HESC Student Loan Marketplace Comparison Web Site Wins Technology Award
Kathy Crowder
HESC has won a distinguished award for HESC Student Loan Marketplace, a first-in-the-nation product that allows students to compare actual, pre-qualified private education loan terms from multiple lenders using a single credit check for all.
The Best of New York Awards program, established by the Center for Digital Government (CDG), salutes IT professionals in New York State and local government and education organizations for their dedication, hard work and contributions. The coveted award for a project best advancing service to the public was presented at a ceremony during the GTC East: New York Digital Government Summit on September 24.
“It is more important than ever for families to have clear, accurate, and easy-to-understand information about alternatives for financing college costs,” said Governor David A. Paterson. “The HESC Student Loan Marketplace is an open network of lenders that helps provide students with guidance to make informed decisions in a safe and trustworthy environment,” the Governor added. “I am proud that New York is a leader in helping students and families pay for college.”
“HESC is honored to have been recognized by CDG, and proud to have pioneered this technological innovation,” said Elsa Magee, Executive Vice President and Acting President of HESC. “The only program of its kind, Marketplace allows students and parents to compare actual loan products with real loan terms and select the best fit for their needs, without bias.”
John Austin, Sr. Vice President of Customer Relations, accepted the award on behalf of HESC. “By implementing HESC Student Loan Marketplace, HESC is able to help New York families learn about, compare and choose the best private education loan for their particular financial circumstances, something they could not do before,” Austin stated. Also, Marketplace provides schools with a program that they can confidently recommend to students,” he added.
The HESC Student Loan Marketplace provides student and parent borrowers with a list of private loan products from multiple lenders for which they are prequalified, all the facts and information that they need to evaluate those options, and trustworthy and genuine private loan terms that they can compare quickly, assembled with a single credit check to preserve their credit score. The loan products presented by the HESC Student Loan Marketplace provide real financing options, not "as low as" promotions that leave borrowers to face higher rates or fees later. By providing multiple private loan options, the HESC Student Loan Marketplace helps borrowers to select the best loan option to meet their college financing needs.
HESC partnered with Overture Technologies in the project to ensure transparency of lender information and to assist schools in complying with New York State's Student Loan Accountability, Transparency and Enforcement (SLATE) Act of 2007.
Click here to learn more about HESC Marketplace.