2006 Graduates Will Carry Over $40 Billion in Loans; New Online Tool Helps Graduates Make an Informed Decision About Federal Student Loan Consolidation Options
BOSTON--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--May 3, 2006--SimpleTuition, Inc., a company dedicated to making sense of education financing choices, today announced the availability of ConsolidationComparison.com, a free online comparison tool for federal student loan consolidation options. Students and graduates carrying federal student loan debt can use ConsolidationComparison.com for easy research, review and comparison of multiple consolidation options from a variety of lenders.
Within weeks, more than 3 million college and graduate students will graduate, carrying with them more than a combined $40 billion in loans. With interest rates for federal student loans expected to increase significantly on July 1, students are urged to consolidate their loans beforehand and lock in a lower fixed interest rate.
"For the most part, financial aid officials and borrowers all know that consolidating now is a wise move. The mail is full of competitive consolidation offers and exit interviews are abuzz with the advice to consolidate," said Kevin Walker, co-founder and CEO of SimpleTuition. "But what's been lacking is an objective, apples-to-apples comparison of consolidation offers. It's hard to make sense of the differences in borrower benefits, for example. ConsolidationComparison.com is designed to be an easy and efficient place for borrowers to evaluate, select and apply for the consolidation loan that is best for their situation."
With ConsolidationComparision.com, graduates simply enter the total amount of loans they wish to consolidate and then view multiple consolidation options from as many as twelve lenders, including the Department of Education's Direct Loan program. Consolidation options can be sorted by payment amount, total cost of the loan or APR. Users choose the best option for their individual needs and
ConsolidationComparison.com links them to the financial institution to apply online or via phone. SimpleTuition is not a lender. Federal loans covered through ConsolidationComparison.com include Stafford loans, Direct loans, Perkins loans, as well as the Federal PLUS parent loan.
About SimpleTuition, Inc.
Founded in 2005, SimpleTuition is dedicated to helping students and parents make sense of education financing choices. The company's first product, ConsolidationComparison.com, helps graduates make an informed decision about federal student loan consolidation options. SimpleTuition is headquartered in Boston, Massachusetts and is funded by Atlas Venture and IDG Ventures Boston. For more information visit www.consolidationcomparison.com.
