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REFILE-COLUMN-Beware of offers to refinance federal student loans

September 30th, 2014

(In the 9th paragraph, removes extra space in CommonBond)

By Liz Weston

LOS ANGELES, Sept 29 (Reuters) – People with federal student
loan debt now have a few options to lower their rates with
private consolidation loans, but consumer advocates warn they
could be giving up vital protections in doing so.

Royal Bank of Scotland Group Plcs Citizens
Financial Group recently expanded its student loan refinancing
program to include federal as well as private student loans. The
bank joins two much smaller, peer-to-peer lenders, SoFi and
CommonBond.

All three lenders say they counsel potential customers about
the consumer protections lost when federal debt is refinanced
into private loans. Those protections include access to federal
income-based repayment and forgiveness programs as well as
generous forbearance and deferral options.

Those are very important rights, said Persis Yu, staff
attorney for the Student Loan Borrowers Assistance site run by
the National Consumer Law Center.

Yu questioned whether the borrowers targeted by these
lenders understand how vulnerable they are to financial setbacks
such as job losses.

A lot of people think theyre not ever going to default,
Yu said, but there are very high delinquency rates on student
loans.

So far the lenders are wooing the lowest-risk borrowers:
graduates with steady jobs, good credit and enough income to pay
down their loans.

CommonBond, which has refinanced about $100 million in
student loans so far, restricts its prospective clients even
further to those with business, law, medical or engineering
degrees, said Chief Executive Officer David Klein.

The lenders tout variable rates that start at less than 3
percent. Fixed rates can be as low as 3.6 percent at SoFi and
CommonBond, while Citizens lowest is 4.74 percent.

By contrast, current interest rates for new fixed-rate
federal Stafford loans are 4.66 percent for undergraduates and
6.21 percent for graduate and professional students. Borrowers
with older federal debt may have rates as high as 8.5 percent.

While the best rates on consolidation loans are reserved for
the most creditworthy borrowers, Citizens has been able to lower
its typical customers rate by 1.5 percentage points when
refinancing private loans, said Brendan Coughlin, the companys
president of auto and education lending.

A one percentage point decrease corresponds to annual
savings of about $50 per year on each $10,000 of debt, said Mark
Kantrowitz, publisher of Edvisors.com, a college finance
education site. The savings generally are not enough to make it
worth giving up income-based repayment and forgiveness options,
he said.

Borrowers who struggle to pay their debt are typically
locked out of refinancing due to lenders high underwriting
standards.

Were approached by people who are having a really
difficult time with their payments, said Mike Cagney, CEO of
SoFi, which so far has refinanced about $1 billion in federal
and private loan debt. Were not a good option for them.

PARENTS MAY BENEFIT

Parents who have federal PLUS loans, however, might consider
refinancing into a private loan if they can win a large-enough
interest rate reduction, Kantrowitz said.

Parent PLUS loans are not eligible for income-based
repayment options or forgiveness, although they still offer up
to three years of forbearance and deferral options. Private
consolidation loans typically offer up to one year of
forbearance.

Generally, refinancing federal parent PLUS loans into a
private consolidation loan might be financially beneficial if
the interest rate will decrease by at least two percentage
points and the borrower has at least $20,000 in (such) loans,
Kantrowitz said.

Students, on the other hand, should still not refinance
their federal student loans into a private consolidation loan.

Parents with the high credit scores and solid incomes
necessary for a private loan consolidation presumably would be
able to make informed decisions about the necessary trade-offs
between a lower interest rate and the loss of federal education
loan benefits, Kantrowitz said.

A proposal to lower rates on existing federal student loan
debt died this summer when Senator Elizabeth Warren, a
Massachusetts Democrat, failed to get the 60 votes needed to
advance her bill. The legislation, which would have allowed
people with federal and private loans issued before 2010 to
refinance at 3.86 percent, received 56 votes for and 38 votes
against it.

