Bethesda, MD (PRWEB) February 24, 2011
Overture Technologies has announced an average interest rate of 6.12% for loans selected through its Private Student Loan Marketplace (http://www.overturemarketplace.com) in 2010, over 350 basis points cheaper than the national average for private loans in 2009*. On a typical post-graduation loan balance ($25,000 repaid over 15 years), this difference in rates amounts to savings of over $15,000 in students’ future interest payments.
Over the past year, the Private Loan Marketplace has helped students from nearly 1,000 institutions nationwide compare their private loan options and make informed financing decisions. Students and their co-signers are able to review upfront, accurate rates and terms side-by-side from the Marketplace’s 12 lenders, including national and regional banks, credit unions and state agencies.
“We created the Marketplace to help students source competitive rates and terms on their private student loans, as a last resort for funding their education,” said Peter Carroll, General Manager of Higher Education for Overture Technologies. “The total cost savings we’ve generated for students has made a real impact on college affordability.”
Overture’s Private Loan Marketplace is the only private loan comparison website that allows borrowers to review the same rates and terms – including APR, interest rate, total cost, monthly payment, borrower benefits, fees and repayment options – they could expect to receive by applying to each lender directly.
The Marketplace also features extensive borrower education, including a comprehensive Guide to Smart Borrowing (http://www.overturemarketplace.com/guide-to-smart-borrowing) and the College Money Insider blog (http://www.collegemoneyinsider.com/), which helps students understand the process of paying for college. Students are specifically encouraged to make sure to exhaust their options for grants, scholarships, work-study and Federal Student Loans before taking out a private loan in the Marketplace.
*Source: Student Lending Analytics, “What's The Average Rate On A Private Student Loan Today?” (http://studentlendinganalytics.typepad.com/student_lending_analytics/2009/09/whats-the-average-rate-on-a-private-student-loan-today-.html). September 18, 2009.
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 its innovative 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.
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