recent graduates owe an average of $25,951 in student loans
Baltimore, MD (PRWEB) August 26, 2014
During revolutionary times, Rockville, Maryland was known as Hungerford's Tavern, which was the name of its most familiar landmark. One of the first calls to freedom from British rule was heard at the tavern in 1774. However, one thing Maryland is not free from is unemployment. While it added 7700 jobs this past June, its economy took something of a U-turn as its unemployment rate rose for a second straight month from 5.6% in May to 5.8% in June.
Marylanders are also not free from debt as its residents carry an average of $5,345 in credit card debt and the picture is even bleaker for the state's college students. This is because recent graduates owe an average of $25,951 in student loans, which ranks the state as 26th worst in the nation.
While there are a number of reasons why Maryland students are required to borrow money to finance their educations, the biggest is the cost of going to school in state. For example one year at the University of Maryland-College Park now costs $23,876 and a year for a Maryland resident at Towson State University is $23,439. And it gets even worse when it comes to private schools as a year at Hood College costs $48,463 and the total cost of attending St. John's University for just one year is a mind-boggling $61,083.
The company Studentloanconsolidationreviews.org recently undertook a study of debt relief companies available to help Marylanders that are struggling with student debt. What it concluded is that the two best are National Debt Review and SoFi (Social Finances Inc.).
Studentloanconsolidationreviews.com based this finding on three factors – company history, the type of help it offers customers and how it charges them.
“We felt that National Debt Relief ranked highest in all three of these categories," said Studentloanconsolidationreviews.org spokesman Michael Smith. It has been in business since 2007 and has helped more than 100,000 families and individuals find relief from their debts. It offers its customers good help in repaying their loans and charges just a flat, one time fee."
What makes National Debt Relief unique is that it does not provide student debt consolidation loans. "We've long adhered to that old saying that you can't borrow your way out of debt," said the company’s Paul Ritz. "We believe the best way to handle student debts is by finding our customers a repayment plan with lower monthly payments and better terms– making it far easier for them to pay off their loans."
National Debt Relief first does an exhaustive study of a client's financial situation and its federal student loan portfolio. It then recommends the repayment plan that would be best for that client. Assuming the client accepts National Debt Relief's recommendation, the company then prepares all the paperwork necessary to get that person into the new repayment program. Of course, a person could do this paperwork himself or herself for free. However, many of them choose to let the professionals at National Debt Relief shoulder this burden for them.
Studentloanconsolidationreviews.com also gave National Debt Relief high marks because it consistently maintains an A rating with the Better Business Bureau.
The second best option for Marylanders struggling with student debt, according to Studentloanconsolidationreviews.com, is SoFi. However, it is not for everyone as it utilizes peer-to-peer lending and its loans come from the alumni of SoFi’s 550 member colleges and universities and are restricted to students who are attending or are an alumnus of those schools. In addition, SoFi offers only debt consolidation loans and debt restructuring. Its loans are very inflexible in that they have both fixed monthly payments and fixed terms. Once a person obtains a loan from SoFi he or she loses the ability to change to a different repayment plan should their financial circumstances change dramatically.
SoFi has other eligibility requirements including the fact that a borrower must be a US citizen or permanent resident and must either be employed or have an offer of employment and must be able to enter into a binding contract.
Maryland residents that are struggling with their student debts should definitely go to the Studentloanconsolidationreviews.org for more information on National Debt Relief and SoFi.