(Editing by Beth Pinsker and Lisa Von Ahn)

COLUMN-Beware of offers to refinance federal student loans

September 30th, 2014

(The author is a Reuters columnist. The opinions expressed are
her own.)

By Liz Weston

LOS ANGELES, Sept 29 (Reuters) – People with federal student
loan debt now have a few options to lower their rates with
private consolidation loans, but consumer advocates warn they
could be giving up vital protections in doing so.

Royal Bank of Scotland Group Plcs Citizens
Financial Group recently expanded its student loan refinancing
program to include federal as well as private student loans. The
bank joins two much smaller, peer-to-peer lenders, SoFi and
CommonBond.

All three lenders say they counsel potential customers about
the consumer protections lost when federal debt is refinanced
into private loans. Those protections include access to federal
income-based repayment and forgiveness programs as well as
generous forbearance and deferral options.

Those are very important rights, said Persis Yu, staff
attorney for the Student Loan Borrowers Assistance site run by
the National Consumer Law Center.

Yu questioned whether the borrowers targeted by these
lenders understand how vulnerable they are to financial setbacks
such as job losses.

A lot of people think theyre not ever going to default,
Yu said, but there are very high delinquency rates on student
loans.

So far the lenders are wooing the lowest-risk borrowers:
graduates with steady jobs, good credit and enough income to pay
down their loans.

CommonBond, which has refinanced about $100 million in
student loans so far, restricts its prospective clients even
further to those with business, law, medical or engineering
degrees, said Chief Executive Officer David Klein.

The lenders tout variable rates that start at less than 3
percent. Fixed rates can be as low as 3.6 percent at SoFi and
Common Bond, while Citizens lowest is 4.74 percent.

By contrast, current interest rates for new fixed-rate
federal Stafford loans are 4.66 percent for undergraduates and
6.21 percent for graduate and professional students. Borrowers
with older federal debt may have rates as high as 8.5 percent.

While the best rates on consolidation loans are reserved for
the most creditworthy borrowers, Citizens has been able to lower
its typical customers rate by 1.5 percentage points when
refinancing private loans, said Brendan Coughlin, the companys
president of auto and education lending.

A one-percentage-point decrease corresponds to annual
savings of about $50 per year on each $10,000 of debt, said Mark
Kantrowitz, publisher of Edvisors.com, a college finance
education site. The savings generally are not enough to make it
worth giving up income-based repayment and forgiveness options,
he said.

Borrowers who struggle to pay their debt are typically
locked out of refinancing due to lenders high underwriting
standards.

Were approached by people who are having a really
difficult time with their payments, said Mike Cagney, CEO of
SoFi, which so far has refinanced about $1 billion in federal
and private loan debt. Were not a good option for them.

PARENTS MAY BENEFIT

Parents who have federal PLUS loans, however, might consider
refinancing into a private loan if they can win a large-enough
interest rate reduction, Kantrowitz said.

Parent PLUS loans are not eligible for income-based
repayment options or forgiveness, although they still offer up
to three years of forbearance and deferral options. Private
consolidation loans typically offer up to one year of
forbearance.

Generally, refinancing federal parent PLUS loans into a
private consolidation loan might be financially beneficial if
the interest rate will decrease by at least two percentage
points and the borrower has at least $20,000 in (such) loans,
Kantrowitz said.

Students, on the other hand, should still not refinance
their federal student loans into a private consolidation loan.

Parents with the high credit scores and solid incomes
necessary for a private loan consolidation presumably would be
able to make informed decisions about the necessary trade-offs
between a lower interest rate and the loss of federal education
loan benefits, Kantrowitz said.

A proposal to lower rates on existing federal student loan
debt died this summer when Senator Elizabeth Warren, a
Massachusetts Democrat, failed to get the 60 votes needed to
advance her bill. The legislation, which would have allowed
people with federal and private loans issued before 2010 to
refinance at 3.86 percent, received 56 votes for and 38 votes
against it.

