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Studentloanconsolidationreviews.org Reveals Good News For Student Debt Burdened Texans
  • USA - English


News provided by

Best Debt Consolidation Loans

Oct 03, 2014, 04:00 ET

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Austin, TX (PRWEB) October 03, 2014 -- Being heavily in debt is never a good thing and this is especially true of student loan debt. It is also possible that student debt might have a lifelong effect on borrowers as it can harm their ability to build wealth. This could lead to young student debtors retreating from home ownership and owning a car.

Texas students that graduated recently were definitely saddled with debt as 56% had to borrow money in order to fund their educations and graduated owing an average of $24,030.

graduated [Texas residents] owing an average of $24,030

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However, these Texans now have two good options for help as reported by Studentloanconsolidationreviews.org. These are the companies National Debt Relief and SoFi (Social Finance, Inc.).

Michael Smith of Studentloanconsolidationreviews.org said, "Our analysis of the student debt relief options available to Texans revealed that their best bet is National Debt Relief. This company has been in business for more than seven years and has helped thousands of people with debt settlement and recently added student loan consolidation to its portfolio of services”.

National Debt Relief is different from other debt relief companies in that it does not provide loans. The way it helps its clients that have federally backed student loans is by focusing on education and credit management. It’s first step is a no-obligation consultation where it evaluates its client's mix of student debts. It then creates an action plan that takes into consideration his or her debt mix, budget, income, secured obligations, credit history and other factors.

“If we determine that the person would be a good fit for our program we prepare all the necessary paperwork to get him or her started,” said National Debt Relief’s Paul Ritz. “While people can do this paperwork themselves for free, it’s a time consuming and confusing task and so many of them let us handle it for them. Plus, we deposit our clients' settlement funds into an escrow account that remains under their control. We do not use these funds to settle their debts or pay our fee until after their paperwork has been approved. For that matter they’re only required to pay us if we can successfully settle their student loan debts. Our student loan debt relief program is completely performance-based”.

While SoFi can also provide student debt relief, it has an entirely different approach. It offers student loans and student debt consolidation loans on a peer-to-peer basis. Its loans come not from a financial organization but the alumni of the 550 colleges and universities that are members of its network. SoFi’s loans have terms of five, 10 and 15 years and interest rates that start at a very attractive 2.66% (with Autopay). "One downside of SoFi is that the only people eligible for its loans are those that are attending or an alumnus of one of its member schools. SoFi is more of a social community than a financial institution," said Smith. "It not only loans money it also offers career support, unemployment protection and an entrepreneur program. The way its unemployment protection works is if a SoFi borrower loses his or her job, SoFi suspend their payments and will even help that person find new employment."

Studentloanconsolidationreviews.org ranked National Debt Relief ahead of SoFi for several reasons, not the least of which is the debt relief options it offers its clients. "National Debt Relief has the ability to move a client into the repayment program that best fits him or her," Smith said. “In comparison, SoFi really offers only one solution – a debt consolidation loan."

Texans that are struggling to repay 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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