February 2, 2010

Financial Tools for College Students -Check This Out!

NASFAA Constituent Member News

[The following is a news release issued by Student Loan Network.]

Student Loan Network Debuts New Private Student Loan Comparison Tool

Private student loan comparison tool helps students obtain information on alternative college financing and make responsible borrowing decisions.

Quincy, MA -- January 21, 2010 -- PrivateStudentLoans.com, a subsidiary of Student Loan Network, recently launched a unique online private student loan comparison tool www.privatestudentloans.com/compare to help students make informed decisions about private student loan lenders. Many loan comparison tools require borrowers to submit personal and financial information before beginning the comparison process. This new tool is distinctive because there is no upfront registration requirement. Borrowers can use this resource to get information about multiple lenders in one place and then decide which loan product they would like to pursue.

When federal financial aid is not enough, many students turn to private student loans to help pay for college. With so many different lenders and loan products available, it can be difficult for students and parents to find quality information in one place. This new research tool, as part of PrivateStudentLoans.com, gives students an easy way to compare private student loans. It provides both at-a-glance and detailed information about private student loans from a variety of different lenders, as well as the opportunity to apply online. So far six leading student loan lenders have been included in the tool.

Students often apply for private student loans without knowing all of the details because they need money for school quickly. When applying for a private student loan it is important for the borrower to know all of the information about the loan up front. The comparison tool creates transparency in the application process illuminating interest rates, fees, and repayment expectations. "For some students, private student loans are an integral part of paying for college," said Jonathan Rudy, Director of Student Loans. "We hope that this tool will take the guesswork out of private student loans and help students make responsible borrowing decisions."

PrivateStudentLoans.com is an industry leading website with over a hundred thousand visitors each month. In addition to the new comparison tool, the site outlines the benefits and the eligibility requirements of private student loans and explains the differences between private student loans and federal student loans. To further encourage students to make responsible borrowing decisions, the site also features a new private student loan repayment calculator. This tool allows students to estimate what their private student loan monthly payments will be once they go into repayment.

About Student Loan Network and Edvisors:

Student Loan Network, an Edvisors online education company is one of the nation's fastest growing providers of student loan related information. We help undergraduate students, graduate students, and their families access federal and private student loans, as well as consolidation services. To help make the financial aid process less stressful Student Loan Network delivers student loan resources including the award-winning Financial Aid Podcast, financial aid blogs and e-books, and the monthly Financial Aid Newsletter. Each year more than 10 million students, parents, and financial aid professionals rely on these resources.

For more than eleven years Edvisors has helped students and their families access student loans, scholarships, and financial aid resources to help make education affordable. We deliver on our mission to provide a richer, more fulfilling education experience to students, educators and parents by providing an unmatched portfolio of education-related information and services through Edvisors Student Services, Student Loan Network, and the Edvisors Education Foundation.

Posted 01/22/10 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.