Governor Paterson Launches HESC Student Loan Marketplace

Mike Williams

On May 22, the Governor's Press Office distributed a press release announcing the launch of the HESC Student Loan Marketplace.

HESC Marketplace is a dynamic, interactive Web site that provides the first, transparent, on-line information and service for private student loans. The new State-sponsored student loan, the New York Higher Education Loan Program (NYHELPs), will also employ the Marketplace platform for its launch coinciding with the Spring 2010 semester.

Marketplace allows borrowers to submit a simple personal information form and then immediately view and sort a list of detailed loan terms and pricing for which they are pre-qualified – comparing up to three products at a time side-by-side – before making an educated decision. Two top-rated national lenders, Discover and PNC, currently participate in HESC Marketplace, offering five different private student loan options. The first New York based financial institution, the State Employees Federal Credit Union (SEFCU), has also committed to join HESC Marketplace and will be on-line in the near future.

HESC Marketplace also includes a Learning Center to help students and their parents plan for college costs.

More Information
For additional information, school partners should contact Jenn Dwire at jdwire@hesc.org, (518) 408-4803. Lender partners should contact Michael Williams at mwilliams@hesc.org, (518) 473-9680.