SimpleTuition Advises Families to Start Researching Student Loan
Options Now
Within 30 Days Schools Will Be Mailing Tuition Bills
NEWTON, Mass. (Business Wire EON) June 11, 2008 --
Recent economic turmoil has affected the availability of a number of
student loan types and is causing confusion as to which lenders are
still in the market. SimpleTuition, the leading student
loan comparison site for personalized student loan research,
recommends that students and families who need student loans for the
fall 2008 school semester start shopping now.
“In past years, families have had a stable,
robust supply of federal and private loan options to choose from –
not to mention the option of tapping into savings and home equity to
help pay the college bill,” said Kevin Walker,
SimpleTuition’s co-founder and CEO. “This
year the credit crunch has put the squeeze on the availability of
student loans and many families are realizing the lender they used
previously may no longer be offering student loans or has implemented
stricter credit requirements. We recommend families research loans now
for the fall semester to allow for more time before the tuition bill is
due.”
Despite the credit squeeze, there still are many companies prepared to
loan money to students for college. SimpleTuition recommends keeping
these ideas in mind when looking for student loans:
-
Max out federal loan options first, including Stafford, Perkins and
Ford loans, before looking at private loans. Federal loans are lower
cost loans and have more flexible repayment structures. Since Congress
just increased the limit to federal loans, students will be able to
receive $2,000 more per year on Stafford Loans beginning July 1.
-
Evaluate PLUS loans where graduate students and parents of
undergraduate students can secure a federal loan.
-
Research loan financing options by talking with the school’s
financial aid office, and look to lenders that work with schools for
certified private loans. These loans usually have better rates because
they are 'certified' by the school, meaning the school reviews and
signs off on the borrowing amount to ensure the student only borrows
what is needed. The loan funds are then disbursed directly to the
school.
-
Do your own homework. Shop around and research student loans online.
SimpleTuition’s loan comparison site (www.simpletuition.com)
lets students and parents compare and shop among many of the top
lenders for Federal and private student loans.
SimpleTuition’s online resource (www.simpletuition.com)
helps students and families make sense of education financing options.
The company offers the leading independent and interactive solution for
researching and comparing Stafford, private, PLUS, and GradPLUS loans
from dozens of available lenders. Each loan option can be sorted and
compared by monthly payment, total cost of the loan, number of payments,
fees, and lowest and highest APR. No personally identifiable information
or credit scoring is required.
About SimpleTuition Inc.
Founded in 2005, SimpleTuition is the leading education loan comparison
site for personalized student loan research. SimpleTuition is dedicated
to helping students and parents make sense of education financing
options. The company offers the leading independent and interactive
solution for researching and comparing multiple Stafford, private, PLUS,
and GradPLUS loans from dozens of lenders. The site has been recently
featured on Kiplinger’s Best List as
the best financial services website for student loans and as one of Fast
Company’s Top Web 2.0 sites. The company
also holds awards for exceptional website development from the
Interactive Media Council, Web Marketing Association, and the
International Academy of Visual Arts. SimpleTuition is headquartered in
Newton, Mass., and is funded by Atlas Venture, Flybridge Capital
Partners, and North Hill Ventures. For more information, visit www.SimpleTuition.com.
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