HESC Colleague NewsletterWinter 2009  

What’s New with Marketplace?

Mike Williams

Best of New York

Earlier this year, Governor David Paterson’s Office announced the launch of HESC’s Student Loan Marketplace - a transparent web based resource that allows students to compare the terms of actual prequalified private education loan terms from multiple lenders, using a single credit check. Marketplace has won a distinguished award for a project best advancing service to the public from the Center for Digital Government (CDG).

Two top tiered national lenders, Discover and PNC, participated in the May launch of Marketplace, offering a variety of private loan products for New York State students and families.

In early November, HESC welcomed SEFCU into the Marketplace, with both fixed and variable rate options. SEFCU, the largest credit union in the Capital Region and one of the 70 largest in the county, has more than $1.8 billion in assets and over 180,000 members in 39 offices around the state.

The new State-sponsored student loan, the New York Higher Education Loan Program (NYHELPs), is also available in Marketplace for the Spring 2010 semester.

Marketplace is now pleased to welcome its newest lender: the cuStudentLoans.org lending network, hosted by Fynanz Inc. A leading provider of turn-key private student lending solutions to credit unions, Fynanz powers the cuStudentLoans.org lending network - a 22 member network that will offer a fixed and variable rate product, at the same terms, based on membership eligibility requirements.

Let’s welcome NYHELPs, SEFCU and the Fynanz, Inc. powered cuStudentLoans.org group into Marketplace!