Student Loan Marketplace on Its Way
Kathy Crowder
HESC Student Loan Marketplace, an online student loan comparison site that provides real terms of alternative loans to students and families, will launch this summer. It will be a unique resource for students and families shopping for loans, and for college administrators seeking to provide guidance.Students Compare Real Loan Terms
Marketplace presents students with a range of alternative loan options tailored to their needs. Students can see real terms from lenders, sort and compare them side-by-side in detail, and select the best option with just one initial credit check.Marketplace generates real financing options - not "as low as" ads - so your students won't face higher rates or fees later.
Extensive help text and a Learning Center support students in understanding the financial aid process and loan terms.
Schools Drive Custom Content
The school content management system allows for customized content to ensure your students are well informed about the loan process and your school's policies and deadlines. This content will be presented to your students throughout Marketplace, and will guide them as they evaluate their loan choices.You can add relevant links to content on your own Web site to provide even more information and help with alternative loans.
You can rate lender products and lender service and support for their students on a scale of one to five stars, and explain criteria and rationale for ranking each product. The system will sort lenders based on your rating, if you choose to use this feature, and will display your comments. Students may also sort by other factors such as total cost, APR and monthly payment.
Marketplace strongly encourages your student to have a cosigner to achieve the best rates and fees. It will determine eligibility for the cosigner as well.
Structure Consistent With Transparency and SLATE Compliance
Marketplace was specifically designed as an open network to be consistent with transparency of lender information and to assist schools with their concerns about complying with New York State's Student Loan Accountability, Transparency and Enforcement (SLATE) Act of 2007.Marketplace Launches This Summer
HESC is very excited to launch this dynamic new resource. Although the initial launch will be limited to several lenders, additional lenders will be added throughout the coming year.Don't miss out on this incredible opportunity to give your students a chance to access an open network of lenders and to compare real loan products to help them finance their education.
Learn More About Marketplace
Check out the Marketplace resource page on HESC.org and view the video that will give you the Marketplace loan comparison experience.Call your Client Relations Manager to set up an appointment for a live demonstration of Marketplace and a walk-through of the school content management system.