(Editing by Beth Pinsker and Lisa Von Ahn)

Studentloanconsolidationreviews.org Announces Top Alternatives for Student …

September 30th, 2014

Studentloanconsolidationreviews.org helps Rhode Island residents who are trapped with their student loan payments by sharing two of the student loan debt relief companies in the area.

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 thats 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 persons 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 its a social community. The loans made through SoFi come from the alumni of the companys 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 customers 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.

For the original version on PRWeb visit: http://www.prweb.com/releases/student_loan_debt_relief/in_Rhode_Island/prweb12202586.htm

Why Refinancing Your Federal Student Loans Could Cost You

September 30th, 2014

All three lenders say they counsel potential customers about the consumer protections lost when federal debt is refinanced into private loans. Those protections include access to federal income-based repayment and forgiveness programs as well as generous forbearance and deferral options.

Those are very important rights, says Persis Yu, staff attorney for the Student Loan Borrowers Assistance site run by the National Consumer Law Center.

Yu questions whether the borrowers targeted by these lenders understand how vulnerable they are to financial setbacks such as job losses.

A lot of people think theyre not ever going to default, Yu says, but there are very high delinquency rates on student loans.

Whos getting loans

So far the lenders are wooing the lowest-risk borrowers: graduates with steady jobs, good credit and enough income to pay down their loans.

CommonBond, which has refinanced about $100 million in student loans so far, restricts its prospective clients even further to those with business, law, medical, or engineering degrees, says Chief Executive Officer David Klein.

The lenders tout variable rates that start at less than 3%. Fixed rates can be as low as 3.6% at SoFi and Common Bond, while Citizens lowest is 4.74%.

By contrast, current interest rates for new fixed-rate federal Stafford loans are 4.66% for undergraduates and 6.21% for graduate and professional students. Borrowers with older federal debt may have rates as high as 8.5%.

While the best rates on consolidation loans are reserved for the most creditworthy borrowers, Citizens has been able to lower its typical customers rate by 1.5 percentage points when refinancing private loans, says Brendan Coughlin, the companys president of auto and education lending.

A one-percentage-point decrease corresponds to annual savings of about $50 per year on each $10,000 of debt, says Mark Kantrowitz, publisher of Edvisors.com, a college finance education site. The savings generally are not enough to make it worth giving up income-based repayment and forgiveness options, he says.

Borrowers who struggle to pay their debt are typically locked out of refinancing due to lenders high underwriting standards.

Were approached by people who are having a really difficult time with their payments, says Mike Cagney, CEO of SoFi, which so far has refinanced about $1 billion in federal and private loan debt. Were not a good option for them.

Parents may benefit

Parents who have federal PLUS loans, however, might consider refinancing into a private loan if they can win a large-enough interest rate reduction, Kantrowitz says.

Parent PLUS loans are not eligible for income-based repayment options or forgiveness, although they still offer up to three years of forbearance and deferral options. Private consolidation loans typically offer up to one year of forbearance.

Generally, refinancing federal parent PLUS loans into a private consolidation loan might be financially beneficial if the interest rate will decrease by at least two percentage points and the borrower has at least $20,000 in [such] loans, Kantrowitz says.

Students, on the other hand, should still not refinance their federal student loans into a private consolidation loan.

Parents with the high credit scores and solid incomes necessary for a private loan consolidation presumably would be able to make informed decisions about the necessary trade-offs between a lower interest rate and the loss of federal education loan benefits, Kantrowitz says.

A proposal to lower rates on existing federal student loan debt died this summer when Senator Elizabeth Warren, a Massachusetts Democrat, failed to get the 60 votes needed to advance her bill. The legislation, which would have allowed people with federal and private loans issued before 2010 to refinance at 3.86 percent, received 56 votes for and 38 votes against it.

