New Features at SimpleTuition.com Let Borrowers Compare Any Federal Student Loan Consolidation Offer

NEWTON, Mass. (Business Wire EON/PRWEB ) March 15, 2007 -- In less than three months, more than 3 million students across the country will graduate from college and graduate programs, carrying with them a newly-signed degree and over $40 billion in student loan debt, according to the Department of Education.

The last thing on many graduates' minds is paying back student loans. Over the course of four years or more, students wind up with many student loans, each with different interest rates and repayment options. Getting these loans paid back and on-time can be a confusing and costly prospect

Federal consolidation is one way to lock in an interest rate, and make the monthly payment amount and schedule more manageable. To ensure students make the best informed choice for their personal financial situation, SimpleTuition.com offers the most accurate information from our lending partners and presents this data in an easy to understand, side-by-side comparison format.

Borrowers are then able to see how the loan compares with others from over 25 leading lenders, helping students and parents dramatically narrow their consolidation choices by comparing lenders to make a more informed decision. Additionally, at SimpleTuition.com borrowers can clearly see the pros and cons of consolidation options – ultimately helping them to better understand and determine which loan option is right for their particular financial need.

Most students are aware that consolidating their loans can drastically lower interest rates and help make the payments more manageable by potentially lowering the monthly payment substantially. Upon graduation, many will hustle to search for consolidation options that ensure fixed lower rates. But, in a time of haste to start a new job, find a first apartment, or prepare for more education, many students won’t find the best consolidation option – in part because they simply do not devote the time to researching and comparing all of the available options.

“The last thing on many graduates’ minds is paying back student loans. Over the course of four years or more, students wind up with many student loans, each with different interest rates and repayment options. Getting these loans paid back and on-time can be a confusing and costly prospect,” said Kevin Walker, president and CEO of SimpleTuition. “Federal consolidation is one way to lock in an interest rate, and make the monthly payment amount and schedule more manageable. To ensure students make the best informed choice for their personal financial situation, SimpleTuition.com offers the most accurate information from our lending partners and presents this data in an easy to understand, side-by-side comparison format.”

Additional new features to SimpleTuition.com in this release include:

• A personalized view of the pros and cons of consolidation so borrowers can see if consolidation is right for them before being presented with a list of loans to choose from;
• Overall improvements to the data entry forms for improved usability;
• A comprehensive new site glossary for better understanding of the site content;
• A deferment tab in the details provided for each loan so borrowers can see the impact of selecting full deferment, interest only payments, or immediate repayment.

Users can sort results by monthly payment, total cost of the loan, number of payments, first payment due date and APR, as well as compare by lender, loan type, fund disbursement, credit sensitivity, minimum and maximum loan amounts, repayment options and borrower benefits.

SimpleTuition currently offers research and comparison information for many student loan types including Private, PLUS, Stafford, GradPLUS, Federal Consolidation loans and Private Consolidation. With direct links to the financial institution’s online application where available, the entire process can be completed online or via a toll free call. To ensure the objectivity and accuracy SimpleTuition is not a lender.

About SimpleTuition, Inc.

Founded in 2005, SimpleTuition is dedicated to helping students and parents make sense of education financing options. Recently featured as one of Fast Company’s Top 12 Web 2.0 sites, SimpleTuition offers the leading independent and objective solution for researching and comparing private, PLUS, Stafford, GradPLUS, Federal Consolidation and Private Consolidation loans. The company currently offers over 50 student loan options from over 25 top lenders. SimpleTuition is headquartered in Newton, Massachusetts and is funded by Atlas Venture, IDG Ventures Boston and North Hill Ventures. For more information visit www.SimpleTuition.com.

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