Indianapolis, IN (PRWEB) August 16, 2014
Students are often encouraged to borrow money to finance their educations but as many have learned, it’s far easier to borrow the money than to repay it. In fact, it has become so easy to get federal loans that many students do this almost automatically rather than trying to find alternate ways to finance their schooling. All that’s required these days is to sign a promissory note, and bingo! Another year or semester of school is paid for.
This, according to the online company Studentloanconsolidationreviews.org is one of the major reasons why so many Hoosiers are graduating from college deeply in debt. In fact, 64% of the class of 2014 borrowed money to finance their education and graduated owing an average of $27,886. In addition, many of them have found it virtually impossible to get jobs related to their fields of study – making it very difficult to repay their loans.
In light of all this Studentloanconsolidationreviews.org decided to analyze the debt relief companies available to Hoosiers to discover which ones offered the best help. What its study revealed is that the two best debt relief firms for residents of Indiana that are struggling to repay their loans are National Debt Relief and SoFi (Social Finance Inc.). And of these two companies it ranked National Debt Relief as the best.
“National Debt Relief ranked highest in our analysis based on a number of factors,” said Studentloanconsolidationreviews.org spokesman Michael Smith. “It has continuously maintained an A rating with the Better Business Bureau and has a long history of being able to help people get out of debt. We also liked the fact that National Debt Relief is totally performance-based. It charges no upfront or maintenance fees and, in fact, charges nothing unless it is able to genuinely help its customers with their student debts.”
“The problem,” according to National Debt Relief's Paul Ritz, “is that if you are like most people you were automatically dumped into 10-Year Standard Repayment. However, this is not the best repayment option for most people. There are a number of other repayment programs such as Graduated Repayment where the payments start small but then gradually increase every two years. This can be an excellent choice for low-income graduates.”
National Debt Relief first analyzes a client's financial situation including family size, educational background, current salary, potential earnings and more. It next evaluates his or her federal loan profile to determine if there is another repayment program that would have lower monthly payments and better terms. If so, National Debt Relief secures its customer's approval and prepares the paperwork necessary to get her or him into the new plan. Ritz also noted that, “While people can prepare the paperwork themselves for free, it can be a tedious and confusing process. For this reason, many of them choose to have our professionals do this for them.” Finally, National Debt Relief works directly with the US Department of Education to get final approval on the most viable repayment option for that particular customer. National Debt Relief also received high marks because the overwhelming majority of its customers reported that they were "very satisfied" with the company.
Studentloanconsolidationreviews.org ranked SoFi as the second best option for student debt strapped Hoosiers for several reasons. First, the debt relief it provides comes in the form of a debt consolidation loan or debt restructuring. The loans it provides have fixed interest rates and fixed monthly payments. Once a customer signs up for a loan from SoFi he or she loses the ability to transfer into another repayment program.
In addition, SoFi is a nontraditional lender. Its loans come not from a third-party financial institution such as a bank but from the alumni of the school that a SoFi’s customer is attending or has attended. What this means is that if a person is not attending or is not an alumnus of one of SoFi’s member schools it would not be eligible for a debt consolidation loan or for loan restructuring.
“SoFi can be a viable alternative for some people,” said Studentloanconsolidationreviews.org’s Smith,” but we just felt that National Debt Relief offered more options and more flexibility.”
Residents of Indiana 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.