Volkswagen Financial Services Selects Aptean to Enhance Customer Service …

September 30th, 2014

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Studentloanconsolidationreviews.org Announces Top Two Student Debt Relief …

September 28th, 2014

The top two student debt relief companies for residents of Maryland were ranked by Studentloanconsolidationreviews.org.

Baltimore, MD (PRWEB) August 26, 2014

During revolutionary times, Rockville, Maryland was known as Hungerfords 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 states 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. Johns 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. Weve long adhered to that old saying that you cant 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 clients 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 Reliefs 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.

Can I File Bankruptcy on My Federal Student Loans to Stop My Wage …

September 26th, 2014

Huffington Post Reader Question

Dear Steve,

Wage garnishment has been in effect for almost two years. I was always told that you cannot file bancruptcy on fed student loans…is this true? Currently i am garnished for 25% every two weeks. I no longer can afford my home car etc. Im losing everything. I have filed bankruptcy before and would prefer not to do it again but the garmishment is drowning me. I filed an appeal and was told it went to a hearing but cannot get any answer on the result of it.

Can I file bancruptcy on my fed student loans?

Kristen

Dont miss my free my weekday email newsletter with the latest tips and advice on how to beat debt and do better financially. Subscribe now. – Click Here

Dear Kristen,

Im so sorry this went all the way to what I assume to be an Administrative Wage Garnishment (AWG) and not a suit by the US Department of Justice. Its too bad someone didnt mention earlier you could have avoided the wage garnishment all together by consolidating your federal student loans into a Direct Loan and then enrolling in an Income Based Repayment program where your payment could have been as low as zero dollars a month. For more on how that all works, click here.

You can consolidate your student loan debt if you are in default but doing it while you have an active AWG is a bit tougher and not as common. As far as I am aware there is nothing that would prevent the Department of Education (DOE) from allowing that but you might have to work closely with the DOE and or loan servicer to make that happen. Its out of the ordinary, not illegal.

Technically when you consolidate your loans into a Direct Loan it should terminate the current AWG because the loans would be paid off in full by the consolidation.

Alternatively you could think about rehabilitating the loans out of an AWG. Under the new rehabilitation program you could enter into an income based payment plan and make a certain number of agreed upon payments on top of the wage garnishment. Youd have to talk to your loan servicer about doing that and what your income based payment would be. Your current garnished payment dont count towards the rehab.



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Montanans Discover Two Best Student Debt Relief Options Thanks To …

September 26th, 2014

>PRWEB.COM Newswire

Helena, MT (PRWEB) September 09, 2014

If you like wide-open spaces, youd love Montana. It consists of 147,046 square miles, making it Americas fourth largest state yet has a population of just 902,195. This means Montana has roughly six people per square mile.

Montanas state slogan is The Treasure State based on the amount of copper, gold and silver thats been mined there. The name Montana comes from the Spanish word for mountainous, which makes sense in that its very mountainous and its highest point is Granite Peak at 12,799 feet.

Butte, Montana has been called the richest hill on earth, but residents of Montana have not exactly profited from this as its students graduate from college owing an average $27.475 ranking the state 18th in the nation. Also, 64% of Montana college students are unable to go to school without taking out student loans. This is despite the fact that college in Montana is fairly affordable. For example, the cost for an in-state student to attend the University of Montana for a year is just $18.336. Montana State University costs a bit more at $19,476 but a year at the private school Carroll College costs a whopping $40,051.

Studentloanconsolidationreviews.org recently named National Debt Relief and SoFi (Social Finance Inc.) as the two best options for Montanans seeking relief from their student debts.

Michael Smith, a spokesman for Studentloanconsolidationreviews.org said, We studied the student debt relief options available to residents of Montana and concluded that these two are the best. We gave National Debt Relief top marks based on several factors not the least of which is what it can do for its customers. But we also liked SoFi for its low interest charges and the career counseling it can provide its borrowers.

