz, pointed out, ‘When most Coloradans graduate from college they were automatically put into 10-Year Standard Repayment. Most don’t realize there are six other ways to repay student loans, one of which could be a much better fit. What we do is analyze each of our customer's finances and then recommend the repayment program that would best forher or him."
The way that National Debt Relief works is that it first analyzes a customer's earnings, financial situation, debts, family size, educational background, earnings potential and more. It then goes to the website of the US Department of Education (ED)and reviews his or her loan profile. National Debt Relief uses this informationto determine which of the different repayment programs would be better for that person. In some cases, it could be the popular Graduated Repayment program where the payments start out low and then gradually increase every two years. This repayment program can be especially helpful to people just starting out in their careers and who are not yet earning a lot.
It then evaluates alternate repayment programs such as Extended Repayment, Graduated Repayment and Pay As You Earn Repayment. If National Debt Relief determines that one of these programs would have better terms and lower monthly payments than its client's current repayment program, it then recommend it to him or her. If the recommendation is accepted National Debt Relief prepares all the paperwork necessary to get its client into the new program. While people can do this themselves and for free, many elect to let the professionals at National Debt Relief handle all the paperwork."
National Debt Relief's Ritz also reported that, "This service is totally performance-based. If we can’t find a customer a repayment program with lower payments and better terms than what he or she currently has, we charge nothing. If we are able to find a better repayment program and our client accepts it we then prepare all the paperwork necessary to get her or him into the new program. While people can do this free themselves, many of them choose to let our professionals do this for them as the paperwork required to get a person into a new repayment program can be confusing and difficult to understand."
SoFi (Social Finances Inc.) was ranked second by Studentloanconsolidationreviews.org. It’s is a relatively new company that was founded by a business student at Stanford University and has a very unique business model. Its approach to lending is what’s called peer-to-peer lending. To be eligible for a loan from SoFi, the person has to have attended one of the 550 schools that participate in SoFi and the loan actually comes from that school’s alumni. This means that for a person to be eligible for a SoFi loan he or she must be attending or attended one of the schools in the SoFi network.
Studentloanconsolidationreviews.org also marked SoFi down because its loans have a fixed interest rate and fixed term. Once a customer signs up for a SoFi loan he or she loses the ability to change to a different repayment program. In other words, a SoFi borrower will have one loan at a fixed interest rate and for a fixed term and no option for changing repayment programs should they hit a rough patch.
Residents of Colorado that are struggling with student loans and would like to know more about National Debt Relief and SoFi should definitely go to the site http://www.Studentloanconsolidationreviews.org.