A Review of National Debt Relief’s Student Loan Consolidation Service
If you’re struggling with your student loan debts to the point where you feel as if you were swimming against a riptide, you are not alone. This past year, students graduated from college owing an average of $24,900 per borrower. If you’re typical, you not only had to borrow money to get through school but you also have multiple student loans. When this is the case, it might make good sense to look to a company such as National Debt Relief (NDR) for help. You can reach them at 888-810-6399 and get a free student loan analysis.
National Debt Relief’s website
When we reviewed NDR’s Student Loan website we found it to be clean, simple, easy to use and very informative. This page also includes information on the types of student loans available and which ones can be consolidated. This page offers information on the dangers and pitfalls associated with student loan debt and a list of all the various debt relief options available. In short, we found that its webpage includes a lot of good useful information – more than is available on most comparable sites.
To get started with NDR, all that’s necessary is to complete a short online form or call 888-810-6399 for a free consultation.
National Debt Relief’s history
NDR is an established and reputable debt relief organizations that has been in business since 2007. During this time it says it has helped more than 100,000 individuals and families achieve debt relief through debt settlement. This is where the company negotiates with a person’s lenders to settle her or his debts for less than what’s owed. This, according to NDR, has helped thousands of people save literally hundreds of millions of dollars.
National Debt Relief has consistently maintained an A rating with the Better Business Bureau. It’s a member of the American Fair Credit Counsel and all of its debt arbitrators have been accredited through the International Association of Professional Debt Arbitrators.
National Debt Relief student loan consolidation services
National Debt Relief offers student loan consolidation services through the Department of Education for people struggling with student debts. You will find several different types of repayment plans available. For example, there is standard repayment where your loan is paid off in equal monthly payments. Beyond this, there is graduated repayment. If you were to choose this option, your monthly payments would start out low but then gradually increase every two years. We think this could be an excellent option for a person whose earning are modest now but that believes they will increase over the coming years.
A second option offered is extended payments, which can lower the monthly payment even further by stretching out the term of the loan to as long as 25 years. We believe this plan would be best for people owing more than $30,000 in student loan debts.
Student loan borrowers may really like the third option, which is income-based repayment. This takes into consideration not only your salary but also your family size. Your payments will never exceed 15% of your earnings and you would have 25 years to repay the money. However, your monthly payments would be adjusted every year – based on your income and family size – so could go up or down every year.
You may need and qualify for payment deferment, and claim forbearance for financial or medical hardship. It even offers loan forgiveness for people in public service where if you make all of your loan payments on time for 10 years but still have a balance remaining on the loan, the government will forgive or eliminate it. We found this to be a real plus.
No upfront fees
NDR charges no upfront fees, which is another thing we really like about the company. In fact, it collects no money until you have approved your student loan consolidation program and it says it has a 100% money back guarantee — meaning that you keep your funds until you’re fully satisfied with your loan and your repayment program. Also, NDR charges no ongoing monthly maintenance fees – again making it somewhat unique in the student loan consolidation business.
Many repayment options
To sum up there are seven different ways to repay federal loans. Four of them are income driven including Pay As You Earn, which was in the headlines recently when Pres. Obama issued an executive order that made more than one million more people eligible. Other income-driven repayment plans include Income-Contingent, Income-Sensitive and Income-Based. Unfortunately, each of these repayment plans has its own eligibility requirements and each can be used to pay back only certain types of loans. For example, we found that to be eligible for Pay As You Earn, you must have what’s called a “partial financial hardship.”
If you choose the company’s consultation service a National Debt Relief counselor will work with you to determine which repayment plan would suit you best – given your earnings and financial situation. This service requires just a one time flat fee, which is deposited into an escrow account. We really liked the fact that NDR won’t withdraw any money from that account until you have approved your new payment plan and are satisfied with the paperwork that National Debt Relief prepared to get you into the plan.
Based on our review of National Debt Relief and the services it offers people struggling with student loan debts, we give it a definite four stars. Of course, before you choose to get one of its student debt consolidation loans or sign-up for its counseling services, you need to do your due diligence to make sure you’re comfortable with all the various terms and conditions. While we’ve found National Debt Relief to be an honest and reliable company, it’s always important to do your homework so that you totally understand what you’re getting into.
You can get started by completing a short online form or calling 888-810-6399 for a free consultation.