When hearing the news of its top rating National Debt Relief spokesman Paul Ritz commented, We were pleased to hear this because we only recently introduced this service. We take pride in the fact that we can help our customers obtain direct federal consolidation loans or change to repayment plans with lower monthly payments and better terms.

While SoFi specializes in student loans and debt consolidation, National Debt Relief works through the US Department of Education to find its customers the best repayment programs given their financial circumstances.

We believe that when it comes to student debt there is no one size fits all, said Ritz. Instead, we analyze each of our clients financial situation and federal student loan portfolio. We can offer a suite of options for student loan repayment from the Department of Education This allows us to provide a client with the one thats best suited to him or her given their financial circumstances. For example one of these options is the Graduated Repayment Program. Its become very popular because it allows low-income graduates to start with low payments that increase gradually every two years as their income increases.

Studentloanconsolidationreviews.org also gave National Debt Relief its top score as it consistently maintains an A rating with the Better Business Bureau. Plus, its been in business since 2007 and has helped thousands of individuals and families find relief from their debts through debt settlement.

SoFi was ranked second to National Debt Relief due mostly to its business model. It uses peer-to-peer lending where the loans come from the alumni of the 550 colleges and universities that belong to the SoFi network. For people who need a debt consolidation loan SoFi can be a good option, noted Smith.However, to be eligible for a loan from SoFi you must be a student at or the alumnus of one of the schools in SoFis network. Additionally, Studentloanconsolidationreviews.org marked SoFi down because it will consolidate federal student loans with private loans. This is a practice frowned on by many experts because once these loans have been consolidated, the borrower loses all of the benefits and advantages associated with federal student loans including loan forgiveness, cancellation, deferment and the seven different options for repayment, and is basically stuck with a fixed term and fixed monthly payment.

People struggling with their student debts should definitely go to the site http://www.Studentloanconsolidationreviews.org to learn more about National Debt Relief and SoFi.

Read the full story at http://www.prweb.com/releases/student_loan_debt_relief/in_Montana/prweb12150599.htm

Edudemics Is Helping Student Finance Their Education

September 24th, 2014

San Diego, CA — (ReleaseWire) — 09/24/2014 — Every day, more and more parents and students from across the nation are turning to the website Edudamics.com to learn everything they want to know about ever-increasing student loans. The website is committed to the sole aim of supporting thousands of students from all over the nation attain the education they would like to have while at the same time helping them stay debt free. The website provides current information on various types of student loans and loan calculation.

Recent college student generations were often loaded with heavy financial burdens of maybe unplanned student loans, and this has followed them for longer periods of time and well into their professional careers. Today, students and families are finding better ways to deal with this problem because they can use a student loan repayment calculator. Thousands of parents and students are coming to the website as they are looking for this highly valuable information that can be used for planning and calculating student loan repayments. The website Edudamics.com offers a wide range of this valuable information.

“We have one single-minded goal, and that is helping students and families by providing information so they will understand and be able to plan for college loans. We do this so they can be sure their educational desires will not turn into financial nightmares later on in their lives” says Edudemics.com editor Arthur White.

The website offers in-depth information about everything related to student loans so parents and students can better easier decide on the best loan and will be able to calculate a payment schedule that stays manageable. The website’s information is continuously updated and expanded by the website’s committed research specialists. The website provides information about topics as calculators for student loans, bad-credit-student loans, consolidation student loans, calculation methods for interest rates, and student loans in the private secctor, just to mention a few aspects.

This great website offers a lot of information on student loan payment, offers a calculator to find the best solution. and offers a wealth of all sorts of articles regarding all aspects of student loans. There are a few posted articles that will provide the readers with understanding the four different kinds of loans for educational purposes: Student Loans, Private Student Loans, Parent Loans, and Consolidation Loans). Readers will be explained the different structure of these types of loans, how and where they can be applied for, which type of loans is often the best solution for what types of loan applicant.

