A recent survey revealed that less than 15% of graduate professional students could identify the best loan. This is statistically worse than a random guess, and is at the heart of the need for transparency, analytical tools and a way for students to make real comparisons
WALTHAM, Mass. (PRWEB) April 19, 2007
"A recent survey revealed that less than 15% of graduate professional students could identify the best loan. This is statistically worse than a random guess, and is at the heart of the need for transparency, analytical tools and a way for students to make real comparisons," said Dan Thibeault, Graduate Leverage president and co-founder.
Without expert guidance, borrowers are more susceptible to predatory lending. In addition, because federal student loans are not subject to the Truth in Lending Act, it is very hard to accurately compare borrower benefits and effective APRs. Graduate Leverage's recommendations are based on complex simulation tools that are adjusted and customized to each student, giving them a true reflection of their financial outlay.
"There is no shortage of information and product options available to consumers today. These include new websites which aggregate student loan options and attempt to quantify their borrower benefits. However, Graduate Leverage's recommendations focus more specifically on students' individual issues, such as their existing loans, credit score and their propensity to qualify for the borrower benefits. Without this level of personalization, a simple APR calculation can only provide an incomplete picture," Thibeault reported.
Students have reported a similar experience as well. "I worked with Graduate Leverage for two simple reasons: they simplified the decision based on my specific situation, and the customer service was superb," said Alex Perez, a recent graduate of Rutgers Law School. "Borrower benefits are not always as good as they appear, and without this intermediary service, I don't see how any student could sort through the offerings and make the best decision," added Perez.
To learn more about the student loan selection process or to receive a personalized loan assessment please visit http://www.graduateleverage.com.
About Graduate Leverage
Founded in 2003 by Harvard MBA students, Graduate Leverage is a free educational debt advisory service that was created to help students manage their debt effectively. The first student loan intermediary, Graduate Leverage helps students, parents and Financial Aid officers better understand borrowing options in an increasingly complex market by providing analytical tools, APR analyses and advisory services that mitigate the cost of borrowing. In its goal to secure the best deals for all students, Graduate Leverage has helped more than 65,000 students and originated more than $2.8 B in loans. For more information, visit http://www.graduateleverage.com.