It is more important than ever for families to have clear, accurate, and easy-to-understand information about alternatives for financing college costs
Bethesda, Maryland, and Sacramento, California (PRWEB) April 16, 2009
The Association of Independent California Colleges and Universities (AICCU), representing California's 75 non-profit accredited colleges and universities with more than 289,000 students, and Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes, announced today a marketing partnership to create the California Student Loan Marketplace. The California Student Loan Marketplace will be an online education financing resource that connects students and their families with lenders to encourage smart borrowing practices and compare reliable private student loan terms. Prager, Sealy, & Co., LLC, a leading higher education investment banking firm, will serve as the program manager for AICCU.
"It is more important than ever for families to have clear, accurate, and easy-to-understand information about alternatives for financing college costs," said Jonathan Brown, AICCU president. "The California Student Loan Marketplace will help provide students with affordable higher education at top institutions."
The California Student Loan Marketplace will allow schools to provide students and their families with access to unbiased information on financing higher education. The Marketplace will offer students, families, counselors, and institutions the following:
*Reliable loan terms from multiple lenders: The Marketplace will provide what students need - the ability to compare and select reliable financing options - not "as low as" advertisements - with a complete listing of reliable loan terms.
*Preservation of borrower credit scores and privacy: The Marketplace will provide a more efficient, safer loan shopping experience for students by pulling a single credit report to match borrower information with multiple lenders' student loan products and allowing borrowers to choose which lender receives their information.
*Smart borrowing practices: The Marketplace will provide information on how to borrow wisely, including exhausting federal loan options before turning to private loans, and using a co-signer to achieve the best rates and fees.
*Guiding students to make informed decisions: The Marketplace can be configured with school-specific information about policies, deadlines, academic programs, and grade-levels to assure that students receive custom-tailored loan options.
*Enhanced transparency: The Marketplace will be an open network of lenders that allows schools to provide students with meaningful guidance in a safe and trustworthy environment.
"Overture is pleased to work with AICCU, a trusted group that is dedicated to connecting students with lenders for smarter financing of their education at private, non-profit colleges in California," said Peter Carroll, Overture Technologies' vice president, product marketing.
Since 1955, the Association of Independent California Colleges and Universities is the voice of California's private, non-profit, WASC accredited colleges and universities for state and federal issues. AICCU schools enroll over 280,000 students annually. Founded in 1955, AICCU offers research, consolidated purchasing, and professional development opportunities to member schools; it also provides information to counselors, students, and parents about higher education in California.
About Overture Technologies
Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable the transparent, accurate and responsive lending processes required in today's mortgage and higher education industries. Overture's customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students' access to higher education financing alternatives. Our leadership team applies decades of industry experience from leading financial services and technology firms to help our customers achieve their goals.
About Prager, Sealy & Co., LLC
Since Prager, Sealy & Co. was founded in 1987 with the assistance of two universities, higher education finance has remained a primary focus and strength. The firm's mission is to provide clients with unparalleled personal and professional service, approaching each engagement with integrity, innovation, and insight. Prager, Sealy is committed to redefining investment banking by offering broad strategic advice with expert market execution.
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