About Edudamics.com
The website is focused on one goal, which is helping students get the dream education they always wanted while at the same time staying as debt-free as possible. Readers will find up-to-date information about all sorts of student loans, they will learn how to work with loan and interest calculators, and how to utilize the information so they can establish a manageable plan for repaying student loans. The website offers a varied and constantly updated wide range of information that is compiled by a dedicated group of researchers that offer their help to enable students and their parents make the best choices when it comes to student loans.

For more information vist: www.edudemics.com

For more information on this press release visit: http://www.releasewire.com/press-releases/edudemics-is-helping-student-finance-their-education-548674.htm

National Debt Relief Named Best Student Debt Relief Provider By …

September 20th, 2014

Studentloanconsolidationreviews.org reviews and revealed the top two student debt consolidation companies in Kentucky.

Frankfort, KY (PRWEB) August 19, 2014

Kentucky is considered to be the home of thoroughbred horse breeding. And for good reason. If you were to search on the term horse breeders in Kentucky, you would get 238 pages of results with 12 breeders per page. When you think of Kentucky, you probably think first of the Kentucky Derby, which is considered by most people to be America’s most prestigious horse race.

However, there is very little that’s prestigious about Kentuckians when it comes to debt. The states average credit card debt per borrower is $6221, which is nearly $1000 higher than the national average. Kentucky’s median household income is just $40,072, which is substantially lower than that of the US as a whole and its students graduate owing an average of $22,384 in student loan debts. The reason for this is primarily due to the cost of going to college in Kentucky. For example, the total cost to attend the University of Kentucky for a year is $24,729. Western Kentucky University is a bit better at $20,173 but a year at a private school such as Georgetown College costs $44,373.

In response to this problem with student debt, Studentloanconsolidationreviews.org recently completed a survey of the debt relief companies available to Kentuckians in order to determine which would be the best. What its analysis revealed is that the top two are National Debt Relief and SoFi (Social Finance Inc.) and of these two it ranked National Debt Relief as the best.

One of the most compelling aspects of National Debt Reliefs student loan relief program is that the customer is not charged any upfront fees or maintenance fees. In fact, the way it charges its customers is totally performance-based. It either helps them with their student loan debts or it charges them nothing.

Michael Smith, a spokesman for Studentloanconsolidationreviews.org said that, We rank National Debt Relief number one for several reasons. One of the most important of these is that the company can provide its customers with many different repayment programs. This is due to the fact that it offers a suite of options for student loan repayment from the Department of Education. This allows the company to match up itsclient with the one that’s best suited to him or her given their financial circumstances.

Studentloanconsolidationreviews.org also gave National Debt Relief high marks because its been in business since 2007 and has helped more than 100,000 families and individuals find debt relief. Plus, it has continuously maintained an A rating with the Better Business Bureau and its student debt counselors are available to its customers 24 hours a day, seven days a week.

Studentloanconsolidationreviews.org’s analysis of debt relief companies available to Kentuckians found that their second-best bet would be SoFi.

We thought that SoFi could be a good option, said Smith. However, we were concerned that it will consolidate federal student loans with private loans. Federal student loans come with many benefits including a number of different repayment options, deferment, loan forgiveness and even cancellation. Once these loans are consolidated with a private loan, all those benefits go away.

Studentloanconsolidationreviews.org was also troubled by the fact that SoFi’s consolidation loans offer no options for changing repayment plans. Once a customer takes out a loan from SoFi he or she is totally locked into a fixed interest rate and a fixed monthly payment. Finally,as Studentloanconsolidationreviews.org pointed out SoFi relies on peer-to-peer loans. In fact its lenders are the alumni of the schools that the borrower is attending or attended. While there are 550 schools in the SoFi network, there is another several thousand that arent. This means that people that are not attending or didn’t attend one of those 550 schools would be ineligible for a loan or loan restructuring from SoFi.

Residents of Kentucky who would like to learn more about these debt relief companies should go to http://www.Studentloanconsolidationreviews.org for more information.