Studentloanconsolidationreviews.org Announces Top Alternatives for Student Debt Trapped Rhode Islanders
Providence, RI (PRWEB) September 30, 2014 -- While the origins of the name Rhode Island is somewhat unclear, Roger Williams is largely credited for having founded the state he called Rode Island in 1637. It intentionally started without the letter "h" because as he explained, Rode Island (in the Greek language) means an Isle of Roses.
Another thing that's certain is that Rhode Island is our smallest state and by a great deal. It is comprised of just 1545 square miles and has only 40 miles of coastline. It was the final or 13th state to join our original union and is unique in that it has no county governments. Instead it’s divided into 39 municipalities, each of which has its own form of local government.
Unfortunately for Rhode Islanders, 69% of its students were forced to take out student loans to pay for their educations. And recent Rhode Island graduates had an average of $31,156 in student debt, making the state fifth worst in the nation.
As is the case with the other 49 states, the cost of going to school in Rhode Island has grown considerably. As an example of this, the cost for an in-state student to attend the University of Rhode Island for a year is now $23,945. The highly respected Rhode Island School of Design costs $59,037 a year, although the cost to attend the Community College of Rhode Island for a year is a reasonable $8385.
The good news for those Rhode Islanders who are struggling under a load of student debt is that there is relief available. The website Studentloanconsolidationreviews.org recently analyzed the student debt relief companies available to Rhode Islanders. What it determined is that the best two options are National Debt Relief and SoFi (Social Finance Inc.).
"One of the biggest problems for students graduating with $30,000 or more in student debts," said Studentloanconsolidationreviews.org’s Michael Smith, "is that most do not realize there are a number of other repayment options in addition to the 10-Year Standard Repayment they were automatically put into. For example, there is Pay As You Earn Repayment that caps monthly payments at 10% of a person's disposable income. Another popular repayment program is Graduated Repayment where the monthly payments start low then increase gradually every two years. This can be an excellent alternative for young people just starting out in their careers. Because National Debt Relief offers a suite of options for student loan repayment from the Department of Education, it is usually able to find repayment programs for its clients such as Pay As You Earn that have better terms and lower monthly payments than their current plans.
Studentloanconsolidationreviews.org also ranked National Debt Relief highest because it charges no upfront fees. If it is unable to find a better repayment program than what its customer currently has, it charges him or her nothing. In other words its services are totally performance driven.
SoFi is more like a traditional debt relief company in that it offers student loans and debt consolidation loans. What makes this company unique is that it's a social community. The loans made through SoFi come from the alumni of the company's 550 member schools. To be eligible for one of its loans you must either be attending or an alumnus of one of these schools. This limits the number of people eligible for a loan from SoFi. However, for people who do qualify, the company offers both fixed and variable interest rate loans beginning as low as 2.66% APR (with AutoPay). It also has unemployment protection where it will temporarily pause a customer's payments and even help him or her find a new job.
Residents of Rhode Island who are struggling with student loan debts should definitely go to the website Studentloanconsolidationreviews.org for more information on SoFi and National Debt Relief.
Jimmy Saver, Best Debt Consolidation Loans, http://www.bestdebtconsolidationloans.org/, +1 (877) 869-5111, [email protected]
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