Analysis of Student Debt Relief Providers Reveals Two Best for Residents of Tennessee
Memohis,TN (PRWEB) October 02, 2014 -- The online company Studentloanconsolidationreviews.org recently did a study of the student debt relief providers available to Tennesseans. What it found is that the top two are National Debt Relief and SoFi (Social Finance, Inc.)
"We ranked National Debt Relief ahead of SoFi for several reasons," said Studentloanconsolidationreviews.org spokesman Michael Smith. "For one thing it doesn't provide just one solution such as a debt consolidation loan. Instead, it can offer debt-strapped Tennesseans a variety of repayment options through the US Department of Education. National Debt Relief actually functions more as a partner and counselor than as a conventional debt relief company”.
National Debt Relief has been in business for seven years and has helped more than 100,000 families and individuals achieve relief from their debt through debt settlement. “We recently added student loan consolidation plans to our list of services,” reported National Debt Relief spokesman Paul Ritz. "We believe this can be especially helpful to recent Tennessee graduates that owe an average of $21,775. This amount of debt can be a terrible financial burden for young people and not for just a few years. One recent study found that student debt will negatively affect a person for almost their entire life.”
The way that National Debt Relief functions as a partner is that it will first analyze a client's financial situation including her or his earnings, debts, family size, potential earnings and more. It will then review the client's federal student debt portfolio and compare its repayment terms with all of the other programs available. If it is able to find a program with better terms and a lower monthly payment it will prepare the necessary payment and then after securing its client's approval will draw funds into an escrow account and then begin the student debt relief process by working directly with the US Department of Education to get final approval of the best repayment program for that particular consumer. "In the unlikelihood that we are unable to find a better program for a client, we simply charge him or her nothing. In other words our services are completely performance-based," said Ritz.
Studentloanconsolidationreviews.org also ranked National Debt Relief as the best option for student debt burdened Tennesseans as it has consistently maintained an A rating with the Better Business Bureau and because it can offer customers a variety of repayment programs through the Department of Education. For example, the best repayment program for one of its customers might be Graduated Repayment where payments begin low and then gradually increase every two years. "This can be a great option for young people just starting out in their careers," said Ritz. "Plus, there are three income-driven repayment programs that most borrowers don’t know about. Pay As You Earn is the one that has gotten the most attention recently due to the executive order signed by President Obama that made about 1.6 million more people eligible for it. This program caps monthly payments at 10% of a person's disposable income, which can be a godsend for people struggling to repay their debts.”
SoFi was ranked below National Debt Relief because it mostly offers student debt consolidation loans. It is based on peer-to-peer lending as its loans come not from a bank or some other company but from the alumni of SoFi's 550 member colleges and universities. The only people eligible for these loans are the alumni of these schools called “members” by SoFi. The company’s interest rates begin at a very reasonable 2.66% APR (with Auto pay) with terms of five, 10 and 15 years. SoFi is also unique in that it offers its members other benefits such as unemployment protection, career counseling and an entrepreneur program. "We would have ranked SoFi higher," said Smith, "except for two reasons. First, once a person signs up for one of its loans he or she will have a fixed term and fixed interest rate – with no ability to change repayment programs should her or his circumstances change dramatically. Second, SoFi will consolidate private student loans with federal student loans, which many experts believe is not a good idea. This is due to the fact that once this occurs she or he loses all of the benefits that come with federal student loans including deferment, cancellation, forgiveness and all of the various repayment options."
Tennesseans that are having a tough time repaying their student loans and would like to know more about National Debt Relief and SoFi should definitely go to the site http://www.Studentloanconsolidationreviews.org.
Jimmy Saver, Best Debt Consolidation Loans, http://www.bestdebtconsolidationloans.org/, +1 (877) 869-5111, [email protected]
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