The average Minnesota student graduates from college owing $31,497.
Minneapolis, MN (PRWEB) August 28, 2014
The state of Minnesota is probably best known for two things – it's cold winters and for being the land of 10,000 lakes. Residents of the state know that it actually has more than 10,000 lakes because of the way a lake is defined. Even at that the state has 90,000 miles of shoreline, which is more than California, Florida, and Hawaii combined. As you might guess, Minnesota is a great place to go if you love fishing and water sports.
A fact about the state of Minnesota that isn't quite so much fun is the percentage of its students that are required to borrow money to get through college -- an astonishing 70% making Minnesota the fourth worst in the nation. In addition, the average Minnesota student graduates from college owing $31,497. This also makes Minnesota fourth worst in the nation.
What options are available to Minnesotans for student debt relief? According to the online firm Studentloanconsolidationreviews.org there are a number of companies available to Minnesotans but only two that rank "best." They are National Debt Relief (NDR) and SoFi (Social Finance Inc.).
"While both these companies can help student debt strapped Minnesotans, they use two different approaches," said Studentloanconsolidationreviews.com spokesman Michael Smith. "As you might guess from its name SoFi is more of a social organization. It specializes in debt consolidation loans and student loan debt restructuring for a certain type of people. National Debt Relief is a professional debt relief company that offers its customers a variety of repayment options via the US Department of Education.”
The way that National Debt Relief helps a customer is by first analyzing his or her financial situation including family size, current earnings, debts, future earning potential and more. It evaluates the client's federal student loan portfolio then checks to see if there is a repayment plan that would have better terms and a lower monthly payment. If it is able to find such a plan it prepares all of the paperwork required to get its client into the new program. National Debt Relief makes it clear that clients can do this paperwork for themselves free but that many choose to let the professionals at NDR do this for them.
Paul Ritz, a spokesman for NDR said that, “The reason why many people are struggling to repay their student debts is because they were arbitrarily put into the 10-Year Standard Repayment program when they graduated from school. However, this may not be the best program for him or her given their financial circumstances. For example, once we have analyzed their finances and their student loan portfolios we might recommend Pay As You Earn repayment. This is where the borrower's monthly payments are capped at 10% of her or his monthly income. This is a program that was recently modified by Pres. Obama to make as many as 1.4 million more people eligible. Barring this, another and better option might be Extended Repayment where the person would have up to 25 years to repay his or her student loans, which would mean a substantially lower monthly payment”.
Studentloanconsolidationreviews.com also noted that National Debt Relief has consistently maintained an A rating with the Better Business Bureau and that it is a member of the American Fair Credit Council.
As noted above, SoFi is basically a social organization. It has 550 member colleges and universities. For a person to be eligible for a loan from SoFi it must be either attending or an alumnus of one of these schools. On the upside, SoFi offers consolidation loans at both fixed and variable interest rates with introductory rates starting at 0.99%. Its loans include deferment in the event a client becomes unemployed and will even help him or her find a new job. On the downside, SoFi will consolidate both federal and private student loans, which many experts point out is a very bad idea. Once a person does this, he or she loses all of the benefits that come with a federal student loan such as cancellation, deferment, forgiveness and all the repayment options.
“Both these companies are positioned to help Minnesotans struggling with student loan debts," said Smith, “but we ranked National Debt Relief as the best due to several factors not the least of which is that it charges its customers nothing unless it is able to find them a better repayment program."
Residents of Minnesota that would like to know more about debt relief, National Debt Relief and SoFi should definitely go to the site http://www.Studentloanconsolidationreviews.org.