Baton Rouge, LA (PRWEB) August 22, 2014
Louisiana has an amazing number of bayous, lakes and swamps. In fact, there are a number of picturesque swamps just a short drive from New Orleans and a number of tours available to explore its breathtaking nature and endless waterways. The state's automobile licenses bear the slogan "Sportsmen' Paradise" and whether you fish or hunt, you would definitely find this slogan to be true.
However, one swampland that isn't very picturesque is the swamp of debt in which many Louisianans find themselves in. The average credit card debt for a Louisianans is $4773 per borrower. Nearly half of the state's students are forced to borrow money to pay for their educations and graduate owing an average of $22,789.
There are a number of reasons why Louisiana students graduate so deeply in debt but the primary one according to many experts, is the cost of going to school in state. As examples of this, the cost for an in-state student to attend Louisiana State University (LSU) for a year is now $23,112 and the cost to attend Louisiana Tech University is better as it costs $17,167 to attend this school for a year. Grambling University costs just $20,403 but the cost to attend the private school Loyola for just one year is an incredible $52,628.
In the face of these escalating costs, the company Studentloanconsolidationreviews.org recently decided to survey the companies that could provide student debt strapped Louisianans with relief. What its study found is that the top two are National Debt Relief and the SoFi (Social Finance Inc.).
Studentloanconsolidationreviews.orgalso determined that of these two, National Debt Relief would be the best choice for Louisianans struggling to repay their student loans. In announcing this, Michael Smith of Studentloanconsolidationreviews.org said, “National Debt Relief operates very ethically in that it charges its customers nothing upfront or any maintenance fees. It has a flat one-time fee that it charges only if it can help a customer obtain a better repayment plan than what he or she currently has. In addition, National Debt Relief ranks highly in customer satisfaction and has an A rating with the Better Business Bureau.”
National Debt Relief makes it easier for a customer to repay her or his federal student loans by finding a repayment plan with lower monthly payments and better terms and that better fitsher or hisfinancial situation. Once it finds such a repayment plan, it prepares the necessary paperwork and then draws funds from an escrow account with its client’s approval and begins the student loan relief process working directly with the Department of Education to obtain final approval of the most viable option for that client.
“We think this makes good sense,” said Smith, “because National Debt Relief can choose from a suite of repayment programs and then offer its client one such as Extended payment, which helps a recent graduate ease his or her student loan burden by extending their payback period for up to 25 years without borrowing additional funds”.
BestDebtConsolidationLoans.org rated SoFi as the second best option for Louisianans whose choice would be to restructure their student loans. SoFi also offers debt consolidation loans though it uses peer-to-peer lending where the loans come not from a company or financial institution but from an individual or group of individuals. “SoFi has a very unconventional business plan,” commented Smith, “in that you must be attending or an alumnus of one of its 550 member schools to be eligible for a loan. In fact, SoFi is really more of a social organization than a financial institution.”
SoFi offers 5, 10 and 15 year loanswith fixed rates starting at 3.63% and variable rates starting as low as 2.66% APR (with AutoPay). It also includes unemployment protection and will temporarily pause a borrower’s payments and even help him or her find a new job. However, interest on the loan continues to accrue and will be capitalized when the borrower resumes repayment.
Residents of Louisiana that are having a problem with student debt should definitely go to the site http://www.Studentloanconsolidationreviews.org for more information on National Debt Relief and SoFi.