We are excited to work with AICCU to bring low-cost loan options to our members.
Bethesda, Maryland and Sacramento, California (PRWEB) July 9, 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 solutions that help students and their families make better financial decisions, announce today the launch of the California Private Loan Marketplace. The California Private Loan Marketplace (http://california.privateloanmarketplace.com) is an online resource that helps students and their parents compare private student loan terms from multiple lenders and responsibly select the loan product that best fits their individual situations. Prager, Sealy, & Co., LLC, a leading higher education investment-banking firm, serves as the program manager for AICCU.
The Marketplace enables students to sort and compare private student loans side-by-side with detailed rates and terms based on their own credit information. Users are matched with products from lenders through a system that encourages transparency and simplifies the often-confusing private student loan process.
"We are pleased to bring the California Private Loan Marketplace to the students of California," said Jonathan Brown, AICCU President. "With its extensive guidance for students and emphasis on smart borrowing practices, we believe that it will provide a valuable service in helping students make informed, responsible decisions about how to pay for school."
The California Private Loan Marketplace gives students and their families access to unbiased information on financing higher education. It offers students, families, counselors, and institutions the following:
-Private loan terms from multiple lenders: The Marketplace gives students the ability to compare and select detailed financing options, not "as low as" advertisements for rates, with a complete listing of loan terms based on their own information.
-Preservation of borrower credit scores and privacy: The Marketplace enables a safer, more efficient loan shopping experience for students by using a single credit report to match borrower information with multiple lenders' student loan products, and allows borrowers to choose which lender, if any, receives their information.
-Enhanced transparency: The Marketplace is an open network of lenders that provides students with meaningful guidance in a safe and trustworthy environment.
-Comprehensive Borrower Education: The Marketplace features a Financial Aid Learning Center that presents instructions, definitions, expert advice and other useful information to help students as they consider their funding options.
"In today's economic environment, it is essential that students seeking private loans are informed and borrow responsibly," said Russ Carlson, CEO of Overture Technologies. "We believe the technology platform supporting the California Private Loan Marketplace provides an innovative answer to many students' current struggles with finding private loans, and we are excited to work with AICCU to put this solution into action."
With its strong emphasis on financial aid literacy and guidance, the California Private Loan Marketplace gives schools a robust tool to guide their students through the process of comparing and selecting a private loan. Students are presented with information they need to make informed decisions on how to pay for college, including detailed explanations of relevant terms and smart borrowing tips.
"The California Student Loan Marketplace offers our students transparency throughout the lending process, as well as access to sources of loans that they may not have known about," said Richard J. Toomey, Associate Vice Provost Enrollment Management and Dean of University Financial Aid Services at Santa Clara University. "Through its emphasis on smart borrowing and financial aid literacy, we believe the Marketplace will be a greatly beneficial tool for our students."
The Marketplace features a range of lender partners to serve the students of California, including large national banks and local, community-based credit unions. Students have access to many loan options from a growing network of lenders that currently includes Discover Student Loans, NASA Federal Credit Union, Star One Credit Union and Addison Avenue Federal Credit Union.
"The California Private Loan Marketplace helps us reach out to California residents and broaden our community of members while offering affordable loans to students," said Rick Heldebrant, CEO of Star One Credit Union. "We are excited to work with AICCU to bring low-cost loan options to our members."
The California Private Loan Marketplace is available today at http://california.privateloanmarketplace.com.
The California Private Loan Marketplace is not connected with or sanctioned by the state of California.
Quotes in Support of the California Student Loan Marketplace:
Barbara Gatorian, Vice President of Consumer Lending at NASA Federal Credit Union, said: "Through the California Private Loan Marketplace and their partnership with Student Choice, Overture has facilitated NASA Federal's relationships with students and schools. We are proud to help families across the country afford higher education - one of the best investments a student can make for their future."
Scott Pellegrini, Product Manager at Addison Avenue Federal Credit Union, said: "The California Private Loan Marketplace gives us greater exposure to our field of membership, and the ability to provide those qualified borrowers with valuable student loan products that we previously were not able to with our product offering."
About AICCU - 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 solutions that help students and their families save money by making better financial decisions. Using patent-pending technology, Overture helps students create comprehensive plans for financing their education as well as source competitive rates on private student loans through a marketplace of national lenders, credit unions and other not-for-profit organizations.
About Prager, Sealy & Co., LLC - Since Prager, Sealy & Co., LLC 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.